Opinion: Lloyd's reserving

I lost a bet with one of my colleagues when theLloyd's first half results came out yesterday morning.
I had wagered that they would come in north of 100 percent; they
thought Lloyd's underwriting result would remain in the
black.
I am probably a bearish person by nature, but everything had
seemed to point the way of my gloomy inclinations.
Rates had continued to fall through 2016 - even if the pace was
slowing somewhat - and that has...