Lloyd’s Members Settle With Insurance Syndicate
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LONDON — Members of Lloyd’s of London settled out of court Wednesday for $201.5 million an action they had brought against the insurance syndicate for heavy losses they suffered.
The deal, agreed upon last month, was supported by almost all of the 985 members who brought charges against syndicate manager RHM Outhwaite Ltd. in the first high court action against a British insurance syndicate.
Lloyd’s members contended that negligence and breach of duty by the firm and its underwriter, Richard Outhwaite, on reinsurance contracts in 1982 lost them millions of dollars.
The Outhwaite losses arose from reinsurance coverage on decades-old policies against disease risks from asbestos.
Many of the members of the Lloyd’s group were almost bankrupted by claims.
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