Outhwaite agency breaks up

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The Independent Online
THE controversial RHM Outhwaite underwriting agency at Lloyd's is breaking up, writes John Moore.

Management of the Outhwaite syndicates, including syndicate 317, whose 1,614 members faced losses of pounds 260m, are to pass to underwriting agency Barder and Marsh.

Members of syndicate 317 earlier this year gained a pounds 116m out-of-court settlement to help meet their losses following litigation against Outhwaite and other companies that had introduced them to the agency's troubled syndicates.

While the council of Lloyd's expressed confidence in Richard Outhwaite, the underwriter who founded the agency, other agency companies had begun to withdraw their members from Outhwaite syndicates in the wake of the out-of-court settlement.

Edward Bloxham, the agency's chief executive, is currently examining 'offers' of other work and Mr Outhwaite is looking for a new position, possibly in the insurance company market.