Last stand for Lloyd's names

Lloyd's action groups will mount a last-ditch attempt tomorrow to force the insurance market to lift its pounds 3.1bn Equitas settlement package as around 3,000 angry and bewildered names converge on London's Royal Festival Hall for a heated annual meeting.

Action groups, who are suing over pounds 8bn of losses, have tabled four resolutions, including calls for a levy to raise an extra pounds 3bn over 15 years to bale names out.

Lloyd's chairman David Rowland is expected to sweeten the offer with an extra pounds 25m to pounds 50m from agents, whose negligence over pollution and catastrophe policies caused much of the grief. He will, however, oppose calls for another pounds 200m from agents and all other demands.

"What, in effect, they're saying is that we have to tear up the programme and start again from scratch," a Lloyd's spokesman said.

Rebels deny they are trying to wreck the market as the August deadline looms for Government approval for the 300-year-old market's survival.

"What we want is to improve the package. We think it is unfair, unjust and dishonourable," said Christopher Stockwell, chairman of the Lloyd's Names Associations' Working Party.

With a two-thirds majority needed, the rebels face an uphill struggle. New corporate members will back the plans, while many of the 34,000 names, many of whom are bankrupt, want to settle. Lloyd's has also made much of the running of late despite a series of delays after it announced the rescue last year.

In May, it sweetened the deal by pounds 300m and last week announced profits of pounds 1.1bn for 1993, the first since 1987. It also unveiled pounds 40m extra for US names to halt actions by US State Securities authorities.

This weekend the deal was being fiercely opposed by US names as a sell- out. Prosecutors in some states including Missouri, Colorado, Pennsylvania and Ohio were also fighting a furious rearguard action.

"The real theme this weekend is securities commissioners against law enforcers," said one leading US name.

To make the deal stick, Lloyd's needs approval from states containing 80 per cent of the 2,600 US names by its deadline tonight. Failing that, however, with New York and California on side, names expect it to announce a tactical victory tomorrow.

Start your day with The Independent, sign up for daily news emails
ebooks
ebooksA celebration of British elections
  • Get to the point
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

SThree: Trainee Recruitment Consultant - Swiss Banking and Finance

£20000 - £25000 per annum + Uncapped commission: SThree: Can you speak German,...

Ashdown Group: Marketing Executive - 6 month FTC - Central London

£25000 - £30000 per annum + benefits: Ashdown Group: An exciting opportunity f...

Ashdown Group: Junior Project Manager (website, web application) - Agile

£215 per day: Ashdown Group: Junior Project Manager (website, web application ...

Guru Careers: Software Engineer / Software Developer

£40-50K: Guru Careers: We are seeking an experienced Software Engineer / Softw...

Day In a Page

General Election 2015: Ed Miliband's unlikely journey from hapless geek to heart-throb

Miliband's unlikely journey from hapless geek to heart-throb

He was meant to be Labour's biggest handicap - but has become almost an asset
Amr Darrag: Ex-Muslim Brotherhood minister in exile still believes Egypt's military regime can be replaced with 'moderate' Islamic rule

'This is the battle of young Egypt for the future of our country'

Ex-Muslim Brotherhood minister Amr Darrag still believes the opposition can rid Egypt of its military regime and replace it with 'moderate' Islamic rule, he tells Robert Fisk
Why patients must rely less on doctors: Improving our own health is the 'blockbuster drug of the century'

Why patients must rely less on doctors

Improving our own health is the 'blockbuster drug of the century'
Sarah Lucas is the perfect artist to represent Britain at the Venice Biennale

Flesh in Venice

Sarah Lucas has filled the British pavilion at the Venice Biennale with slinky cats and casts of her female friends' private parts. It makes you proud to be a woman, says Karen Wright
11 best anti-ageing day creams

11 best anti-ageing day creams

Slow down the ageing process with one of these high-performance, hardworking anti-agers
Fishing for votes with Nigel Farage: The Ukip leader shows how he can work an audience as he casts his line to the disaffected of Grimsby

Fishing is on Nigel Farage's mind

Ukip leader casts a line to the disaffected
Who is bombing whom in the Middle East? It's amazing they don't all hit each other

Who is bombing whom in the Middle East?

Robert Fisk untangles the countries and factions
China's influence on fashion: At the top of the game both creatively and commercially

China's influence on fashion

At the top of the game both creatively and commercially
Lord O’Donnell: Former cabinet secretary on the election and life away from the levers of power

The man known as GOD has a reputation for getting the job done

Lord O'Donnell's three principles of rule
Rainbow shades: It's all bright on the night

Rainbow shades

It's all bright on the night
'It was first time I had ever tasted chocolate. I kept a piece, and when Amsterdam was liberated, I gave it to the first Allied soldier I saw'

Bread from heaven

Dutch survivors thank RAF for World War II drop that saved millions
Britain will be 'run for the wealthy and powerful' if Tories retain power - Labour

How 'the Axe' helped Labour

UK will be 'run for the wealthy and powerful' if Tories retain power
Rare and exclusive video shows the horrific price paid by activists for challenging the rule of jihadist extremists in Syria

The price to be paid for challenging the rule of extremists

A revolution now 'consuming its own children'
Welcome to the world of Megagames

Welcome to the world of Megagames

300 players take part in Watch the Skies! board game in London
'Nymphomaniac' actress reveals what it was really like to star in one of the most explicit films ever

Charlotte Gainsbourg on 'Nymphomaniac'

Starring in one of the most explicit films ever