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(From Lloyds List)
Byline: Move will help the successful syndicates take full control of their destinies and cut the costs of reporting, writes James Brewer
TWO of the most profitable ventures at Lloyd's over the past three decades are to buy out all names on their managed syndicates.
Moves by Hardy and Advent will end favourite footholds for private capital in a market that has become increasingly dominated by corporate clout.
Like other successful Lloyd's ventures in the past few years, they want to take full control over their destiny in a generally firm market and cut the costs of reporting to names.
Since spreading the welcome mat a dozen years ago for big capital, Lloyd's has seen it mushroom to 90% of the total capacity, which is GBP14.8bn ($27.6bn) in 2006.
The decline in opportunities for outside wealthy investors is being offset by the establishment of Lloyd's Limited Partnerships for the 2007 account, seen by leaders of names as a more attractive limited liability vehicle.