All news is bad news at Lloyd's
Article Abstract:
Lloyd's members pledge their personal finances in problem times, to permit the market to operate, and some face financial ruin as the company's losses are 2 billion pounds sterling. The Oakley Vaughan underwriting agency is suing Lloyd's as it alleges Lloyd's should have conducted its business so that losses would not occur. A vote of no confidence in Mr David Coleridge, chairman of the ruling council is demanded, but Lloyd's has never believed in interfering in the way underwriters conduct their business.
Publication Name: The Independent
Subject: Retail industry
ISSN: 0951-9467
Year: 1992
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No rewrite for Lloyd's horror story
Article Abstract:
Mr David Rowland, 59, became chairman of Lloyds in Jan 1993 earning 450,000 pounds sterling. He is the first paid chairman. He must explain members' financial losses. Many members face financial ruin and some have committed suicide. Lloyds will try to increase its resources by profitable trading. New chief exec Peter Middleton will introduce a more structured style of management.
Publication Name: The Independent
Subject: Retail industry
ISSN: 0951-9467
Year: 1993
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The Walker report
Article Abstract:
Sir David Walker, previously chief regulator of the City of London and member of Lloyd's ruling council, investigated claims of preferential treatment and the LMX spiral. He found no fraud but many below-standard practices such as syndicates trading business amongst each other. He suggested more active regulation.
Publication Name: The Independent
Subject: Retail industry
ISSN: 0951-9467
Year: 1992
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