Lloyd’s syndicates may face even heavier losses.
Three Lloyd’s of London insurance syndicates facing a 1984 loss of $183 million are likely to have bigger losses this year, according to a letter received by syndicate members. Sir Ian Morrow, an accountant called in by Lloyd’s to deal with the syndicates, wrote to inform the partners, known as “names,” that they might have to show additional assets to meet the anticipated increased losses. The partners, who take no active part in underwriting but under Lloyd’s rules are held liable to the last penny for any losses, include Saudi financier Adnan Khashoggi and Britain’s Duchess of Kent.
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