BANKING & FINANCE - Jan. 16, 1992

Report Urges Changes at Lloyd’s: Lloyd’s of London, the world’s largest insurance market, should make fundamental changes to maintain confidence in its ability to provide insurance and to protect its investors, a report by industry experts said. Most radical among the recommendations was a proposal that Lloyd’s open its doors to companies as members. Lloyd’s is not an insurance company. Rather, it is a market that matches clients with syndicates that provide insurance against losses. All syndicates are made up of individuals, called “Names,” who agree to unlimited personal liability--which means they make money when there are no claims, but can in theory lose everything if things go wrong.