28 May 2012

Lloyd's plans in case of euro collapse

7:36 am on 28 May 2012

UK insurance market Lloyd's of London is preparing contingency plans for the possibility of the euro collapsing.

With Greece facing new elections in June and anti-bailout feelings high, there are fears Athens may be forced to exit the eurozone.

In an interview with Britain's Sunday Telegraph newspaper, Lloyd's chief executive Richard Ward said Lloyd's needs to prepare for that eventuality.

He says Lloyd's would settle claims using multiple currencies.

Mr Ward is one of the first bosses of a large UK business to admit he is planning for the end of the euro, the BBC reports.

Lloyd's of London is a market in which syndicates meet brokers and agree to take on particular risks.