On Apr 14, 2:52*pm, "'Mike'" wrote:
"Ecrevisse" wrote in message

...
In the years 1989 - 1992 the Lloyd's of London insurance market lost
more than 8 billion through its own failings and incompetence; when
some investors could not pay the huge demands for cash, charges were
taken on their homes and the following petition urges the Chairman,
Lord Peter Levene, to remove them in the name of justice and fairness:

http://www.change.org/petitions/lloy...-remove-charge...

I hope that you will be able to sign the petition, for which I thank
you.

There is more information by following the link.

Please spread the word!

--
John Atkinson
Victim Of Lloyd's No.: 046505N

No

They knew the risk.

Not at all; most new Names at Lloyd's were told, as I was, that the
syndicates on which they
were initially placed were low-risk and short-tail. The returns we
expected were given to us as
about 7% on premium limit. That reflects a modest business risk, and
do remember that the
market traded for 300 years without the kind of massive losses which
we had to pay for. The
problems arose solely because Lloyd's expanded too fast and didn't
have proper financial
controls in place, namely, an efficient audit. It is also a fact that
following the discovery that
putting a figure on the potential losses from asbestos was "an
impossibility", Lloyd's continued
to recruit new Names and did not admit that asbestos losses were a
problem until 1992, TEN
YEARS after they were warned and TWELVE years after they set up an
Asbestos Working
Party. Lloyd's really lost the plot and the Names have had to pay a
very heavy price. Most of
the names are now completely out, I speak for the tail-enders whom
Lloyd's will not let go.



Mike

--

...................................
Don't take life too seriously, you'll never get out alive

Since I can't pay the ferryman, I have to take it seriously.

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