Lloyd’s of London will intervene in losses.
Lloyd’s, the world’s biggest insurance market, said it will announce at its June 26 annual meeting an unspecified “initiative” to deal with a handful of its insurance syndicates whose members face staggering personal losses. The initiative will deal with coverage written through Lloyd’s by Richard Becket Underwriting Agencies, which in 1982 took over management of certain syndicates from another unidentified agency after two former executives of the agency were accused of siphoning off $50 million in investors’ funds. Lloyd’s members who contribute to a syndicate have unlimited liability for any losses. Some of these members are balking at covering the lost funds.