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Lloyds — the London insurance giant suffers record loss
LONDON, June 24: The Lloyds of London insurance market announced on Wednesday record losses for 1989 of 2.063 billion pound (3.837 billion dollar), reports AP.
Lloyds Chairman David Coleridge told the annual meeting of investors, or so—called "names," that 1989 was the worst year in the markets' 304 years of business.
"You can imagine that I take no pride in telling you this figure. It Is an appalling result reflecting the extreme losses of a handful of excess-loss syndicates," Coleridge said from the floor of a 13-story atrium, packed with investors.
Just five syndicates were responsible for a third of the loss, he said.
The 1989 loss of 2.063 billion pound (3.837 billion dollar) was blamed on a string of disasters, including the Piper Alpha oil rig explosion in the North Sea. Hurricane Hugo and destructive wind storms in Britain. It is more than four times the 510 million pound (948 million dollar) loss for 1988.
Lloyds' takes three years to report annual results.
Lloyds' 22,329 names, who have pledged their personal wealth to become members, face unlimited losses.
Outside Lloyds futuristic building In the City of London financial district, Alan Price, r who said he has lost his home
and his Ferrari, begged for handouts, displaying a sign that said, "Impoverished name — give generously.”
Peter Herbert, a York farmer who has been a Lloyds' name since 1957, called for a "massive reform” of the market.
"It's like a patient. If it is very ill it needs examining, and then an operation," said Herbert. He expected Lo lose 50,000 to 60,000 pound (93,000 to 111,600 dollar)
The minimum Investment for membership in the market is 250,000 pound (465,000 dollar).
Once a bastion of old British money, in the past 10 years Lloyds has become a hodgepodge of international Investors ranging from lords to members of parliament, celebrities to secretaries, to an Ohio dentist.
The pledge of their personal wealth is used lo underwrite insurance risks. For the right to reap profits in good years they agree lo cover losses in bad years.
Faced with hundreds of dissident names calling for a no-eonfidence vote In the ruling council and contemplating legal action, Lloyds has agreed to an extraordinary general meeting on July 24.
The ruling council has said it will not ball out the names but has agreed lo limit possible future losses.
Coleridge defended the
council's work.
"Already the council has acted to improve professional standards of those operating In the market, both by introducing peer reviews and by wider requirements for formal training and market experience."
The number of syndicates at Lloyds has reduced from 400 lo 279, and will fall more this year, he said.
"This contraction represents a severe blow for many individuals whose livelihoods have disappeared. That is the price of a system that responds quickly," he said.
Coleridge said the council rejected the idea of seeking government assistance, and instead settled on hardship as-,distance programme to help those in serious difficulty.
It also is considering ways lo raise 50 million pound (93 million dollar) on a voluntary basis lo contribute towards hard hit members.
Names' future losses will be capped, Coleridge said, repealing an earlier decision.
An independent panel will investigate the exception losses, with fees expected lo lop two million pounds.
Many of the names say their losses cannot all be blamed on bad luck because other international rc-tnsurance firms have not reported such bleak figures.
"rhe blame must lie with the regulatory affairs of Lloyds. It has not been regulated-
properly. It has allowed tne insiders to ... take enormous salaries and basically dump the names on the bad syndicates and keep the best ones for themselves," Chris Thomas, an accountant, told British Broadcasting Corp, radio. Thomas said he owes Lloyds almost a half-million pound.
Lloyds underwriters group names into various syndicates. British press reports indicate that particular syndicates, with a total of 4,500 names, will bear ihe bulk of the 1989 losses. The Financial Times has reported those names could face losses of more than 100,000 pounds each.
Coleridge criticized dissident names, saying they risk damaging Lloyds' worldwide business by undermining the market's reputation.
He encouraged them to use internal arbitration to air their grievances, rather than going to courts.
Jonathan Mantle, author of a book about Lloyds "For whom the Bell Tolls," said many of the Investors never dreamed they would face unlimited losses.
"The great thing about Lloyds was that you didn't have to put up all your investment in order to get a return on it. In the early — and mid-1980s ... when Lloyds had been making money for some years It seemed like a good Idea," Mantle told BBC radio.