James Hunt syndicate worst performer

(First Edition)

LLOYD'S warned last September that losses on syndicate 745 which includes among its names the Attorney General, Sir Nicholas Lyell, and the estate of the late James Hunt would be far greater than had been indicated.

This week Lloyd's analysts noted that the syndicate was the worst performer for Lloyd's 1990 trading account, the latest for which figures are available. Syndicate 745 recorded a loss of poubnds 27,000 for every pounds 10,000 invested by its 1,700 members.

Syndicate 745, under the management of the KPH underwriting agency company, is already the subject of a wide-ranging Lloyd's inquiry, over pounds 130m worth of losses. Other names facing losses include MPs Tristan Garel-Jones, James Arbuthnot, Henry Bellingham, Anthony Steen and David Tredinnick as well as Lord Bethell and Lord Denham.

Edward Benfield, a leading professional insurance broker who heads an action group seeking financial restitution, told the underwriting agent John Robson last September that he wanted an inspection of the records of the syndicate's accounts over two trading periods for 1989 and 1990.

In the past few weeks Lloyd's own authorities have decided to examine the syndicate's books in response to complaints by Mr Benfield's action group.