Lloyd's expenses challenging business model: Watson

High expenses on both commissions and compliance spending are
challenging the viability of the Lloyd's business model,
according to Argo Group CEO Mark Watson.
Speaking on a second quarter earnings call, he said that while
Argo's expense ratio had continued to improve year-on-year, the
costs of doing business at Lloyd's and the broader London
market were forcing carriers to look to other international
platforms to grow their top line.
Competition in the London market remained intense, with
Argo'