Lloyd's rescue plan 'best bet for names'
Wednesday 13 December 1995
Chatset, the independent analyst, said in its annual report: "What Names must understand is that the alternative to Equitas is grim."
Equitas will take over responsibility for asbestos and pollution liabilities that have brought ruin to many names. The total premium, to be divided among some 34,000 Names, will be about pounds 1.9bn.
Charles Sturge, managing director of Chatset, said the bill that names will face from Equitas- finally putting a cap on their losses - still looked the cheapest option.
"The overall loss bill facing Names just for the last two years has amounted to pounds 2.6bn. Against that we think a pounds 1.9bn total Equitas call looks pretty reasonable. If names are offered finality, it seems a lot cheaper than having pounds 1bn losses lobbed at you for the next 10 years," said Mr Sturge.
He did warn Lloyd's, however, that it was trying to force through Equitas on the cheap. The market professionals - managing agents, brokers and those who insure them - should contribute about pounds 700m more, Chatset suggested, since they depended on its survival.
"All of these groups have a considerable interest in keeping Lloyd's alive," said Mr Sturge.
- 1 Russell Brand accuses FOX News anchor Sean Hannity of terrorism after aggressive Israel-Gaza debate
- 2 Pope Francis issues top 10 tips for happiness
- 3 Disney heiress Abigail disowns her share of family profits in West Bank company
- 4 The secret report that helps Israel hide facts
- 5 Now diplomacy has failed, boycotting Israel might be the only way we can protect the people of Gaza
Russell Brand accuses FOX News anchor Sean Hannity of terrorism after aggressive Israel-Gaza debate
Pope Francis issues top 10 tips for happiness
Justin Bieber posts Instagram photo of Orlando Bloom crying after Ibiza fight 'over Miranda Kerr'
Disney heiress Abigail disowns her share of family profits in West Bank company
Kelsey Grammer forgives the man who raped and murdered his sister in 1975
The secret report that helps Israel hide facts
Land for gas: Merkel and Putin discussed secret deal could end Ukraine crisis
Woman and two children killed by mob in riots over 'blasphemous' Facebook post in Pakistan
Richard Dawkins tweets: 'Date rape is bad, stranger rape is worse'
Putin is 'thuggish, dishonest and reckless', says British ambassador to US
Boozy, ignorant, intolerant, but very polite – Britain as others see us
- < Previous
- Next >
iJobs Money & Business
£28000 - £32000 per annum + benefits: Ashdown Group: Training Programme Manage...
£20000 - £24000 per annum: Harrington Starr: A leading provider of web based m...
£28000 - £32000 per annum: Ashdown Group: Secretary (Sales Team Support) - Mat...
Competitive (DOE): Guru Careers: We are looking for an Assistant Management Ac...