Word: losses
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Dates: during 1970-1979
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...even these losses would pale beside a far less publicized jolt that the insurance group is suffering. It involves the labyrinthine world of computer leasing, a honey-tongued Texas hustler, the big gest and most prestigious U.S. banks and IBM. As a result of many forces, the Lloyd's insurance group faces the biggest loss in its 291-year history - up to $225 million, vs. the present record of $100 million paid to cover damages from Hurricane Betsy...
...underwriters' latest loss began with a promotion by Charles ("Chris") Christopher, now 33, a Dallas sharpie who honed his selling skills peddling encyclopedias and waterbeds in his teens, and then created Surety Industries, a computer leasing firm. The business worked this way: Surety bought computers from manufacturers. It financed the purchases with multimillion-dollar loans from banks, using the computers themselves as collateral. Then Surety leased the computers to corporations or government agencies. Typically, the leasing contract is for seven years, with the proviso that the customer can break it after three or four years. Before 1974 the banks...
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...
...made it into the finals with an amazingly easy win over Jimmy Connors, 26, the temperamental American who won the title in 1974. Their eagerly awaited match turned out to be a reprise of last year's championship rout. Once again, Borg triumphed in straight sets with the loss of only seven games, and once again he needed a short time to do it-106 min., three less than last year...
...word to times when the judge was king, and vice versa. Journalists, on the other hand, are relative newcomers, the spiritual descendants of itinerant printers, scribblers and (let's face it) rebels. Indeed, one of the reasons that journalists are so worried, even perhaps slightly paranoid, about the loss of their freedoms is that these rights have never been very secure, here or abroad...