Lloyd's of London has always been synonymous with insurance-underwriting expertise and the sober assessment of risk. When film star Betty Grable sought to insure her famous legs, Lloyd's came up with a policy and calculated the appropriate premium. But disasters have a way of defying the laws of probability. Recent years have witnessed an extraordinary string: the Piper Alpha oil-rig blowout in the North Sea, the explosion of Pan Am Flight 103 over Scotland, the Exxon Valdez oil spill and America's Hurricane Hugo. Last week Lloyd's announced that it would post a $980 million deficit for 1988 -- the most recent...
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