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Does Lloyd’s of London have a future in its new incarnation as an exchange for insurance companies?

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Does Lloyd’s of London have a future in its new incarnation as an exchange for insurance companies?

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HEAD bowed, Sir David Rowland quickly left the court, an assistant in tow. Behind the ex-chairman of Lloyd’s was a gruelling day of cross-examination by Simon Goldblatt, a barrister representing more than 200 “names”, the wealthy individuals who once provided Lloyd’s capital. The names allege that Lloyd’s committee duped them by concealing the extent of potential losses from claims related to asbestos-linked diseases. Sir David had two standard responses: he either didn’t know or he didn’t remember. But he denied a top-level conspiracy. The Lloyd’s committee was a “particularly anachronistic and inefficient forum for discussion and decision-making.” It did not plot to ruin new members. With names suing, and now large losses looming once again, Lloyd’s is not well. Investors might be forgiven a sense of déjà vu. But the insurance market was supposed to have reinvented itself. If its new incarnation is failing its first test, does it have a future at all, and if so, in what form? The tri

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