The bond attracted more than £2bn of orders from investors following its announcement on 24 January. The final pricing was at UK Government 10-year Gilts plus 330 basis points.
The new bond counts as Tier 2 capital and is being used for general corporate purposes, including ensuring Lloyd’s retains an efficient capital base.
John Parry, Lloyd’s CFO, said:
"Interest from investors was outstanding - underlining the strength of Lloyd’s and its brand. This new £300m issue reinforces our efficient capital structure that offers excellent security to policyholders. This is reflected in Lloyd’s financial strength ratings of A+ with Standard & Poor’s, AA- with Fitch Ratings and A with A.M.Best.”
Notes to editors
For more information, contact Rebekah Clement, Senior Manager – Corporate Communications, Lloyd’s, at email@example.com or on +44 (0)20 7327 5514.
Lloyd's is the world's specialist insurance and reinsurance market. Under our globally trusted name, we act as the market's custodian. Backed by diverse global capital and excellent financial ratings, Lloyd's works with a global network to grow the insured world - building resilience of local communities and strengthening global economic growth.
With expertise earned over centuries, Lloyd's is the foundation of the insurance industry and the future of it. Led by expert underwriters and brokers who cover more than 200 territories, the Lloyd’s market develops the essential, complex and critical insurance needed to underwrite human progress.