Lloyd's looks to take on financial guarantee business

LONDON - Lloyd's is looking at changing its rules to allow it to writefinancial guarantee insurance, Lloyd's chairman Max Taylor revealed at theChartered Insurance Institute (CII) conference yesterday. He explained themove was part of the market's drive to make itself an attractive captiveenvironment for multi-national organisations. Financial guarantee insurancehas been restricted at Lloyd's since 1924. Mr Taylor, along withInternational Underwriting Association chairman Tim Carroll, also outlinedto delegates the progress made on the IUA/Lloyd's market forum - designed tomake London a more attractive and efficient place to do business. Heexplained there had been huge feedback to the Lloyd's Market Principles 2001document published earlier this year and said an updated paper was due to bepublished in the next two weeks.