Lloyd’s looking good for March 31 deadline
. The market has been under scrutiny for its ability to pay its claims, which are $15.4 billion gross and $5.2 billion net. But a US regulators’ review is understood to have given it a clean bill of financial health.
The review was launched in October when it became clear that Lloyd’s was not able to immediately adhere to laws designed to protect US policyholders from weak foreign insurers. The US regulators eased up on their demand for immediate payment, instead compromising with a 60% payment in October, with the rest due by March 31.
Results of the review should be made public in a week or so, but after cash calls on investors raised $3.6 billion, inside sources at the US National Association of Insurance Regulators have indicated that the market will meet the deadline.