Lloyd's warning

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The Independent Online
Roberts & Hiscox, a members agent at Lloyd's of London, has called for names to stop underwriting and quit the market by next year. The agent, a division of Hiscox plc with a pounds 240m capacity, said its 270 names should leave because tough conditions in the market increased the risk of losses next year.

Hiscox also claimed the cost of the annual venture - the means by which names gain exposure to the market - was too high. In an angry response, the Association of Lloyd's Members said the call - the first in Lloyd's history - was "disgraceful".