US buyers drive Lloyd’s of London debut PP

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US buyers drive Lloyd’s of London debut PP

Lloyd's of London insurance reinsurance from PA 230x150
File photo dated 11/11/16 of insurance market Lloyd's of London which said it swung to a pre-tax loss of £2 billion for 2017 against profits of £2.1 billion the previous year. | Philip Toscano/PA Archive/PA Images

The Society of London, better known as Lloyd’s of London, has raised £300m ($387.15m) in its first US private placement (US PP) in its 333-year history. The insurance market achieved tighter margins with lengthier tenors, according to market sources, as the A+/AA- rated borrower benefited from US institutions swapping back to dollars.

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