Lloyd's faces fresh fight
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.FRESH problems have erupted at Lloyd's of London as members of one of the oldest insurance syndicates announced that they were forming an action group to resist payment of up to pounds 60m worth of losses, writes John Moore.
In the last completed trading account for 1989, syndicate 404, under the management of Cuthbert Heath Underwriting, presented individual losses of pounds 7,727 for each pounds 10,000 of business traded by the syndicate's 2,500 members.
Alan Porter, a chartered accountant who chairs the new action group, said it intended 'to investigate allegations of negligence, misrepresentation and breach of contract in the syndicate's affairs by Cuthbert Heath Underwriting'. The group fears that the syndicate, already suffering from large losses on asbestosis and pollution damage risks, will suffer increasing losses in the future.
Standard & Poors, the credit agency, said that syndicate 404 rated only one star in its stability rankings service for Lloyd's syndicates.
With a one-star rating a syndicate is judged to have demonstrated the least favourable financial characteristics over the past four years of reported results.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments