Lloyd's of London's restructuring grabs attention.(Year in Review: Risk Management 1995)

Business Insurance, December, 1995 by Hofmann, Mark A.

CIGNA runoff, lower cost of risk also were items of note in '95 Risk management's attention shifted from Pennsylvania Avenue to Wall Street, Main Street and assorted points east and west in 1995. Whereas 1994's top story, the failure of Congress to reauthorize Superfund, was an inside-the-beltway tale of the first order, the top story this year didn't even take place inside the United States.

In fact, that tale continues to play out in London, where Lloyd's of London this spring unveiled a broad restructuring plan designed to raise new capital, segregate past liabilities and settle member litigation. The restructuring plan called for placing open years of account into reinsurer Equitas Ltd., raising billions of pounds through special charges and diverted funds and...

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