Sedgwick scheme to recruit more members

A NEW initiative has been launched by Sedgwick Group, Britain's largest independent insurance broker, to recruit more members to the Lloyd's of London insurance market to provide Lloyd's with more money to allow it to function, writes John Moore.

Sedgwick has formed a company, Corporate Lloyd's Membership plc, The company will pioneer the concept of offering individuals, either directly or through other investment vehicles, the facility of investing in Lloyd's.

The selling point of the scheme is that it will allow Lloyd's members to participate in the market with limited liability instead of being exposed to the current unlimited liability.

Until now Lloyd's members have been responsible for all their losses to the full extent of their wealth. A business plan published last month by Lloyd's suggested that individuals could participate in the market through limited liability companies in the future.

The chairman of Corporate Lloyd's Membership is Sir Peter Parker, a former chairman of British Rail. The deputy chairman is Jim Payne, a vice chairman of Sedgwick. The chief executive is Michael Wade, former chairman of Holman Wade, which specialises in insurance for Lloyd's members.