Names group talks of secret deficit
Thursday 02 February 1995
The losses could only be paid by Lloyd's by drawing in new capital. An NDA member, Roger Bradley, a former Lloyd's underwriter, said: "It was a massive Ponzi scheme." Mr Bradley said the documents he had obtained also showed that syndicate reserves, set by Lloyd's and the Department of Trade and Industry, were below the level of losses foreseen by Lloyd's and recorded in the document. The document had no title or mark to show it was an official. Instead it only had a plain cover, the colour of which changed from one year to the next.
Mr Bradley said the key information about the asbestos losses which hit the market in the early Eighties had not reached the market floor.
Members of the Lloyd's Underwriting Association, which represents Lloyd's professional agencies told the committee Lloyd's needed self-regulation.
Mr Malcolm McKenzie said "he had informal discussions with members of Lloyd's council and the chairman in which he said that his members favoured self-regulation".
Mr McKenzie agreed that some underwriters at Lloyds had not shown a proper duty of care towards names.
- 1 Jeremy Clarkson 'does not see a problem' with his racist language on Top Gear, says BBC
- 2 Richard Dawkins on babies with Down Syndrome: 'Abort it and try again – it would be immoral to bring it into the world'
- 3 ALS ice bucket challenge co-founder Corey Griffin drowns, aged 27
- 4 A third of employers never check job applicants' qualifications, survey finds
- 5 James Foley beheading: Fox news presenter Megyn Kelly annoyed by Ferguson update during broadcast about murdered journalist
Richard Dawkins on babies with Down Syndrome: 'Abort it and try again – it would be immoral to bring it into the world'
Scottish independence: English people overwhelmingly want Scotland to stay in the UK
Isis threat: Cameron wants an alliance with Iran
Michael Brown shooting: Chaos erupts on the streets of Ferguson after autopsy shows teenager was shot six times – twice in the head
Bin bag full of cats' heads discovered near Manchester's Curry Mile
Disgusting, frustrating, but intriguing: how the country really feels about its politicians
iJobs Money & Business
£25000 - £35000 per annum: Harrington Starr: Junior Quant Analyst - C++, Boost...
£25000 - £35000 per annum: Harrington Starr: Service Desk Analyst- (Desktop Su...
£30000 - £50000 per annum: Harrington Starr: Junior Quant Analyst (Machine Lea...
£45000 - £55000 per annum: Harrington Starr: UNIX Application Support Analyst-...