|By Robert Carter, The North Jefferson News, Gardendale, Ala.|
|McClatchy-Tribune Information Services|
So were some insurance underwriters with Lloyd's of
The internationally-famous insurance firm's underwriters took
But this is the first time that the promotion has had the emotional tie-in for customers that the Iron Bowl has, and also the first time it has paid off for them.
"I wasn't taking sides on who was win, though I knew that if either side was to be shut out, it would probably be
Lloyd's is not a traditional insurance company, but instead is a market where those who wish to be insured for some event come to seek underwriters. Lloyd's then puts the proposed indemnity before its members, traditionally referred to as "names." In the more than 300 years that Lloyd's has been in business, those names have been wealthy individuals who pledged their entire fortunes to cover losses. The firm began in a
In recent years, corporate syndicates have supplanted most of the individuals, especially after heavy losses and bankruptcies of some names in the 1990s because of liabilities stemming from decades-long asbestos poisoning cases.
Lloyd's has long been known for its willingness to insure the unusual, such as the vocal cords of singers
Since it is based in
"They base their premiums based on lots of numbers, and they are privy to just as much information as I am," Dennis said. "Statistically, it's a very low probability that there will be a shutout in any given game. They were basing it on history. It just didn't go in their favor this time. There's so many ways a team can score -- look at last year, when
In its purest form, Lloyd's underwriters were placing what sports bookmakers, both in Las vegas and in
Dennis says that Lloyd's underwriters will be on the hook for about
The whole promotion came about so fast, the only way Dennis could publicize it was through social media such as his Facebook page. "I didn't have time to get it in
Dennis estimates that his business was up by more than 120 percent over the same period last year -- "way more than enough to cover the premium," he said.
(c)2012 The North Jefferson News (Gardendale, Ala.)
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