Lloyd's names 'likely to vote for settlement'

The significant improvement in the financial terms offered to names - or members - has produced a surge in support for the Lloyd's of London settlement proposals, a poll revealed yesterday.

Some 79 per cent of names said they are likely to support the settlement when they vote on it in July. Six months ago, a similar Mori poll showed that about 58 per cent felt likely to back the ambitious plans to free Lloyd's of its old loss-making policies and to enable names to draw a line under their affairs with the insurance market.

Since then, Lloyd's has reduced dramatically the cost to names of the final premium for reinsuring all their old loss-making policies in a special company, Equitas.

The amount of Equitas premiums to be divided between the 34,000 names has been cut from an expected pounds 1.9bn to less than pounds 1bn, and the terms improved of credits to help payment.

The poll was conducted by Mori in mid-May, after the improvements were announced, among a representative sample of 500 names. The results were compared with those of a similar telephone survey, covering 100 people, conducted in November 1995.

Significantly, support for the plan is strong, at 73 per cent, among those members who have stopped underwriting at Lloyd's because of the burden of their losses. Among active names 89 per cent expressed backing for the terms of the plan.

According to the Mori research, 65 per cent of names have a clear view of the plan and its alternative, while 77 per cent agreed with a statement that the plan is the only viable solution if Lloyd's is to continue to operate successfully. Some 59 per cent of members agreed with the statement that no other plan provides a fairer outcome for all parties concerned. The survey only covered UK names.

Lloyd's top executives have been engaged in an effort to win support among American names, who account for about 9 per cent of the total. Lloyd's has conceded that American names are the greatest obstacle to achieving a global settlement by August.

Start your day with The Independent, sign up for daily news emails
ebooksAn unforgettable anthology of contemporary reportage
Life and Style
Angel Di Maria is shown the red card
Roger Federer after his win over Tomas Berdych
Life and Style
News in briefs: big pants in 'Bridget Jones's Diary'
fashionBig knickers are back
James Milner is set to sign for Liverpool this week despite rival interest from Arsenal
sportReds baulk at Benteke £32.5m release clause
The controversial Motor Neurone Disease Association poster, featuring sufferer Michael Smith, has drawn a series of angry complaints
newsThis one has been criticised for its 'threatening tone'
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating

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

iJobs Job Widget
iJobs Money & Business

Recruitment Genius: Financial Reporting Manager

£70000 - £90000 per annum: Recruitment Genius: A Financial Reporting Manager i...

Recruitment Genius: Payments Operations Assistant

£23000 - £25000 per annum: Recruitment Genius: They win lots of awards for the...

Recruitment Genius: Telephone Debt Negotiator

£13500 - £20000 per annum: Recruitment Genius: This nationwide enforcement com...

Guru Careers: Communications Exec / PR Exec

£25 - £30K: Guru Careers: We are seeking a highly-motivated and ambitious Comm...

Day In a Page

On your feet! Spending at least two hours a day standing reduces the risk of heart attacks, cancer and diabetes, according to new research

On your feet!

Spending half the day standing 'reduces risk of heart attacks and cancer'
Liverpool close in on Milner signing

Liverpool close in on Milner signing

Reds baulk at Christian Benteke £32.5m release clause
With scores of surgeries closing, what hope is there for the David Cameron's promise of 5,000 more GPs and a 24/7 NHS?

The big NHS question

Why are there so few new GPs when so many want to study medicine?
Big knickers are back: Thongs ain't what they used to be

Thongs ain't what they used to be

Big knickers are back
Thurston Moore interview

Thurston Moore interview

On living in London, Sonic Youth and musical memoirs
In full bloom

In full bloom

Floral print womenswear
From leading man to Elephant Man, Bradley Cooper is terrific

From leading man to Elephant Man

Bradley Cooper is terrific
In this the person to restore our trust in the banks?

In this the person to restore our trust in the banks?

Dame Colette Bowe - interview
When do the creative juices dry up?

When do the creative juices dry up?

David Lodge thinks he knows
The 'Cher moment' happening across fashion just now

Fashion's Cher moment

Ageing beauty will always be more classy than all that booty
Thousands of teenage girls enduring debilitating illnesses after routine school cancer vaccination

Health fears over school cancer jab

Shock new Freedom of Information figures show how thousands of girls have suffered serious symptoms after routine HPV injection
Fifa President Sepp Blatter warns his opponents: 'I forgive everyone, but I don't forget'

'I forgive everyone, but I don't forget'

Fifa president Sepp Blatter issues defiant warning to opponents
Extreme summer temperatures will soon cause deaths of up to 1,700 more Britons a year, says government report

Weather warning

Extreme summer temperatures will soon cause deaths of up to 1,700 more Britons a year, says government report
LSD: Speaking to volunteer users of the drug as trials get underway to see if it cures depression and addiction

High hopes for LSD

Meet the volunteer users helping to see if it cures depression and addiction
German soldier who died fighting for UK in Battle of Waterloo should be removed from museum display and given dignified funeral, say historians

Saving Private Brandt

A Belgian museum's display of the skeleton of a soldier killed at Waterloo prompts calls for him to be given a dignified funeral