Lloyd's acts to pre-empt rebels
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Your support makes all the difference.DAVID Coleridge, chairman of the Lloyd's insurance market, intends to head off a threatened rebellion against the Lloyd's council by organising a postal ballot on the key motions proposed for an extraordinary general meeting.
In a rare development, Mr Coleridge has this weekend appealed directly to the 22,800 members of the market for support against moves that could lead to his removal from office and the dismissal of the insurance community's ruling council.
Mr Coleridge is confident he can muster the 50 signatures needed to ensure that the critical motions are not put to the vote.
The extraordinary meeting has been called by more than 100 underwriting members, led by Claud Gurney, following recent large losses and a motion of no confidence in the council.
'An extraordinary general meeting about the membership's confidence in the elected council is a very serious event,' Mr Coleridge said in a letter sent to the membership on Friday. 'It is vital that you should understand clearly the council's position on the various resolutions.'
Six resolutions have been set down for the meeting, set for 27 July. Four are based on an expression of no confidence in the council. Two others express confidence.
A postal ballot is expected to take place over a 28-day period. Provided it is approved, no votes will be taken.
Resolution A is backed by the Association of Lloyd's Members, which claims to represent the interests of more than 8,000 members. It expresses confidence in the council but urges it to implement reforms and to encourage the working community to make a substantial contribution to members bearing the greatest losses. Mr Coleridge's letter said: 'I therefore urge you on behalf of the council to vote for Resolution A'
Resolution B also backs the council and is expected to be withdrawn in favour of the first motion, to avoid confusion.
Of the four other resolutions, Mr Coleridge and the council have urged the members to vote against three.
Among these are calls for the council to set up an 'affordable' scheme so that members can close their books on some of the most loss-making acccounts. Mr Coleridge's letter said this was 'impracticable'.
In response to a resolution calling for an up-to-date register of the council's interests within the Lloyd's market, he said that, in principle, the council supports this form of disclosure in a more accessible form. It plans to do this whatever the outcome of this resolution, and members have received no advice on which way they should vote.
'I invite you to vote in the way that I have indicated on each resolution,' Mr Coleridge concluded.
Mr Gurney is continuing talks with the Lloyd's authorities in an effort to see whether an agreed solution can be arrived at to help the members facing the largest losses before the extraordinary meeting.
(Photograph omitted)
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