But all’s not totally rosy at Lloyd’s at present. The market is battling six insurers and reinsurers who are withholding payments to its Central Fund. The fund pays claims over £100 million if individual syndicates can’t, up to a maximum £350 million in any one year.

The five-year policy came into effect in 1999, and it’s understood the dispute revolves around how much the market has already withdrawn this year. Swiss Re said in a statement that Lloyd’s is trying to use the fund for reasons “ which are not the purpose for which the insurance cover was intended”. It claims Lloyd’s is using the fund to protect members’ solvency and fund liquidity payments.

The market has started arbitration proceedings against the six – Swiss Re, Employers Re, St Paul International, Hannover Re, XL Re and Chubb subsidiary Federal Insurance.

Meanwhile Equitas, the Lloyd’s vehicle for dealing with massive international asbestos claims, will pay $472 million today to US company Honeywell International to settle all its asbestos-related claims.

The cash payment by Equitas stirs memories of the bad old days at Lloyd’s in the ’80s and early ’90s, when hundreds of Lloyd’s Names suffered devastating losses as asbestos claims flooded the market. Lloyd’s lost $12.6 billion from 1988 to 1992. Equitas was set up to limit Lloyd’s exposure to asbestos claims and to reinsure its insurance liabilities.