Angry scenes at meeting of Lloyd's members
The battle came at an extraordinary general meeting called by Claud Gurney, an underwriting member. He wanted Lloyd's to admit that it was not exempt from paying damages to anyone who suffered losses in the market.
During the meeting, held on the trading floor at the close of business, Mr Gurney called on Peter Middleton, Lloyd's chief executive, 'to lead from the front and not from behind'.
But after Mr Gurney launched a personal attack on the chairman of Lloyd's regulatory board, Brian Garraway, Lloyd's chairman, David Rowland, told Mr Gurney: 'Your level of conduct goes even below your standards.'
Mr Gurney was supported in his calls for more accountability at Lloyd's by another member, Philip Dinkel, who claimed that the authorities knew about the scale of the possible losses arising from asbestosis-related insurance risks as early as 1974. But he said that it was not until 1988 that the members were told about the problems, which have contributed greatly to the losses.
'Lloyd's today simply cannot plead innocence,' he told the audience of 1,100 members. 'Names demand that the Lloyd's council goes back to the drawing board and in all conscience comes up with a scheme of restitution to its names.'
After the meeting, which cost the market pounds 130,000 to mount, Lloyd's began a postal ballot of its members on three resolutions relating to accountability, the introduction of corporate investors in the market, and support of the market's business plans.
- 1 Rarest Beanie Baby bought for just £10 at car boot sale could be sold for £62,500 on eBay
- 2 Katie Hopkins and The Sun editor David Dinsmore reported to police for incitement to racial hatred following migrant boat column
- 3 Parma, Missouri: 80 per cent of town's police quit after first black mayor is elected
- 4 Australian student Tommy Connolly, 23, adopts his pregnant, homeless 17-year-old cousin to give her a chance at 'a better life'
- 5 Google search history can now be downloaded in its entirety, mass embarrassment expected
Rarest Beanie Baby bought for just £10 at car boot sale could be sold for £62,500 on eBay
Katie Hopkins and The Sun editor David Dinsmore reported to police for incitement to racial hatred following migrant boat column
'Jihadi John': Isis executioner Mohammed Emwazi wanted to wage jihad in Somalia until his friends were betrayed and killed by al-Shabaab
Parma, Missouri: 80 per cent of town's police quit after first black mayor is elected
Australian student Tommy Connolly, 23, adopts his pregnant, homeless 17-year-old cousin to give her a chance at 'a better life'
If I’m being racially abused I don’t need a stranger with a saviour complex to rescue me
The only black face in the Ukip manifesto is on the page about overseas aid
Ukip is the only main political party to not address LGBT rights in its manifesto
Food banks: One million Britons will soon be using them, according to Trussell Trust
Religion isn't growing, it is becoming vigorous in its demise, says philosopher AC Grayling
BBC election debate: The one photo that summed up the whole 90-minute leaders debate
iJobs Money & Business
£12000 - £15000 per annum: Recruitment Genius: An expanding Insurance Brokerag...
£60000 - £70000 per annum + benefits : Ashdown Group: A highly successful, glo...
£30 - 35k (DOE): Guru Careers: We are seeking a Pricing Analyst with experienc...
£24000 - £26000 per annum + benefits : Ashdown Group: A highly successful, glo...