Monday November 24, 2014 Search
Weather | Athens
14o C
10o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Lloyd's of London prepares for Greek exit

The Lloyd's of London insurance market has reduced its exposure as much as possible to the crisis-hit eurozone in preparation for a collapse of the bloc's single currency, its chief executive told the Sunday Telegraph newspaper.

Richard Ward said Lloyd's had put in place a contingency plan to switch euro underwriting to multi-currency settlement if Greece abandoned the euro, and that it could have to take writedowns on its 58.9 billion pounds investment portfolio if the eurozone broke up.

"With all the concerns around the eurozone at the moment, we've got to be careful doing business in Europe and there are a lot of question marks over writing business in the future in euros, Ward told the UK newspaper.

"I don't think that if Greece exited the euro it would lead to the collapse of the eurozone but what we need to do is prepare for that eventuality, he said.

Europe accounts for 18 percent of Lloyd's 23.5 billion pounds of gross written premiums, mainly in France, Germany, Spain and Italy, the newspaper said.

On Wednesday, Reuters reported that each eurozone country was preparing a contingency plan for the eventuality of Greece leaving the single currency.

Lloyd's, which traces its origins back 324 years to a London coffee house where merchants met to insure ships, suffered its second worst ever loss last year after absorbing record claims from catastrophes including Japan's Tohoku earthquake. [Reuters]

ekathimerini.com , Sunday May 27, 2012 (18:46)  
Lack of EU funding puts future of Panepistimiou, Faliro revamp projects in doubt
Euro near 2-yr low as investors bet on more ECB easing
EU said to plan 21 billion-euro risk-sharing fund for investment
Countdown to missed opportunity for EU economy
Prosecutor recommends 64 suspects should be tried over OTEs Siemens contract
More than 60 people should be charged in connection to the Siemens cash-for-contracts scandal, a prosecutor has recommended to a council of judges who will make the final decision. Deputy pr...
Syrian refugees go on hunger strike in front of Greek Parliament
Some 200 Syrian refugees protesting in front of Greek Parliament for the last six days went on hunger strike on Monday. The protesters have taped shut their mouths as they demand asylum and ...
Inside News
BASKETBALL
Olympiakos ends PAOKs unbeaten run in Basket League
Olympiakos put an end to PAOKs unbeaten run in the Basket League with an emphatic win at the Peace and Friendship Stadium, leaving Panathinaikos as the only team with a perfect record so fa...
INTERVIEW
Tokyo hopes to change the world
The 2020 Summer Olympic and Paralympic Games in Tokyo will serve as a springboard for the rebuilding of Japans image and economy following the triple blow of the earthquake, tsunami and nuc...
Inside Sports
COMMENTARY
Extremism from a bygone era
There are times when we seem to be overcome by self-destructive madness. I hear various commentators and politicians speaking in extreme terms of a junta, of defections, gallows, collaborato...
EDITORIAL
No call for more games
Psychological warfare has been a part of the negotiations between the troika and Athens from the very start of the crisis. But the situation is much different now and troika decision-makers ...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Prosecutor recommends 64 suspects should be tried over OTEs Siemens contract
2. Lack of EU funding puts future of Panepistimiou, Faliro revamp projects in doubt
3. Syrian refugees go on hunger strike in front of Greek Parliament
4. Euro near 2-yr low as investors bet on more ECB easing
5. Greek officials to meek troika chiefs in Paris to break review stalemate
6. Independent Greeks vote to oppose coalitions presidential candidate
more news
Today
This Week
1. Scientists expand excavation of ancient Amphipolis
2. EU said to plan 21 billion-euro risk-sharing fund for investment
3. Countdown to missed opportunity for EU economy
4. Greek officials to meek troika chiefs in Paris to break review stalemate
5. Biden informs Anastasiades about content of talks with Erdogan
6. Police seek to name man who opened fire with AK47 at Piraeus bar
Today
This Week
1. Double quake on Atalanti fault line rattles Greek capital [Update]
2. Biden heads to Istanbul amid tension over Cyprus EEZ violation
3. Anti-junta uprising anniversary to be marked amid tight security
4. Every age has its collaborators
5. Carlsberg takes control of Greek brewer Olympic Brewery [Update]
6. Give Greece a chance
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2014, H KAΘHMEPINH All Rights Reserved.