Lloyd’s of London meets Q2 electronic trading target

Source: Business Insurance

August 12, 2019 (Reuters) — Lloyd’s of London met a second-quarter target to complete at least half of its insurance under-writing deals electronically, as part of efforts to modernize operations and save costs. The specialist Lloyd’s market insures everything from hurricane damage to soccer stars’ legs, but has been buffeted by two years of steep losses due to natural catastrophes. In May, Lloyd’s, which relies heavily on face-to-face trading, said all participants would move to electronic exchanges next year, as the 330-year-old market responds to competition from cheaper rivals.