Word: jaffray
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
Your article reported on allegations of fraud made against Lloyd's by a small group of disaffected Names. This piece appears to have been stimulated by the upcoming case to be heard by the Commercial Court in London under the title Society of Lloyd's v. Jaffray [Sir William Jaffray is a former Name]. It made no new disclosures and was one-sided, unbalanced and contained many inaccuracies. These old allegations relate back to events of the 1970s and '80s, and no evidence of fraud has ever been produced. Your report purported to comment on the current state...
...capacity has remained constant over this period. The market's U.S. premiums continue to grow, totaling $5 billion in 1999, and its share of the U.S. surplus-lines market is larger than that of any single U.S. domestic carrier. Lloyd's is confident that the allegations in the Jaffray case will be rejected and finally put to rest. It is also confident that the market has a strong future, and Lloyd's will build on its reputation as a world leader in insurance. MAX TAYLOR, CHAIRMAN Lloyd's London
Your special report on Lloyd's alleged that "possible fraud at Equitas is one of the issues to be aired in the Jaffray suit and is likely to figure in the U.S. criminal investigation." This statement is false. Contrary to your report, no allegations of fraud or of any other nature have been made against Equitas in the Jaffray case. In addition, Equitas is not, and never has been, the subject of a U.S. criminal investigation. Equitas did not begin operations until 1996, years after the allegedly fraudulent acts referred to in your report. The role of Equitas...
...this Council that has orchestrated a conspiracy for more than two decades, says Sir William Jaffray, the lead Name in the upcoming London trial. "By the late 1970s," he told TIME, "the Committee [Council] of Lloyd's knew they were facing a crisis, and by 1982 the hierarchy knew that Lloyd's was bust. The only way they could keep going was to suppress the asbestos information, cook the books to ensure they were still showing profits, and go after new investors...
...withstand the financial exposure, the Jaffray suit says, Lloyd's launched its biggest recruitment drive ever. Veddy British recruiters fanned out across the U.S., enlisting the aid of big brokers like E.F. Hutton (now part of Citigroup) to line up prospects. The number of Names soared from about 6,000 in the mid-1960s to 14,000 in 1978 and exceeded 34,000 by the late 1980s. These were discount Names too, Lloyd's having lowered the net worth needed to become a Name to substantially below $1 million. The lower bar gave entry to investors such as Shirley Cook...