Lloyd's outlines 2004 capacity

Lloyd's will have the capacity to underwrite £14.9bn of business in 2004. Chief executive officer Nick Prettejohn said the 2004 figure, which maintains the level of capacity in 2003, underlined Lloyd's strong capital base and demonstrated discipline in the market.

The year-end 2003 capacity figure is £14.9bn. The announcement of capacity for 2004 follows the first business plan approval process under Lloyd's new Franchise arrangements.

Mr Prettejohn added: "The capacity figure says much about the continued strength and underwriting discipline within Lloyd's businesses. The market's priority is to continue to improve the quality of its business, rather than chasing market share.

"The first year of the new Franchise arrangements has helped to ensure that the