Lloyd's Capital Structure Overview

LLOYD'S Some rebuttable assumptions... © Lloyd's Central Fund solvency coverage meets risk appetite and supports the target Ratings Central Fund exposure / concern is insurance risk... ...and is split roughly equally across natural catastrophe, other premium risk and reserve risk Tier 2 allowance is maxed out Restricted Tier 1 debt issue an option... ...to weigh against an ILS issue Gearing and coupon / premium cover not a concern 34

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