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Lloyd’s Insures the Euro

The Euro Gets Insurance!

With the Euro crisis pushing Greece further into a decision to opt out of the Eurozone, infamous insurance company Lloyd’s of London has taken up insurance on the Euro. The company has plans in place to switch Euro underwriting to a multi currency settlement if Greece decides to jump ship. The insurance company, which brought us immaculate conception insurance will, however, suffer losses on its £58.9 billion investment portfolio if such were to happen.

While the company is not assuming that Greece’s departure from the Euro will cause its collapse, they must be prepared for every possible eventuality. Llyod’s is currently re-evaluating the validity of doing business in Euros. Currently Europe is responsible for up to 18 percent of the international insurer’s £23.5 billion in gross premiums, mostly from France, Spain, Germany, and Italy.

This follows the company’s second biggest loss last year, in its 324-year existence. According to reports, Lloyd’s suffered devastating write downs after the earthquake that hit Japan, not to mention the number of storms and floods in other parts of the globe.

Sources: The Guardian

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