Names claim support of US action group
Saturday 10 August 1996
The Paying Names Action Group (PNAG) said that the American Names' Association (ANA) has advised its members to support PNAG in applying for a judicial review of Lloyd's reconstruction and renewal plan.
PNAG has said it has about 3,000 members, but industry sources reckon this may be an overestimation since official documents issued ahead of the review indicated it had under 1,300 members.
The ANA claims to represent around 500 of the 3,000 names. This group has opposed the recovery plan for some time.
"I am very pleased to have support in our efforts to redress the balance of fairness in Lloyd's current R&R offer," said the PNAG chairman, Tony Welford, who has led this latest legal challenge.
The case is due to be heard in the High Court on Monday and comes as the 33,500 names at Lloyd's decide whether to support the plan and pay final bills to reinsure billions of pounds of liabilities into a new company, Equitas.
PNAG believes the recovery plan is unfair to names who have continued to meet cash calls from Lloyd's and trade on in the market after 1992 - the cut-off for reinsurance into Equitas.
David Rowland, the Lloyd's chairman, has written to names, in a letter dated 8 August, reiterating his "regret'' that PNAG has proceeded to apply for a judicial review.
He repeated that Lloyd's could not improve further on a pounds 3.2bn settlement offer to names. Lloyd's plans to send further details to names on Monday.
They will receive a breakdown of how personal stop loss policies have affected their final bills and learn the size of their funds at Lloyd's as of 12 July - assets they have pledged in backing business underwritten at the market.
The Association of Lloyd's Members plans to release on Monday a report from solicitors Wilde Sapte, expected to back key elements of the recovery plan including Equitas.
Rebel names are furious that, having shouldered years of losses due to asbestos claims and the like, they will be left out in the cold by the settlement.
Names have until 28 August to accept or reject the settlement offer and until 30 September to pay final bills.
- 1 Nigel Farage: Me vs Russell Brand on Question Time – he's got the chest hair but where are his ideas?
- 2 Harry Potter fans can apply to the Hogwarts-inspired College of Wizardry
- 3 Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
- 4 Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
- 5 Orange Wednesdays are no more
Weather bomb in pictures: Storms cuts power for tens of thousands – and snow is on the way
Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
Russell Brand was rendered speechless on Question Time by this man
Fury at Airbus after it hints the super-jumbo may be mothballed
Disgruntled RBS worker writes hilarious open letter to Russell Brand after anti-capitalist publicity stunt leaves him hungry
Nigel Farage's approval rating hits 'record low' as popularity suffers in wake of Ukip sex scandal
Nigel Farage defends Kerry Smith 'ch***y' comment: 'If you are going for a Chinese, what do you say you’re going for?'
Pakistan school attack live: Taliban kill at least 132 children in 'horrifying' massacre
Sony hack: Angelina Jolie branded 'seriously out of her mind' in further embarrassing leaked email saga
Panic Saturday: 13 million Britons spend £1.2bn – while 13 million others across the country live in poverty unable to afford food
iJobs Money & Business
$200 - $350 per annum: Carlton Senior Appointments: Managing Producer Office...
$125 - $225 per annum: Carlton Senior Appointments: San Fran - Investment Advi...
Up to £70,000 per annum + benefits: Sheridan Maine: Are you a qualified accoun...
Up to £65,000 per annum + benefits: Sheridan Maine: Are you a qualified accoun...