Lloyd‘s Confirms S&P WTC Gross Loss Figure of $7.7 Billion

Lloyd‘s confirmed an earlier report from Standard & Poor‘s that gross losses from the events of September 11 will be around £5.4 billion ($7.7 billion). The net loss estimate of £1.3 billion ($1.85 billion) after reinsurance recoveries remains unchanged. "The figure, reached following discussions with Lloyd"s management, is considered broadly consistent with Standard & Poor‘s current estimate of the global industry loss," said a S&P press release. It‘s considerably lower than the £7 billion ($10.1 billion) figure calculated by some analysts, but is likely to be more accurate. Lloyd‘s spokesman Adrian Beeby indicated several weeks ago that Lloyd‘s provides otherwise private financial information to S&P and A.M. Best, but not usually to other analysts.