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Lloyd’s CEO Nick Prettejohn announced that the market will have the capacity to underwrite £14.9 billion ($26.91 billion) of business in 2004, equal to Lloyd’s year-end 2003 capacity figure. The dollar figure is based on an early January 2004 exchange rate of about $1.80 to the pound. Prettejohn said the 2004 figure, which maintains the level of capacity in 2003, underlined Lloyd’s strong capital base and demonstrated discipline in the market. The capacity announcement is the first drawn up under Lloyd’s new business plan, which adopted a franchise system and is moving to annual accounting.