Lloyd's seeks to restrict meetings
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.A MOVE to stamp out allegedly time-wasting and unnecessary meetings within the troubled Lloyd's insurance market was initiated yesterday by the market's authorities.
Hundreds of underwriting members facing pounds 2.8bn worth of losses are seeking to mount votes of no confidence in the management through extraordinary meetings.
Before an extraordinary meeting can be called Lloyd's will require a requisition signed by 1,500 members rather than the present 100.
Claud Gurney, a businessman who has called an extraordinary meeting for 5 July and filed his request before the change in the rules, said: 'This will make no difference. We will keep on fighting.'
Richard Astor, a barrister who is not an underwriting member but is fighting Lloyd's on behalf of his family, who have suffered large losses, also said the rule change would make no difference. He is going ahead with plans for an extraordinary meeting.
'We are not impressed with Lloyd's move,' he said. 'We have to go for the throats of these people until the interests of the members are protected.'
David Rowland, Lloyd's chairman, said yesterday: 'We do not wish to muzzle criticism or concern, but I do not think a series of motions at extraordinary meetings will enhance the society.'
Mr Rowland said yesterday that the investments bankers SG Warburg and JP Morgan had been appointed to help the search for companies that would be interested in investing in the market.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments