Lloyd's `refuseniks' take case to appeal
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.THE LLOYD'S insurance market looks poised to win a fight to secure pounds 130m it is owed by "refusenik" investors at a Court of Appeal hearing on Monday.
Leading Names - the individual investors who have traditionally supported the market - admit they are pessimistic about the chances of success. They have refused to pay money owed since October 1996 to help fund the establishment of Equitas on the grounds they did not agree with it.
Lloyd's has been forced to take out a pounds 300m syndicated loan to finance Equitas, the reinsurance vehicle into which its liabilities prior to 1992 have been placed.
Lloyd's has already won a judgment on a "pay now, sue later," basis against the Names, and in March Lord Justice Tuckey refused them leave to appeal.
But next week the Names will urge the Court of Appeal to let them be heard. If they win, the case will proceed immediately, but if they lose, Lloyd's will start seizing assets both here and abroad.
A Lloyd's spokesman was confident its arguments were strong, saying: "All the documentation is in place so that we can proceed with debt collection as soon as the court allows."
When the Lloyd's market was restructured two years ago there was pounds 600m outstanding from Names who refused to pay up. So far it has collected pounds 75m but says it never expected to bring in more than pounds 300m of the pounds 600m.
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments