Richard Ward, CEO of Lloyd's of London, says his company isn't really a company, but rather it is a market--"the only insurance market in the world." Ward spoke recently as part of the Wharton Leadership Lecture Series at the Wharton School. He explained how the "Lloyd marketplace" works, and he recounted two moments when Lloyd's faced its own collapse: first in the Nineties when billions of dollars in claims came in with the a series of suits over asbestos, lead paint, and others; and later after the September 11, 2001 terrorist attack on the World Trade Center. After the World Trade Center attack, Lloyd's face $11 billion in claims and came close to bankruptcy.
Posted
11-24-2009 8:15 AM
by
Graham Griffith
Filed under: management, leadership, Wharton, insurance market, wharton mba, lessons from crises, insurance, crisis risks, Lloyd's of London Crises, Richard Ward, Lloyd's, knowledge at wharton