Twins accept Lloyd's plan despite 'betrayal'

Two thorns in the side of the Lloyd's insurance market, the identical twins Peter and Colin Vine, yesterday said they had reluctantly accepted the rescue offer which closed yesterday for UK members.

The 80-year-old twins became a cause celebre in summer because their case demonstrated that Lloyd's pounds 3.2bn rescue plan was treating members who paid their debts on time far worse than those who dug in their heels and refused.

Colin, the brother who paid, was left pounds 123,000 worse off by the rescue than Peter, the brother who refused. They are among a large number of angry names who appear to have decided in the past few days not to hold out against the offer, which now has the support of enough names to proceed after a meeting of the Lloyd's ruling council today.

But Lloyd's still risks a prolonged fight with as many as 3,000 of its 34,000 members who had not, by yesterday afternoon, accepted the pounds 3.2bn rescue.

Lloyd's announced that 90.2 per cent of the membership had accepted, and it said the proportion of the 2,700 American members who had voted in favour had risen from 53 per cent to 66.7 per cent since Tuesday. This was after a rush of acceptances from America in the wake of a US appeal court ruling on Tuesday that cleared the last serious obstacle to the rescue. American members have been given an extension of the deadline so the 90.2 per cent total could rise.

The Vine twins said they had no alternative but to accept the offer. Both joined Lloyd's at the same time in the 1960s and quit active underwriting in 1990, and they were also members of the same syndicates. But Colin Vine sold property and investments to raise cash and bring his payments to Lloyd's up to date after the Outhwaite syndicates to which he belonged got deeply into trouble.

Peter Vine refused to pay any new money to Lloyd's after the Outhwaite disaster and instead forced the market authorities to draw down on the deposits he had lodged with them.

The detailed documents sent by Lloyd's last month to the two brothers showed that as a result of his intransigence Peter will bebetter off than his brother, who supported the market through thick and thin. Peter Vine said he was due to pay pounds 275,000 in final settlement of his account at Lloyd's but Colin Vine must pay pounds 398,000. Peter Vine said: "We are very sad about it because in my opinion what Lloyd's has done to the names who have supported it compares to the betrayal at the Last Supper. Judas Iscariot didn't do better than this."

He added that the people who had saved Lloyd's should be compensated for what they did, not savaged for it, and he said pressure should be put on Lloyd's after the settlement went through to find some money to put right the wrong.

Peter Vine said he had never wanted to see Lloyd's wrecked but he had wanted a solution with "some semblance of justice or fairness."

Colin Vine said: "I have accepted because I have no other choice." If he refused, he would lose another pounds 87,000, which he said amounted to blackmail. Of Lloyd's, he said: "You can't trust them as far as you can throw a battleship."

The tax bill if he was forced to sell his investments now to pay the full debt would have "wiped me out, but fortunately friends and family have rallied round".

A letter from David Rowland, Lloyd's chairman, suggested Colin Vine would benefit from help under tranche 4 of the rescue plan, but he had already been told by other Lloyd's officials that he would get none.

PROMOTED VIDEO
Life and Style
fashionHealth concerns and 'pornified' perceptions have made women more conscious at the beach
Arts and Entertainment
tv
Sport
Ojo Onaolapo celebrates winning the bronze medal
commonwealth games
Arts and Entertainment
Rock band Led Zeppelin in the early 1970s
musicLed Zeppelin to release alternative Stairway To Heaven after 43 years
Arts and Entertainment
High-flyer: Chris Pratt in 'Guardians of the Galaxy'
filmHe was homeless in Hawaii when he got his big break. Now the comic actor Chris Pratt is Hollywood's new favourite action star
Sport
Van Gaal said that his challenge in taking over Bobby Robson's Barcelona team in 1993 has been easier than the task of resurrecting the current United side
footballA colourful discussion on tactics, the merits of the English footballer and rebuilding Manchester United
Life and Style
Sainsbury's could roll the lorries out across its whole fleet if they are successful
tech
News
ebookA unique anthology of reporting and analysis of a crucial period of history
Travel
The shipping news: a typical Snoozebox construction
travelSpending the night in a shipping container doesn't sound appealing, but mobile crash pads are popping up at the summer's biggest events
Arts and Entertainment
'Old Fashioned' will be a different kind of love story to '50 Shades'
film
Arts and Entertainment
Tracey Emin's 'My Bed' is returning to the Tate more than 15 years after it first caused shockwaves at the gallery
artTracey Emin's bed returns to the Tate after record sale
Arts and Entertainment
Smart mover: Peter Bazalgette
filmHow live cinema screenings can boost arts audiences
Environment
Neil Young performing at Hyde Park, London, earlier this month
environment
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Project Manager (HR)- Bristol - Upto £400 p/day

£350 - £400 per annum + competitive: Orgtel: Project Manager (specializing in ...

Graduate / Trainee Recruitment Consultant - IT

£25000 per annum + OTE £40,000: SThree: Orgtel are seeking Graduate Trainee Re...

HR Business Partner - Banking Finance - Brentwood - £45K

£45000 per annum + Benefits: Ashdown Group: ** HR Business Partner - Senior H...

PA / Team Secretary - Wimbledon

£28000 - £32000 per annum + Benefits: Ashdown Group: PA / Team Secretary - Mat...

Day In a Page

Save the tiger: The animals bred for bones on China’s tiger farms

The animals bred for bones on China’s tiger farms

The big cats kept in captivity to perform for paying audiences and then, when dead, their bodies used to fortify wine
A former custard factory, a Midlands bog and a Leeds cemetery all included in top 50 hidden spots in the UK

A former custard factory, a Midlands bog and a Leeds cemetery

Introducing the top 50 hidden spots in Britain
Ebola epidemic: Plagued by fear

Ebola epidemic: Plagued by fear

How a disease that has claimed fewer than 2,000 victims in its history has earned a place in the darkest corner of the public's imagination
Chris Pratt: From 'Parks and Recreation' to 'Guardians of the Galaxy'

From 'Parks and Recreation' to 'Guardians of the Galaxy'

He was homeless in Hawaii when he got his big break. Now the comic actor Chris Pratt is Hollywood's new favourite action star
How live cinema screenings can boost arts audiences

How live cinema screenings can boost arts audiences

Broadcasting plays and exhibitions to cinemas is a sure-fire box office smash
Shipping container hotels: Pop-up hotels filling a niche

Pop-up hotels filling a niche

Spending the night in a shipping container doesn't sound appealing, but these mobile crash pads are popping up at the summer's biggest events
Native American headdresses are not fashion accessories

Feather dust-up

A Canadian festival has banned Native American headwear. Haven't we been here before?
Boris Johnson's war on diesel

Boris Johnson's war on diesel

11m cars here run on diesel. It's seen as a greener alternative to unleaded petrol. So why is London's mayor on a crusade against the black pump?
5 best waterproof cameras

Splash and flash: 5 best waterproof cameras

Don't let water stop you taking snaps with one of these machines that will take you from the sand to meters deep
Louis van Gaal interview: Manchester United manager discusses tactics and rebuilding after the David Moyes era

Louis van Gaal interview

Manchester United manager discusses tactics and rebuilding after the David Moyes era
Will Gore: The goodwill shown by fans towards Alastair Cook will evaporate rapidly if India win the series

Will Gore: Outside Edge

The goodwill shown by fans towards Alastair Cook will evaporate rapidly if India win the series
The children were playing in the street with toy guns. The air strikes were tragically real

The air strikes were tragically real

The children were playing in the street with toy guns
Boozy, ignorant, intolerant, but very polite – The British, as others see us

Britain as others see us

Boozy, ignorant, intolerant, but very polite
How did our legends really begin?

How did our legends really begin?

Applying the theory of evolution to the world's many mythologies
Watch out: Lambrusco is back on the menu

Lambrusco is back on the menu

Naff Seventies corner-shop staple is this year's Aperol Spritz