Fitch places Lloyd's in downgrade firing line

Fitch has revised the outlook on Lloyd's AA- financial
strength rating to negative from stable due rising catastrophe
exposures and progressively weaker underwriting performance.
The rating agency repeatedly stressed the size of the cat
exposures that Lloyd's is now running.
"Lloyd's exposure to worldwide natural and man-made
catastrophes is higher than peers'," it said. "Fitch
believes that exposure to catastrophe risk has increased in recent
years despite declining margins on this line of busi