Mazars responds to Lloyd’s results
Mazars has described the £697m half year loss by Lloyd’s as a good result having predicted a £1.5bn loss and combined operation ratio of over 120% for the specialist insurance market.
The accountancy firm admitted Lloyd's performed better than it had expected based on its comparison with losses from the larger UK-listed Lloyd's vehicles, and the major European reinsurers.
Andrew Goldsworthy, insurance partner at Mazars, commented: "Last year the average combined loss ratios of UK-listed insurers were slightly better than Lloyd's. This year they were significantly worse.
"Of course, Lloyd's half year numbers were boosted by a £470m release from prior year profits, which
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