LLOYD’S ADDS $5BN TO US TRUST FUNDS

Lloyd’s has completed a transfer of more than $5bn to its US trust funds since September 11. The Lime Street market said at the weekend that the transfer was needed to satisfy US regulatory requirements after it amassed $2.8bn in claims related to the destruction of the World Trade Center in New York. The claims stemmed from primary cover written directly by Lloyd’s syndicates, plus ceded reinsurance business. Lloyd’s, which made an initial $2bn contribution to its US trust funds in November, has received about 3,200 claims so far. US regulators had given Lloyd’s breathing space to keep its US reinsurance trust fund at a reduced level, but the extension expired at end-March.