Stay up to date with notifications from The Independent

Notifications can be managed in browser preferences.

Ill winds blow up more losses for Lloyd's

John Moore,Assistant City Editor
Saturday 13 February 1993 00:02 GMT
Comments

Your support helps us to tell the story

From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.

At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.

The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.

Your support makes all the difference.

MORE than 1,700 underwriting members of a Lloyd's of London insurance syndicate are expected to be told that their insurance losses have climbed to more than pounds 230m.

The syndicate, 745, has suffered from worse than expected losses from Hurricane Hugo of 1989 and the European wind-storm damage of 1990.

The managers of the syndicate, KPH Underwriting Agencies, last year forecast that losses could rise to pounds 132.5m, but that forecast could 'be subject to material change'.

In the next few days the syndicate's managers are expected to confirm the new forecast and current figures with accountants and insurers that have covered the agency against possible legal action.

Already a professional insurance broker, Ted Benfield, who is a member of the syndicate, is forming an action group to protect the interests of the 1,750 underwriting members. He has called on the Lloyd's authorities to insist that the syndicate's 1989 trading account be re-audited.

New figures for another troubled insurance syndicate, 475, are being prepared by managers following the death last month of the professional underwriter Roy Bromley. The figures are expected to show that losses have worsened from the reported figure of pounds 54m.

AJ Archer, the leading Lloyd's underwriting agency, has stressed that Alexander Syndicate Management, a Lloyd's-backed company, manages the business of syndicate 126, which ceased trading 10 years ago. The Archer agency provides the services of certain members of its staff to Alexander Syndicate Management. Two Archer directors serve as directors of the Alexander Syndicate.

Join our commenting forum

Join thought-provoking conversations, follow other Independent readers and see their replies

Comments

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in