Lloyd’s Stays Open for the Weekend
Lloyd’s of London, the world’s leading insurance market, reported reasonably brisk business on the first Saturday it has been open since 1965. It will remain open today for the first time in its 300-year history.
Officials at the London institution decided to stay open this weekend to give underwriters and brokers the chance to keep pace with fast-changing events in the Persian Gulf region. Some war-risk policies are being updated on a day-to-day basis.
On Saturday, 60 of the 400 “boxes”--as the individual trading desks are called--were staffed at Lloyd’s, with 200 underwriters and brokers working the floor at noon. A Lloyd’s spokesman noted that the war-risk specialists’ boxes were clearly the busiest.
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