Levene predicts £300m Solvency II costs

Lloyd's chairman Lord Levene has predicted that preparations for Solvency II will cost Lloyd's £300m, according to reports.

Speaking to Reuters, Levene said: "The concept behind is good, but we need to get details right and it does take peoples' eye off the ball."

Lloyd's has been lobbying, among others, the UK FSA and Treasury, the European Insurance and Occupational Pensions Authority, and the European Commission itself, to amend the Solvency II calculations.