Problems at Lloyd’s
Specifically, not all of those funds are as available as Lloyd's might like.
- Many of the names don't want to pay; they say “we were robbed”. It was OK when we were earning 15% profit over the last 30 years, but now we're suddenly having losses. We were sold a bill of goods, and we don't want to pay. These names are suing their underwriters, managing agencies, member agencies, and anybody else they can find.