Yes - this is great additional information. Here's some additional context around the article. Lloyd's of London is the original insurance company. They work in a syndicate structure, where the various other commercial insurance companies (think AIG, AXA XL, Starr, etc) all work together to share risks using their domestic balance sheets. I'm simplifying a lot here, but the insurance policies covering the various entities are stitched together like a quilt. No overlap and when assembled you're fully covered! For example, one insurance company may say they will cover the first $10M of a claim, another might share the next $10M of coverage with a few other companies, etc. They do this to limit their losses on a program. It's a lot more manageable to pay out only a small share of the claim than it is to pay the entire thing. By doing it like this, the brokers build out an insurance program for the covered entity that pulls in capital from across the globe in a very cost-effective way. It also has the added benefit of not stressing any one insurance company too badly.

What Neal (Lloyd's boss) is saying is "hey guys, we know we are all hosed here. It's gonna be an easy billion, probably more. Just because you're only expected to pay claims above $100M, you're certainly going to have to pay out. Let's not be knobs and pay this claim quickly to get the port back on their feet again"