Lloyds of London says it is prepared for a collapse in the eurozone and is reducing exposure to the continent “as much as possible”.
The Sunday Telegraph reports Lloyds chief executive Richard Ward said the London market had put a contingency plan in place to switch underwriting to a multi-currency settlement if Greece leaves the euro.
Speaking to the Sunday Telegraph, Ward said Lloyds could have to take writedowns on its £58.9bn investment portfolio if the eurozone collapses.
Ward said: “I am quite worried about Europe. With all the concerns around the eurozone at the moment, we have got to be careful doing business in Europe and there are a lot of question marks over writing business in the future at the euros.