Lloyd’s of London Ltd., a syndicate that controls about a fifth of the global marine insurance market, is reviewing a number of loss-making members of its marine unit, a move that could drive up costs for insuring the world’s ocean carriers. Lloyd’s is an insurance market in London that offers a way for syndicates to pool their risks. “Only about 18 syndicates were profitable on hull insurance over the past three years and around 50 were in the red,” another London broker said. Costs currently make up more than 30% of the insurer’s premiums, making Lloyd’s around 12% more expensive on average than some of its competitors. Lloyd’s market was established in London more than three centuries ago.

Source: Wall Street Journal August 24, 2018 16:30 UTC