February 15, 1994 |
Lloyd's of London said Monday that its offer of compensation to its members, aimed at staving off court action, has failed. It said a $1.32-billion settlement proposal to 22,000 of the insurance market's backers, investors known as Names, had been rejected. A balloting of the Names, mostly members of the wealthy families who have supported the market since its inception 300 years ago, closed Monday with only 38% accepting the offer by value. Lloyd's had been looking for 70% acceptance, by value.