Lloyd's names urged to refuse to meet losses: A rebel 'manifesto' has been circulated in the House of Commons. Anthony Bevins reports

THOUSANDS of disaffected members of the Lloyd's insurance market are being urged to unite in refusing to meet their losses, in the wake of this week's declaration of a pounds 2.9bn loss for 1990.

The rebel call was contained in A Manifesto for Disillusioned Lloyd's Names - Six Good Reasons Why You Should Not Pay, which was being circulated at the House of Commons last night.

A number of Conservative ministers and MPs are facing heavy personal losses in the market, but the 'manifesto' was designed for distribution to names who have joined action groups set up to fight Lloyd's claims.

Membership of the market has fallen from more than 30,000 to fewer than 20,000 over recent years, and it is estimated that about 6,000 individuals belong to groups set up to contest some of the high-level claims made by the more controversial agents' syndicates.

The new protest said: 'Since 1991, increasing numbers of names have been ordered by their agents to pay up unprecedented sums of money, causing many cases of severe distress. A significant number of suicides and nervous breakdowns have already resulted from these demands and it is likely that more will follow.'

However, the unsigned document advised names not to succumb to threats of litigation, and suggested that those in dire straits should not seek respite from the market's Hardship Committee.

'The much-trumpeted Hardship Committee will be found to be of little or no help to the vast majority of disillusioned names,' it said. 'Few offers are being made, and fewer are being accepted. Most names who have suffered from negligence or fraud would prefer to stand and fight, for example by joining the Writs Response Group, rather than submit to the Hardship Committee.

'In Hardship, everything is taken or pledged and the ex-name is expected to live on or near the breadline for three years, watched by and accountable to Lloyd's. Gifts and transfers, even if made for the most genuine of reasons many years ago, are expected to be returned for Lloyd's to seize.'

As for threats of legal action, the 'manifesto' said the new management had stopped issuing writs last September against names who had not met their agents' demands.

Although the market authorities had announced a moratorium on writs in October, that had expired at the end of April; since then 'Lloyd's have issued no further writs, nor have they taken any steps to pursue the ones which have already been issued. Consequently, we urge you, if you have received demands arising from losses, or cash calls which are already the subject of litigation, or which are likely soon to lead to litigation, not to pay these demands before Lloyd's has made an acceptable offer to settle the relevant dispute.

'By taking this action, you will not only hasten the implementation of a just solution to your own problem but will also be helping minimise the destabilising effect on Lloyd's and the damage to its good name caused by drawing out and proliferating the disputes.'

Start your day with The Independent, sign up for daily news emails
Have you tried new the Independent Digital Edition apps?
ebooksA celebration of British elections
  • Get to the point
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating

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

iJobs Job Widget
iJobs General

SThree: Trainee Recruitment Consultant - Dublin (based in London)

£20000 - £25000 per annum + commission: SThree: Real Staffing's Pharmaceutical...

SThree: Trainee Recruitment Consultant

£18000 - £25000 per annum + Commission: SThree: Are you great at building rela...

SThree: Trainee Recruitment Consultant - Swiss Banking and Finance

£20000 - £25000 per annum + Uncapped commission: SThree: Can you speak German,...

Ashdown Group: Marketing Executive - 6 month FTC - Central London

£25000 - £30000 per annum + benefits: Ashdown Group: An exciting opportunity f...

Day In a Page

Fishing for votes with Nigel Farage: The Ukip leader shows how he can work an audience as he casts his line to the disaffected of Grimsby

Fishing is on Nigel Farage's mind

Ukip leader casts a line to the disaffected
Who is bombing whom in the Middle East? It's amazing they don't all hit each other

Who is bombing whom in the Middle East?

Robert Fisk untangles the countries and factions
China's influence on fashion: At the top of the game both creatively and commercially

China's influence on fashion

At the top of the game both creatively and commercially
Lord O’Donnell: Former cabinet secretary on the election and life away from the levers of power

The man known as GOD has a reputation for getting the job done

Lord O'Donnell's three principles of rule
Rainbow shades: It's all bright on the night

Rainbow shades

It's all bright on the night
'It was first time I had ever tasted chocolate. I kept a piece, and when Amsterdam was liberated, I gave it to the first Allied soldier I saw'

Bread from heaven

Dutch survivors thank RAF for World War II drop that saved millions
Britain will be 'run for the wealthy and powerful' if Tories retain power - Labour

How 'the Axe' helped Labour

UK will be 'run for the wealthy and powerful' if Tories retain power
Rare and exclusive video shows the horrific price paid by activists for challenging the rule of jihadist extremists in Syria

The price to be paid for challenging the rule of extremists

A revolution now 'consuming its own children'
Welcome to the world of Megagames

Welcome to the world of Megagames

300 players take part in Watch the Skies! board game in London
'Nymphomaniac' actress reveals what it was really like to star in one of the most explicit films ever

Charlotte Gainsbourg on 'Nymphomaniac'

Starring in one of the most explicit films ever
Robert Fisk in Abu Dhabi: The Emirates' out-of-sight migrant workers helping to build the dream projects of its rulers

Robert Fisk in Abu Dhabi

The Emirates' out-of-sight migrant workers helping to build the dream projects of its rulers
Vince Cable interview: Charging fees for employment tribunals was 'a very bad move'

Vince Cable exclusive interview

Charging fees for employment tribunals was 'a very bad move'
Iwan Rheon interview: Game of Thrones star returns to his Welsh roots to record debut album

Iwan Rheon is returning to his Welsh roots

Rheon is best known for his role as the Bastard of Bolton. It's gruelling playing a sadistic torturer, he tells Craig McLean, but it hasn't stopped him recording an album of Welsh psychedelia
Morne Hardenberg interview: Cameraman for BBC's upcoming show Shark on filming the ocean's most dangerous predator

It's time for my close-up

Meet the man who films great whites for a living
Increasing numbers of homeless people in America keep their mobile phones on the streets

Homeless people keep mobile phones

A homeless person with a smartphone is a common sight in the US. And that's creating a network where the 'hobo' community can share information - and fight stigma - like never before