Insurance Age

Lloyd's repurchases £102m of debt securities

Lloyd's had offered to purchase up to £100m of the securities.

Lloyd's will purchase over £59.6m of its perpetual subordinated capital securities at a cost of almost £35.8m and a principal amount €47.3m (£42.4m) of its subordinated notes maturing in 2024 at a cost of €33.2m.

Luke Savage, Lloyd's finance director, said: "The decision to buy back some of our debt was a prudent move, which took advantage of our strong capital position, favourable market conditions, and perceived interest from holders