Outhwaite case is settled out of court for $200 M. (Lloyd's of London vs. R.H.M. Outhwaite Agencies)(Reinsurance/International)

National Underwriter Property & Casualty-Risk & Benefits Management, February, 1992 by Taylor, Sebastian

Outhwaite Case Is Settled Out Of Court For $200 M An out-of-court settlement of 116 million [pounds] ($200 million) at current exchange rates has been negotiated on the long-running Outhwaite affair at Lloyd's of London. The settlement served to end the extensive litigation in which Lloyd's names sued the R.H.M.

Outhwaite Agencies and 81 members' agencies at Lloyd's alleging that underwriter Dick Outhwaite was negligent in 1982 when he wrote 31 unlimited runoff reinsurance contracts covering U.S. asbestos and pollution risks. Losses on these contracts amount to 260 million [pounds] ($400 million). The Outhwaite 1982 Names Association sued for 158 millioon [pounds] ($280 million) for negligence and breach of contract. The out-of-court settlement was between...

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