Advertisement

BRIEFLY

Insurance

November 11, 1994|From Times Staff and Wire Reports

British Court Ruling Threatens Lloyd's: The Court of Appeal, Britain's second-highest court--said Lloyd's of London may be violating European trade law, and Lloyd's investors, or names, said the decision threatens the survival of the 306-year-old reinsurance market. The court said internal rules encouraging Lloyd's syndicates to buy reinsurance within the market instead of from outside carriers may be anti-competitive under European laws. Investors who have lost fortunes and still face unlimited liability for further losses said the decision could help them break their contracts with Lloyd's. The case still must go to trial; the court simply found that there was enough evidence to go forward. Lloyd's said it will appeal the ruling to the House of Lords.

Advertisement
Los Angeles Times Articles
|
|
|