On the brink
Subtitle: how a crisis transformed Lloyd's of London
By: Andrew Duguid
Published: 2014
Language: eng
Number of pages: 382
ISBN-13: 9781137299291; 9781137299307
Subjects: Lloyd's (Firm); Insurance companies
Description: "This is the story of how huge losses very nearly destroyed a revered British institution, Lloyd's of London, the world's largest insurance market. Ten thousand people were trapped, facing big personal bills they thought profoundly unfair. They challenged a complacent institution, forcing it to confront its biggest ever crisis, changing its structures and values. This story has great relevance today, raising many contemporary issues. The search for justice tests the British and US legal systems. Fairness is pitted against commercial expediency. Fresh thinking, new structures, new skills and leadership are all needed. Persuasion has to overcome alternative analysis, misunderstanding, emotion and inertia. Locked in a battle for survival, many were slow to see their common interest. A novel solution was found. Many myths have since grown up. This book tells what really happened, from the inside. "--
Notes: Includes bibliographical references and index.
Table of contents: title: 1. Inside Out; title: 2. Hidden Trains; title: 3. Alarm Bells; title: 4. Fresh Start; title: 5. The Chasm; title: 6. Last Chance; title: 7. Struggling; title: 8. Tightrope; title: 9. Aftermath; title: 10. Reflections; title: Appendix 1. Businesses at Lloyd's; title: Appendix 2. Names' Minimum Wealth and Deposit Requirements 1969-2002; title: Appendix 3. The Evolution of Lloyd's Governance; title: Appendix 4. Lloyd's Global Results for the 1980-97 Years of Account; title: Appendix 5. Alternative Analyses; title: Appendix 6. The Changing Capital Structure at Lloyd's 1994-2013..