are continuing to walk away from the insurance market despite huge increases in insurance premiums after the September 11 attacks, it emerged yesterday.
The suit, which seeks $40 million in compensatory damages and interest on behalf of 126 former Lloyd's names
, charges that the broker concealed material information related to U.
To participate, Lloyd's names
are being asked to pay up to $150,000 and to relinquish any claims on future profits at Lloyd's or Equitas.
must possess a minimum personal wealth level of over US$460,000 in order to begin, or continue, underwriting.
5% of the syndicate's capacity, while the remaining capacity is provided by Lloyd's names
have unlimited liability, with those people now being asked to make up for shortfalls in policies underwritten in 2000 and 2001.
The following day, Lloyd's would release a package of radical reforms for the 300-hundred year old market--including a centralized franchise board; replacing its three-year accounting system with a conventional GAAP type; and an end to unlimited liability for Lloyd's Names