Lloyd’s blamed lower profits on U.S. losses.

Lloyd’s of London closed its accounts for 1983, reporting a 37% decline in profits and putting heavy blame on losses in the U.S. commercial liability market. Chairman Peter Miller said profits shrank to $53.7 million from $85.5 million, far off the record $395.7-million profit in 1980. While eight of Lloyd’s nine insurance categories turned profits, general liability generated only about 12% of total premium income and 100% of the losses. However, Miller noted that the U.S. situation has improved in the last year.