Lloyd's in peril. (financial troubles of insurer Lloyd's of London) (editorial)
Economist (US), The, July, 1991
The survival of Lloyd's of London can no longer be taken for granted
THE market that pioneered big-risk insurance of merchants' ships, Lloyd's of London, ought to be as safe as the best-protected harbour. instead, it is heading for the rocks. It is losing money. Worse, it is losing "names"-the individuals whose wealth backs Lloyd's underwriting syndicates and whose liability for losses is, in theory, unlimited. About 6,000 have quit in the past three years. Another 5,000 may follow them before August 31st (the deadline for deciding to underwrite in 1992), reducing the total to just over 20,000. As many as a quarter of those remaining are in dispute with their agents, Lloyd's itself or each other.
These troubles are partly a reflection of the wider...
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