London--Lloyds of London, the venerable b-to-b insurance company, has re-estimated its Sept. 11 coverage losses at $2.7 billion. It is the largest single-event coverage loss ever for any insurer. The company originally estimated its losses at $1.9 billion.In recent years, Lloyds, which insured the Titanic and is a specialist at insuring for terrorism-related risks, has been heavily marketing itself in the U.S., mostly through broker sales. As a result, the U.S. is now its largest market, followed by the U.K. Lloyds is confident it can withstand the losses. "Anyone searching these figures for signs of Lloyd's demise will be disappointed," Sax Riley, chairman, said in a statement. "We've stated very clearly that Lloyds can manage its losses from Sept. 11. These new projections don't change that position." The mainstays of Lloyd's business are commercial and marine insurance and specialty coverage, including precious jewelry and exploration insurance. Recently, it has become an e-commerce specialist as well; last year, for example, it became one of the first major companies to offer b-to-b hacker insurance.
--Philip B. Clark