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.
Brits who migrate to Costa del Sol more unhappy than those who stay at home
LAPD releases haunting crime scene photos from its archives
Peaches Geldof funeral: Bob Geldof leads tributes at emotional service in same Kent church she married her husband Thomas Cohen and her mother Paula Yates was buried
Duke and Duchess of Cambridge photographed with Prince George off-duty may spark privacy row
Malaysia Airlines flight MH370: Concerns grow among search officials that missing jet ‘may have landed somewhere else’
Ukip election posters: Nigel Farage defends 'racist' campaign anti-immigration campaign ahead of Europe elections
Is Britain really a land of God? Furious debate after David Cameron claims we are a Christian country
An open letter to Nigel Farage: you may smile, but I am not seduced
'Sinful': Video of British Muslims dancing to Pharrell Williams's hit Happy comes under attack
David Cameron's constituency office calls police on food bank campaigners Bishop of Oxford and Reverend Keith Hebden
David Cameron 'fostering alienation and division' by calling Britain a 'Christian country'
- 1 Revealed: Scientists ‘edit’ DNA to correct adult genes and cure diseases
- 2 David Cameron's constituency office calls police on food bank campaigners Bishop of Oxford and Reverend Keith Hebden
- 3 A bottle of wine a day is not bad for you and abstaining is worse than drinking, scientist claims
- 4 Women take on Bear Grylls over 'sexist' male-only desert island show
- 5 Malaysia Airlines flight MH370: Concerns grow among search officials that missing jet ‘may have landed somewhere else’
iJobs Money & Business
£90000 - £110000 per annum + full Package: Harrington Starr: Director of Cons...
Negotiable: Harrington Starr: Automation Test Manager (C#, C++, VB.NET, QTP, M...
£20000 - £26000 per annum + benefits+bonus+package: Harrington Starr: Data Qua...
£25000 - £32000 per annum: Harrington Starr: Graduate Developer/QA - (Java, C+...