Topic: Lloyd's

Lloyd’s Issues Warning About Threat of Social and Political Instability Due to Global Recession, Identifies Expropriation and Piracy as Key Issues in Latin America

The Lloyd’s 360 Risk Insight group recently released a report entitled “Global recession: The magnifying glass for political instability.”  In the report, Lloyd’s warns that the ongoing global recession is likely to cause greater social and political instability around the globe.  As to Latin America, the report identifies the greatest threats to social and political stability as expropriation and piracy. 

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UK: Regulation: Notice of Censure Published by Lloyd’s Enforcement Board in Relation to Ark Syndicate Management (ASM) Employees

A recent Lloyd’s Market Bulletin ref: Y4280 (14 May 2009) gives details of three individuals who, when changing employment to a competitor, committed various breaches of their obligations to their previous employer. Alistair Mark Mellis and Ksenya Mazalova were involved in the appropriation of documents from their previous employer for use in their new employment. Mr Mellis, who had not yet moved to his new employer, also provided underwriting assistance to Ms Mazalova. 

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UK: Lloyd’s Announces Capacity Market Rules for 2009

Lloyd’s has finalised the rules and guidance for the 2009 capacity transfer season. Capacity transfers enable members to surrender or acquire the right to underwrite a specific amount of premium on Lloyd’s syndicates. The rules and guidance contains the Auction Rules, the Bilateral Arrangements Rules, the Conversion Rules, the Capacity Offer Rules and the explanatory guide to the Capacity Auctions and Bilateral Arrangements. No substantive amendments have been made to the 2008 rules and guidance. 

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