Name

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Name

A wealthy individual who provides a great deal of capital that underwrites the activities of Lloyd's of London. Names spread risk of insurance among themselves along with corporations. For most of Lloyd's centuries-long history, names had unlimited liability for any losses associated with being a name. Lloyd's introduced names with limited liability in 1994, and they have become increasingly important.
References in periodicals archive ?
5%) and third party capital providers, including traditional Lloyd's Names.
The syndicate's capacity for the 2008 and 2009 years of account is provided by Atrium's corporate Lloyd's member, Atrium 5 Limited (25%) and third party capital providers, largely traditional Lloyd's Names (75%).
We have two overriding objectives: to endeavour to ensure true finality for Lloyd's Names and, in time, to achieve a surplus which will enable us to return to Names part of the premium they paid to Equitas.
BUSINESS WIRE)--May 10, 1996--The California Department of Insurance (CDI) and the state Department of Corporations (DOC) have agreed to defer litigation and attempt to resolve disputes among the Department of Corporations, Lloyd's of London and Lloyd's Names through alternative dispute resolution (ADR), the state agencies jointly announced Friday.
Another petition to intervene against the Department of Corporations has been filed by a group of Lloyd's Names who wish to honor their obligations to Lloyd's policyholders and proceed with Lloyd's reorganization plan known as Equitas.
The report also quotes Quackenbush as saying that Lloyd's is "in serious trouble," and that there is "some merit" to the claims of some Lloyd's Names that they were defrauded.
The Corporations Commissioner claimed to be acting on behalf of approximately 500 Lloyd's Names who have lost money in recent years mainly due to huge payouts by lloyd's for claims related to asbestos exposure and toxic pollution.