POOR RESULTS FOR LLOYD’S

Lloyd’s announced preliminary estimates that it would suffer an overall loss of at least $1.6 billion for its 1999 year of account. Lloyd’s previously announced losses in 1998 of $1.54 billion. Lloyd’s cited a three-year delay in closing its accounts as contributing to difficulties in estimating its current financial position. However, the company noted significant changes made within the organization to increase profitability. Such steps include increasing loss reserves and bad debt provisions as well as strengthening or eliminating loss-making enterprises.

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