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Lloyd S Of London

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BUSINESS
June 21, 1991 | KATHY M. KRISTOF and JEFF KAYE, TIMES STAFF WRITERS
David Ean Coleridge, once arguably the envy of the British business set, is decidedly more grim these days. In a week, he'll announce that Lloyd's of London--the giant British insurer--posted a loss for the first time in more than 20 years. And it's a doozy. Coleridge, Lloyd's chairman, won't yet reveal the exact figure, but the British press has pegged it at more than 300 million pounds--about $460 million U.S. dollars at current exchange rates.
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BUSINESS
October 16, 2000 | From Associated Press
Yahoo Inc. is expected to launch today new initiatives that protect purchases made on its auction and shopping sites. The program is backed by insurance obtained from Lloyd's of London, one of the industry's leading insurance carriers. Yahoo's moves are designed to "add another layer of confidence for consumers during the shopping season," according to Brian Fitzgerald, producer for Yahoo auctions.
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BUSINESS
October 16, 2000 | From Associated Press
Yahoo Inc. is expected to launch today new initiatives that protect purchases made on its auction and shopping sites. The program is backed by insurance obtained from Lloyd's of London, one of the industry's leading insurance carriers. Yahoo's moves are designed to "add another layer of confidence for consumers during the shopping season," according to Brian Fitzgerald, producer for Yahoo auctions.
BUSINESS
July 6, 1999 | Bloomberg News
Lloyd's of London said it is launching an electronic-commerce initiative with the International Underwriters Assn. aimed at saving hundreds of millions of dollars by increasing the efficiency and competitiveness of the world's largest insurance market. Introducing e-commerce into Lloyd's business is the first in a series of initiatives between the two sides of the market aimed at cutting costs and defending London's position as the world's premier specialist insurance market.
BUSINESS
March 7, 1997 | Times Staff and Wire Reports
A federal appeals court upheld a request by hundreds of American investors in Lloyd's of London that they be allowed to sue the insurance syndicate under U.S. securities laws. The U.S. 9th Circuit Court of Appeals overruled a 1995 lower-court ruling that the investors have to file suit in Britain under British law, as provided in the original contracts between London-based Lloyd's and most of its investors. The appeals court held that U.S. law supersedes these contracts.
BUSINESS
August 31, 1996 | From Reuters
Lloyd's of London on Friday declared its nearly $5-billion settlement offer to investors unconditional as to acceptances, taking the insurance market one step closer to sealing its recovery plan. Lloyd's said that by late Thursday, 31,246 members, or 91% of total membership worldwide, had accepted the offer. It said the acceptance deadline had been extended to Sept. 11.
BUSINESS
August 29, 1996 | From Bloomberg Business News
A group of U.S. investors in Lloyd's of London plans to appeal a federal appellate decision allowing the insurance market to resume its $4.8-billion recovery plan, an attorney for the investors said Wednesday. Stephen Hudson, who represents 93 U.S. investors who sued Lloyd's, said he would seek a rehearing from the U.S. 4th Circuit Court of Appeals in Baltimore in an emergency motion to be filed today.
BUSINESS
June 11, 1996 | Times Staff and Wire Reports
Exxon Wins $250-Million Verdict in Valdez Suit: A Houston jury issued its decision in favor of the oil giant in the suit against Lloyd's of London stemming from unpaid insurance claims from the Exxon Valdez oil spill. The state court verdict, which still must be approved by the U.S. District Court in Houston, would allow Exxon to continue with a separate suit alleging Lloyd's acted in bad faith by not paying claims from two policies held by the oil company, the nation's largest.
BUSINESS
July 16, 1996 | Times Staff and Wire Reports
Lloyd's Investors Agree to Recovery Plan: Lloyd's of London can use millions of dollars from recent profit in its bid to bounce back from devastating losses, investors decided in a major victory for the insurance market. The investors, known as "names," voted overwhelmingly to contribute about $682 million of profits earned between 1993 and 1995.
BUSINESS
March 18, 1996 | Times Staff and Wire Reports
State Regulators Looking at Lloyd's: The regulators have begun coordinating a fraud investigation of Lloyd's of London, the troubled British insurance firm. The North American Securities Administrators Assn., a group of state regulators, has formed a group to coordinate the eight state cases--including the state of California--filed so far that accuse Lloyd's of breaking securities laws in its dealings with U.S. investors, said Karen A. Silva of the Arizona Corporation Commission.
BUSINESS
March 7, 1997 | Times Staff and Wire Reports
A federal appeals court upheld a request by hundreds of American investors in Lloyd's of London that they be allowed to sue the insurance syndicate under U.S. securities laws. The U.S. 9th Circuit Court of Appeals overruled a 1995 lower-court ruling that the investors have to file suit in Britain under British law, as provided in the original contracts between London-based Lloyd's and most of its investors. The appeals court held that U.S. law supersedes these contracts.
BUSINESS
August 31, 1996 | From Reuters
Lloyd's of London on Friday declared its nearly $5-billion settlement offer to investors unconditional as to acceptances, taking the insurance market one step closer to sealing its recovery plan. Lloyd's said that by late Thursday, 31,246 members, or 91% of total membership worldwide, had accepted the offer. It said the acceptance deadline had been extended to Sept. 11.
BUSINESS
August 29, 1996 | From Bloomberg Business News
A group of U.S. investors in Lloyd's of London plans to appeal a federal appellate decision allowing the insurance market to resume its $4.8-billion recovery plan, an attorney for the investors said Wednesday. Stephen Hudson, who represents 93 U.S. investors who sued Lloyd's, said he would seek a rehearing from the U.S. 4th Circuit Court of Appeals in Baltimore in an emergency motion to be filed today.
BUSINESS
August 28, 1996 | Times Staff and Wire Reports
Appeals Court Reverses Lloyd's Ruling: U.S. investors in Lloyd's of London lost their last legal challenge to a plan to recapitalize the ailing insurer, paving the way for completion of a $4.8-billion rescue plan that is scheduled to be made final today in London. After a three-hour hearing, the U.S. 4th Circuit Court of Appeals in Baltimore reversed a lower-court order in Richmond, Va., that had given U.S. investors more time to decide whether to participate in Lloyd's bailout.
BUSINESS
August 24, 1996 | From Associated Press
A federal judge on Friday night enjoined Lloyd's of London from imposing its $4.7-billion rescue plan on U.S. investors and ordered a trial on the investors' charges that critical financial information has been withheld about the restructuring of the storied insurance market. But U.S. District Judge Robert E. Payne did not block U.S. investors from accepting the deal if they so choose.
BUSINESS
June 11, 1996 | Times Staff and Wire Reports
Exxon Wins $250-Million Verdict in Valdez Suit: A Houston jury issued its decision in favor of the oil giant in the suit against Lloyd's of London stemming from unpaid insurance claims from the Exxon Valdez oil spill. The state court verdict, which still must be approved by the U.S. District Court in Houston, would allow Exxon to continue with a separate suit alleging Lloyd's acted in bad faith by not paying claims from two policies held by the oil company, the nation's largest.
BUSINESS
February 15, 1994 | From Reuters
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.
BUSINESS
March 18, 1996 | Times Staff and Wire Reports
State Regulators Looking at Lloyd's: The regulators have begun coordinating a fraud investigation of Lloyd's of London, the troubled British insurance firm. The North American Securities Administrators Assn., a group of state regulators, has formed a group to coordinate the eight state cases--including the state of California--filed so far that accuse Lloyd's of breaking securities laws in its dealings with U.S. investors, said Karen A. Silva of the Arizona Corporation Commission.
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