The Report of the Commission and Proposals from Nobs 3. Support for Comrade Jacob Zuma 5.
Further huge losses loom for Lloyd's members LLOYD'S of London members, some already hard-hit, are about to suffer more huge losses following a dramatic deterioration in the finances of another syndicate involved in the notorious "LMX spiral".
About 1, members of R J Bromley syndicate could be facing losses of more than pc of the syndicate's capacity. News of the losses is likely to spark anger at a meeting tomorrow of agents who introduced members to the syndicate.
The latest market estimate of the loss is far greater than members were led to believe in March last year when accounts warned of a loss of about 60pc of capacity. Members were told of the deterioration in a letter from Knightstone chairman Trevor Bradley just before Christmas.
He said the minimum loss had soared to pc, "but it could be considerably worse than this. Bradley who has called for a loss review by Lloyd's, said this could also rise. Syndicate was run by Roy Bromley until he was ousted as underwriter and head of the Bromley agency in May in circumstances he is still disputing in the courts.
The syndicate ceased trading at the end of that year and is now in "run-off. Bradley said yesterday that members were likely to face calls to put in more cash.
A cash call will then trigger a loss review. We think we have the expertise to sort it out after the Poland excess of loss. The crisis has shattered the royal circle, with members of it facing demands totalling millions of pounds.
Confidential documents obtained by The People show the depth of Lloyd's royal disaster. Shattered Lady Ashmore confirmed at her home near Sevenoaks, Kent: Princess Anne's former father-in-law, Major Peter Phillips, is another big loser and is being forced to quit his luxury home.
Now red-faced Lloyd's chiefs face a royal rollicking as a bitter legal battle erupts over allegations o f negligence. Lloyd's have been accused of " structural rottenness," with allegations that fat-cat insiders stitched up the low-risk high-profit business at the expense of outsiders. But the trusted and once respected institution has ruined some of her closest friends' lives.
But now these sleeping partners have woken up to a nightmare. Merrett deal aims to attract corporate capital to Lloyd's Merrett Groupone of the largest agencies at the Lloyd's insurance market, yesterday announced the launch of a company formed to reinsure exclusively business underwritten by its nine syndicates.
The deal involving J. Merrett Group itself will have no stake in Underwriters Capital Merrettwhich will be Bermuda-based. Dennis Purkiss, chief executive, insisted that the company represents a "a new source of capital" for the group. Many Lloyd's agencies are examining ways to attract outside capital, following the decline in the number of Names - individuals whose assets back the market's underwriting - and Mr.
Purkiss predicted that the deal could be the first of a number at Lloyd's. Under the revised regulations Merrett can underwrite an extra 25 per cent of this amount if premiums in excess of this capacity are ceded to an outside quota share reinsurer. Morgan have won a reputation for sponsoring innovative insurance deals.
Victims, mostly Californian, included owners of businesses destroyed in last year's Los Angeles riots, motorists and people denied health cover by conventional insurers. Teale's aim, said the FBI, was " to receive millions of dollars in premiums while failing to pay claims".
A former secretary of the Lloyd's Insurance Brokers Association, Teale, 61, and his wife were arrested after a grand jury in Mobile, Alabama, named them in a count indictment. It described a scheme ranging from America to the Caribbean, Belgium and Ireland involving more laundering and fake deals to disguise Teale's involvement.
The indictment charges Teale with using foreign companies and bank accounts to avoid American licensing and auditing procedures. The grand jury alleged:The United Kingdom company law regulates corporations formed under the Companies Act Also governed by the Insolvency Act , the UK Corporate Governance Code, European Union Directives and court cases, the company is the primary legal vehicle to organise and run business.
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