INSURANCE

Insurer Cleared of Fraud: But despite the finding, the independent inquiry of the Lloyd’s of London insurance market said that some of its underwriting agents were incompetent, and a second inquiry called for a change in Lloyd’s management structure. The first inquiry said some Lloyd’s underwriting agents had been incompetent in putting investors, or “names” as they are called, on high-risk syndicates. A second inquiry into how Lloyd’s is governed said its governing council should be halved to 14 members to make it more workable. This second report also called for the appointment of a paid chairman to combat criticism that Lloyd’s is run by insiders.