Tossing out tradition
Article Abstract:
Lloyd's of London is abandoning many of its three-century-old traditions in an effort to restore profitability to the company and attract new investors. Under the new management of Chmn David Rowland and CEO Peter Middleton, Lloyd's has initiated a dynamic business plan to reduce costs, streamline procedures and standardize policy. Rowland and Middleton have been given more power to control the company's direction than previous management, and are using it to intervene more directly in the market. A profit of 900 million pounds sterling is predicted for 1995, when restructuring is complete.
Publication Name: Best's Review Property-Casualty Insurance Edition
Subject: Insurance
ISSN: 0005-9714
Year: 1993
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Turmoil at Lloyd's
Article Abstract:
Lloyd's of London, the renowned, 300-year-old insurance house, is in serious financial trouble. The company suffered an underwriting loss of 509.7 million pounds sterling in 1988, its first net loss in many years. Low premiums in a recessionary market are partly to blame. So are a series of recent catastrophes, most notably the Exxon Valdez oil spill and the Persian Gulf War. The company has also lost several prominent names. Proposed remedies focus on making the company more attractive to capital backers and accepting corporate capital for the first time.
Publication Name: Best's Review Property-Casualty Insurance Edition
Subject: Insurance
ISSN: 0005-9714
Year: 1992
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Does no-fault stack up?
Article Abstract:
The debate over the effectiveness of no-fault automobile insurance continues, 27 years after it was first advocated, because none of the 22 states with a no-fault law have pure no-fault. Opponents of the concept, most notably trial lawyers, have forced compromise legislation combining no-fault with the right to sue for damages. Four types of plans are described: add-on, monetary threshold, verbal threshold and choice no-fault.
Publication Name: Best's Review Property-Casualty Insurance Edition
Subject: Insurance
ISSN: 0005-9714
Year: 1992
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