Japan tsunami costs hit Lloyd's

21 September 2011 Last updated at 07:05 GMT The tsunami in Japan was one of the events that made the first half of 2011 the most expensive on record Lloyd's of London, the world's largest insurance market, says major catastrophes made the first half of 2011 the most expensive on record.

It saw claims totalling £6.7bn from disasters such as the Japanese tsunami, floods in Australia and the earthquake in New Zealand.

Lloyd's reported a loss of £697m for the six months to June, against a profit of £628m last year.

However, Lloyd's said the market was "well-capitalised".

'Tough times'

This year already ranks as the second most destructive on record for catastrophe losses after 2005, with the insurance industry as a whole absorbing $70bn in claims, according to Swiss Re, the world's second biggest reinsurer.

Despite this, Lloyd's reported it was in good shape financially, with record central assets of £2.47bn, up from £2.23bn last year.

It reported a return on its investments of £548m.

Lloyd's chief executive, Richard Ward, said: "These are tough times for the insurance industry, but we are well positioned to handle them."

He warned the rest of the year ahead was likely to be "challenging", thanks to the uncertain economic environment and the crisis in the eurozone.

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Lloyds finance director to leave

19 September 2011 Last updated at 07:17 GMT Lloyds has seen three senior managers leave this year Lloyds Banking Group finance director Tim Tookey is to leave the bank in February to join insurer Friends Life.

He is the latest senior manager to leave since chief executive Antonio Horta-Osorio arrived from Santander's UK operation earlier this year.

Mr Tookey's departure follows that of the head of Lloyds retail banking, Helen Weir, and the boss of the insurance division, Archie Kane.

Lloyds, which is 41%-owned by the taxpayer, is looking for his successor.

Mr Tookey was formerly a finance director at Prudential before joining Lloyds in 2006. He will be joining Friends Life, a division of the insurance vehicle Resolution.

He said in a statement: "I am pleased to have played a part in defining the next stage of the strategy which I fully endorse as the right one to release the group's potential."

Mr Horta-Osorio said he had brought "valuable insight and experience" to the group.

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