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ISSUED: 10/26/2001 FOR IMMEDIATE RELEASE

STATEMENT ON LLOYD'S

Gregory V. Serio, Superintendent of Insurance

We are pleased that Lloyd’s will comply with the one-hundred percent funding requirement with respect to reinsurance liabilities incurred as a result of the tragic events of September 11th. The extraordinary and unanticipated nature of the events has resulted in a liquidity challenge that will prevent Lloyd’s from being able to meet their full funding requirement by the deadline specified in the Lloyd’s trust deed of November 15, 2001.

In light of these extraordinary circumstances, we have reached an agreement with Lloyd’s on a compliance plan by which Lloyd’s will initially provide sixty percent of the funding by November 15, 2001 and will reach full funding by the end of the first quarter of 2002 (March 31, 2002).”

 

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