Lloyd’s Australian business grew 9% last year to $381.8 million. General liability business accounted for 40% of Lloyd’s total Australian income. More significantly, it was 47% higher than in 1999.

Peter Matzon of Lloyd’s syndicate Denham said in London that the Australian market is currently undergoing “a period of transition”.

“The well-publicised problems of HIH, combined with the refocusing of local market capacity, has created a number of opportunities for us.”

Large increases in business were also recorded in the aviation and property damage classes.

Meanwhile, the British parent continues to bleed. It is expected to show a loss of about $3 billion for the 1998 year of account. A Lloyd’s statement said this result would be “in line with global industry performance”.