Word: lloyds
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...Urban Coalition; Benjamin Hooks, executive director of the N.A.A.C.P.; Vernon Jordan, executive director of the National Urban League; David Lizarraga, co-chairman of the National Black-Hispanic Democratic coalition; John Lyons, president of the iron workers union; David Mahoney, board chairman of Norton Simoni Inc.; Labor Secretary Ray Marshall; Lloyd McBride, president of the steelworkers union; Ruben Mettler, board chairman of TRW, Inc.; Eleanor Holmes Norton, chairman of the Equal Employment Opportunity Commission; Jerry Wurf, president of the state, county and municipal employees union...
Despite the report, the legal battle over who was responsible for the crash is far from over. At stake are millions of dollars in damage suits. In Washington, American Airlines Vice President Donald J. Lloyd-Jones told a Senate hearing: "It may be that we did cause the crack." But he suggested that the problem could have originated with metal wedges used by the manufacturer to align parts that had not fitted exactly when the aircraft was built Said he: "It may be that the existence of shims in the aft bulkhead created an interference fit that made the creation...
Last January the unexpected happened: IBM announced its new 4300 series of computers, which are faster and more powerful than anything else on the market-and cost 30% less to lease. Immediately, some firms began switching to the new computers and canceling their leases of other models. Lloyd's underwriters stopped issuing their policy, as claims began to flow in from leasing companies. Last month one of them, Federal Leasing Inc. of McLean, Va., filed a $627 million damage suit against the London insurance group. Itel, though badly shaken by the new IBM machines, is more patient. Says...
...Lloyd's underwriters say they intend to pay all valid claims. The 57 syndicates and the 17 insurance companies involved all share the loss. This spreading out is a main reason that Lloyd's group can take the risks it does. The underwriters have already paid about $30 million and set aside $220 million to cover future claims. The assumption in London is that many firms that use leased computers will not want to switch to better, new machines, because change requires reprogramming, new software, personnel training and other costly extras...
...Lloyd's calculating oddsmakers are ruefully philosophical about their mishap. Says Underwriter Murray Lawrence: "If we didn't have losses we wouldn't be in business." The group draws some satisfaction from the recent strengthening of sterling, now at $2.22, which means that members will have to lay out fewer pounds to pay off claims in dollars. But that is sore solace. As Underwriter Peter Cameron-Webb noted, "I doubt if a broker will ever try to place this policy again at Lloyd...