Lloyd's remains a true partner to the American economy in managing its risks

The US is by far Lloyd’s largest market, accounting for over 40% of its business, and Lloyd’s has been present there for almost 130 years. Lord Levene said this, along with Lloyd’s fast claims payment in relation to recent catastrophes, shows the market’s continued commitment.

“We paid out when the Titanic sunk. We paid out over $11bn after the World Trade Center tragedy in this very city, and we paid out again, this time over $17bn, after hurricanes Katrina, Rita and Wilma rampaged through the Gulf states in 2005,” he said. “This year, we paid out for our share of the loss of the Deepwater rig within days of its sinking.

“This is the role that we play in the United States. We help you to manage your risks. We provide you with security to grow and to develop your businesses. Because you know that you can rely on us.”

Lord Levene also told the 125 dinner guests that companies must think more globally in the face of an increasingly globalised business environment.

“The great economic triumph of the twentieth century was the globalisation of world trade,” he said. “Wealth is shared, goods are traded, prices are brought down and people are escaping poverty because of this phenomena. But we are, perhaps, still playing catch up with how to manage and control global forces. We saw that during the financial crisis in 2008. We see it in the lack of urgent joined up international action to deal with climate change and energy security.

“Globalisation brings great benefits. That is particularly evident for a company like Lloyd’s, where only around 20% of our business comes from the United Kingdom. To be global, we also have to think global. The truth is that the world of the international business man or woman is one where the colour of their passport matters less and less, and their acumen and competitive urge matters more and more.

Also speaking at the event, Bob Diamond, CEO of Barclays said that in the face of a tough economic environment, it was time to move on from arguments around who is to blame and for corporations and banks to work together to stimulate growth.

“It’s time to work together to achieve what’s in everyone’s best interests,” he said. Of course, banks made some very serious mistakes leading up to the financial crisis. There was no bank and no banker that didn’t make mistakes. But there were also mistakes in public policy and in regulation.    

“We have to get past playing the blame game now and move on to make sure we do the best for everyone in the future. We all have lessons to learn and we all have one chance to get this right.”

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