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 ?
Perhaps we ought to add other Lloyd's names, such as that of C.
Petitions: Monday October 7: Discussion of petitions submitted by Lloyd's Names, with rapporteur Roy PERRY(EPP-ED, UK), Commissioner Frits BOLKESTEIN, petitioners and Lloyd's of London, Tuesday 8 October: Report by Jean LAMBERT (Greens/EFA, UK) on Ombudsman's special report on part-time work - gender discrimination; Report by Astrid THORS (ELDR, FIN) on Ombudsman's special report on public access to documents; Report by Earl of STOCKTON (EPP-ED, UK) on a petitioner's dismissal from his job
That's why it's encouraging to hear Lloyd's chairman, Saxon Riley, on page 34 of this issue, discuss the proposed package of reforms that will, among other things, bring Lloyd's unique three-year accounting system into the 21st century, and end unlimited liability for Lloyd's Names. "We've got to become more transparent," says Riley.
So I was delighted to learn that the number of Lloyd's names has fallen by more than 90 per cent in recent years (there are now fewer than 2,500) - and good riddance to them.Frankly, I have no time for this bunch of whingers who, back in the Eighties, agreed to unlimited liability because they thought it was a one-way bet.