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Lloyd's of London reported a record loss for 1982.

September 06, 1985

The insurance group said it lost $259 million underwriting insurance that year, more than four times the $59 million that it lost the year before. Under its unusual accounting methods, Lloyd's keeps its accounts open for three years to ensure that all insurance claims arising from its policies are fully reflected. The insurance market was at its ebb in 1982, when a stream of casualty and general liability claims, particularly from the United States, put profits under pressure.

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