Word: lloyds
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Dates: during 2000-2009
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...find the story of the decline of Lloyd's of London tragic and deeply disturbing [BUSINESS, Feb. 28]. The attempts by Lloyd's insiders to avoid and dilute their liabilities are abhorrent and completely at odds with the law. But what of the conflict between an ancient establishment rooted in honor and unlimited liability and a modern litigious society, seeking to avoid individual responsibility at all costs? Is there equity in hounding the Names to suicide or their last penny when the companies that initially profited from asbestos have already escaped behind the cloak of limited liability? At the beginning...
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...
...article asserted that Lloyd's "is a shadow of its former self" and that its "capacity to write insurance is lower today than it was in 1990." In fact, Lloyd's market's 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...
TIME is to be commended for having the fortitude to paint a true picture of Lloyd's, warts and all. As you noted in your report, I am one of the unwitting Names who believed that the Lloyd's mystique was fact instead of fiction. Now that your article has been published, all the king's horses and all the king's men cannot put the myth of Lloyd's of London back together again. ELIZABETH BENCSICS Rio Rancho...
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...