A Tale of Two Lucky Men

Both BP and Lloyds' new CEOs are taking the corporate reins at opportune moments

Rodney Hobson 5 November, 2010 | 1:32PM

As Luck Would Have It Part 1
One of the most important lessons arising from the Gulf of Mexico oil spill is that disasters turn out to be more costly than original estimates.

Older readers may recall that back in the 1980s the Lloyd’s of London insurance market greatly underestimated the scale of natural disasters in the early stages only to have to face reality when the bills started to roll in. It was one of the reasons why Lloyd’s got into a mess that required a radical restructuring to sort out.

The trauma at BP (BP.) will prove to be less serious and shorter lasting than the self inflicted wounds at Lloyd’s and it is reassuring to hear that dividends may be resumed early in 2010.

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About Author

Rodney Hobson

Rodney Hobson  is a columnist for Morningstar.co.uk and author of several investing books, most recently The Dividend Investor.

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