Lloyd's fears US crunch
Monday 15 May 1995
A senior Department of Trade and Industry official, Richard Hobbs, has met with the New York Insurance Department's chief regulator to discuss the content of an imminent report by the US authorities on the finances of Lloyd's of London. It is widely expected that Lloyd's will be told to provide extra funds to support its activities in the US or face restrictions on its ability to do business there.
The US report is expected to comment on the solvency of the market and the way Lloyd's funds in the US have been used to meet claims. Lloyd's, whose solvency is known to be causing a problem for the market, is expected to publish a refinancing and restructuring plan before the end of the month.
Mr Hobbs, head of the DTI's general insurance policy branch who is responsible for overseeing the affairs of Lloyd's, metEdward Muhl, a political appointee of New York's governor, George Pataki.
The insurance market is expected to report a £1.5bn loss for its 1992 year of account (Lloyd's reports its results three years in arrears) in a little over a week's time.
Lloyd's, which is suffering because up to 4,500 Names have refused to meet their share of the £8bn reported lost by the market, is set to issue up to 70 writs in an attempt to solve its cash problems. It has asked the market's agents, who manage the Names' affairs, to identify suitable candidates for litigation.
Diving in at the deep end is no excuse for shirking the style stakes
- 2 Why I'm on the brink of burning my Israeli passport
- 4 War is war: Why I stand with Israel
- 5 Blackest is the new black: Scientists have developed a material so dark that you can't see it...
Ian Thorpe gay: Olympic swimmer comes out in Parkinson interview
Stephen Fry ‘criticises Operation Yewtree in dinner party rant’ calling for tougher laws to deter false sex abuse allegations
Israel-Gaza conflict: ‘Sderot cinema’ image shows Israelis with popcorn and chairs 'cheering as missiles strike Palestinian targets'
Israel-Gaza conflict: Israeli air strike destroys home for the disabled killing two women residents
Israel-Gaza conflict: Israeli PM says conflict may 'continue for a long time' as hundreds of Palestinians flee their homes
Sustained immigration has not harmed Britons' employment, say government advisers
War is war: Why I stand with Israel
Even when it brutalises one of its own teenage citizens, America is helpless against Israel
Socialist Worker called to apologise over ‘vile’ article saying Eton schoolboy Horatio Chapple's death is ‘reason to save the polar bears’
Emergency data law: David Cameron plots to bring back snoopers’ charter
NUT strike: David Cameron announces crackdown on strike action ahead of mass industrial action
iJobs Money & Business
£70000 per annum: Harrington Starr: Information Security Manager (ISO 27001, A...
£75000 - £85000 per annum + ex bens: Deerfoot IT Resources Limited: Biztalk Te...
£60000 per annum: Harrington Starr: Trade Desk Specialist (FIX, Linux, Windows...
£35000 per annum: Harrington Starr: Service Desk Analyst (Windows, Active Dire...