DOCSLIB.ORG

The London Market Excess of Loss Spiral

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
The London Market Excess of Loss Spiral University of Southampton Research Repository ePrints Soton Copyright © and Moral Rights for this thesis are retained by the author and/or other copyright owners. A copy can be downloaded for personal non-commercial research or study, without prior permission or charge. This thesis cannot be reproduced or quoted extensively from without first obtaining permission in writing from the copyright holder/s. The content must not be changed in any way or sold commercially in any format or medium without the formal permission of the copyright holders. When referring to this work, full bibliographic details including the author, title, awarding institution and date of the thesis must be given e.g. AUTHOR (year of submission) "Full thesis title", University of Southampton, name of the University School or Department, PhD Thesis, pagination http://eprints.soton.ac.uk UNIVERSITY OF SOUTHAMPTON FACULTY OF BUSINESS AND LAW School of Law Volume 1 of 1 The London Market Excess of Loss Spiral by Caroline Hélène Christiane Bell Thesis for the degree of Doctor of Philosophy July 2014 UNIVERSITY OF SOUTHAMPTON ABSTRACT FACULTY OF BUSINESS AND LAW School of Law Thesis for the degree of Doctor of Philosophy THE LONDON MARKET EXCESS OF LOSS SPIRAL Caroline Hélène Christiane Bell This thesis explores the London Market Excess of Loss Spiral (“LMX Spiral”), a phenomenon based upon excess of loss reinsurance contracts that developed within the London reinsurance market of the 1980s. The unwinding of the LMX Spiral was a key factor in the crisis the Lloyd’s insurance market had to face in the early 1990s. However, whilst the crisis resulted in a wave of litigation in the English courts, there is no legal appraisal of the additional element of risk brought by the LMX Spiral itself. The case law instead focuses on the duties of the underwriters and various agents that fuelled its development. This situation is unsatisfactory for two reasons. Firstly, reinsurance spirals are a potential side-effect of XL reinsurance markets and therefore other spirals may develop in the future. Secondly, this thesis shows that once a reinsurance spiral reaches a certain point, it becomes unsustainable, generating instability within the relevant reinsurance market. This thesis provides a detailed legal appraisal of reinsurance spirals and a new analysis of excess of loss reinsurance contracts. The first part sets out the relevant legal principles and describes the LMX Spiral and its impact; listing, for the first time, the “Spiral Effects” identified through reports and actuarial models. The second part reviews the case law and assesses the legal nature of the excess of loss “Spiral Contracts” at the core of any reinsurance spiral, concluding that the Spiral Effects can distort the Spiral Contracts to the point where they become simple contracts of indemnity. The third part explores the nature of excess of loss reinsurance in light of the review of the Spiral Contracts, submitting that excess of loss reinsurance contracts cover both the liability of the reinsured and the relevant insured peril. i Contents ABSTRACT ............................................................................................................ i Contents ............................................................................................................ iii Table of Cases.................................................................................................... ix Table of Statutes ...............................................................................................xiii DECLARATION OF AUTHORSHIP .......................................................................... xv Acknowledgements ........................................................................................... 16 PART I: THE LMX SPIRAL .................................................................................... 17 1 Thesis on the LMX Spiral: Overview ............................................................. 17 1.1 Thesis on the LMX Spiral: Methodology ................................................. 17 1.1.1 Establishing the Facts and the Law ................................................. 17 1.1.2 The Analysis and Hypothesis .......................................................... 19 1.1.3 Overview of the Thesis ................................................................... 20 1.2 The LMX Spiral: Legal Definition ........................................................... 21 2 Insurance and Reinsurance ......................................................................... 22 2.1 Insurance as a Risk Sharing Tool ........................................................... 22 2.1.1 Definition and Purpose of Insurance ............................................... 22 2.1.2 Managing the Risk .......................................................................... 23 2.1.3 Distinguishing Features of Contracts of Insurance .......................... 25 2.1.4 Insurable Interest ........................................................................... 28 2.2 Reinsurance as a Spreading Mechanism ................................................ 30 2.2.1 Definition and Purpose of Reinsurance ........................................... 30 2.2.2 Types of Reinsurance Agreements .................................................. 32 2.2.3 The Use and Development of XL Reinsurance ................................. 35 2.2.4 Specific Features of XL Reinsurance ................................................ 37 2.3 The Legal Nature of Reinsurance........................................................... 46 2.3.1 Reinsurance as Further Insurance ................................................... 46 2.3.2 Insurable Interest in Reinsurance .................................................... 49 2.4 Concluding Remarks ............................................................................. 53 iii 3 Factual Overview of the LMX Spiral .............................................................. 55 3.1 The Lloyd’s Insurance Market ................................................................ 55 3.1.1 Origins of Lloyd’s ........................................................................... 55 3.1.2 Lloyd’s Members and their Agents .................................................. 57 3.1.3 Lloyd’s on the Eve of the LMX Spiral ................................................ 59 3.2 Key Features of the LMX Spiral .............................................................. 62 3.2.1 The Nature of the LMX Spiral: Intertwining Reinsurances ................. 62 3.2.2 London: the Hub of the LMX Spiral .................................................. 64 3.2.3 The 1980s: an Era of Rapid Expansion ............................................ 68 3.2.4 LMX Market Participants ................................................................. 70 3.3 The Demise of the LMX Spiral ................................................................ 72 3.3.1 A Series of Unprecedented Catastrophes ......................................... 72 3.3.2 The Collapse of the LMX Spiral ........................................................ 78 3.4 Reconstruction and Renewal ................................................................. 80 3.4.1 The Lloyd’s Crisis ........................................................................... 80 3.4.2 The Risk of Insolvency .................................................................... 83 3.4.3 Equitas ........................................................................................... 85 3.4.4 The LMX Spiral in Lockdown ........................................................... 88 3.5 Concluding Remarks ............................................................................. 90 4 Analysis of the LMX Spiral and its Effects ..................................................... 91 4.1 The Paucity of Reports on the LMX Spiral .............................................. 91 4.2 The Walker Report ................................................................................ 92 4.2.1 The Walker Report: Parameters ....................................................... 92 4.2.2 The Walker Report: Key Findings ..................................................... 93 4.2.3 The LMX Spiral according to the Walker Report ............................... 95 4.3 The LMX Working Party Report .............................................................. 98 4.3.1 The LMX Working Party ................................................................... 98 4.3.2 The LMX Working Party Report: Key Findings .................................. 99 4.3.3 The Actuarial Model ...................................................................... 102 iv 4.4 Professor Andrew Bain ........................................................................ 104 4.4.1 Some Key Features of Reinsurance ............................................... 105 4.4.2 Professor Bain’s Actuarial Models ................................................. 106 4.4.3 Features of Reinsurance Spirals .................................................... 109 4.5 Spiral Effects....................................................................................... 111 4.5.1 The Spiral Effects ......................................................................... 111 4.5.2 Simply a Market Phenomenon? ..................................................... 115 4.6 Concluding Remarks ........................................................................... 117 PART II: LEGAL APPRAISAL OF
Load more

Recommended publications
  • Pocket Guide to Lloyd's
    Our Market Our Past Our Home Pocket Guide “For more than three Welcome to Lloyd’s centuries, the Lloyd’s Lloyd’s is the world’s leading market has been insurance and reinsurance sharing risk to protect marketplace. Through the collective intelligence and risk-sharing people and businesses, 03 inspiring them to expertise of the market’s underwriters and brokers, Lloyd’s Our Market create a braver world” helps to create a braver world. The Lloyd’s market provides the John Neal, CEO, Lloyd’s leadership and insight to anticipate and understand risk, and the knowledge to develop relevant, new and innovative forms of insurance for customers globally. And it promises a trusted, enduring partnership built on the confidence that Lloyd’s protects what matters most: helping people, businesses and communities to recover in times of need. Our Market: Lloyd’s in a day Most of the business written at Lloyd’s is still conducted face-to-face in the world- famous Underwriting Room at our London Every day, people, businesses and Lime Street headquarters. Brokers place communities in over 200 countries their clients’ risk with Lloyd’s specialist and territories rely on the Lloyd’s underwriters who evaluate, price and market to protect what matters most. accept the risks. On any given working day, ‘The Room’ welcomes more than 5,000 05 And every day, more than 50 leading people, sees more than £100m in premiums insurance companies, over 300 come into the market and sees more than Our Market registered brokers and a global network £49.9m paid out in claims – that’s more than of over 3,900 coverholder office £34,620 in claims per minute.
    [Show full text]
  • The Royal Engineers Journal
    THE ROYAL ENGINEERS JOURNAL. Vol. XII. No. 6. DECEMBER, 1910. CONTENTS. PAGI'. 1. The Military Uses of the Aerostat. By Capt. P. W. L. BROKE-SMITH, R. E. ... 395 2. A Field Practice Sub-Target. By Capt. F. V. THOMPSON, R.E ... ... 403 3. Gibraltar under Moor, Spaniard, and Briton (conlinyted). By Col. E. R. KENYON, R. E. ... ... ... ... ... ... ... 409 4. Major-General Sir William Reid, R.E., G.C.M.G., K.C.B., F.R.S. (concluded). By Col. ROBT. H. VETCH, C.B., late R.E. (Wih Photo) . ... ... 427 5. Memoir:-Major-General Edward Renouard James, Royal Engineers (concluded). By Col. ROBT. H. VETCH, C.B., late R.E. .. 443 6. Transcript:-The Demolition of the Hun-Io Railway Bridge. (From the Razvyedchik). (With Photo) ... .. ...... ... 453 7. Notices of Magazines .. ... ... ... ... 455 8. Recent Publications of Military Interest ... ... ... 459 9. Correspondence:-Militia Post, Miranshah, Tochi Valley. By Major D. H. McNEILE, Comdt., N.W. Militia .. ... ... 466 INSTITUTION OF RE OFFICE COPY DO NOT REMOVE p. GUARANTEED: Immunity from repairs. Smooth on both sides. Roofs 5,781 Ibs. \ covered with "Eternit" Tensile Strength, T Crushing Force, 8,281 Ibs. lew weigh about 22 bs. Per Squarequare Inch andand LIGHT. per square yard. always inoreasing : \ with age. ON THE ADMIRALTY AND WAR OFFICE LISTS. For Diagonal or Honeycomb Style of Roofing. Colours: Grey, Blue and Red. Stock Size, l.5" Iby 15" ETERNIT" ROOF TILES (Ilatslhcek's Oliginal Patent). G. R. SPEAKER & CO., 29, MINCING LANE, LONDON, E.C. ENGINEERS Lees than one-half the cost of /and Broseley Tiles. /SURVEYOR Prompt delivferyv .
    [Show full text]
  • Longhp2010.Pdf (1.800Mb)
    Lloyd’s of London: Information and Influence in the Nineteenth Century by Hugh Philip Long A thesis submitted to the graduate faculty in partial fulfillment of the requirements for the degree of Master of Arts in History University of Central Oklahoma 2010 Note to the Reader The newspapers used for this thesis, except the Times (London), come from the online database 19th Century British Library Newspapers, courtesy of the University of Oklahoma and Gale databases. While this source provides full text, it does not include page numbers, so these are lacking in many of the citations. The Making of the Modern World: Goldsmiths‟-Kress Library of Economic Literature 1450-1850 was also invaluable and also provided by Gale databases and the University of Oklahoma. Google Books also facilitated the inclusion of many nineteenth century sources not readily available otherwise. The author would also like to thank Dr. Jessica Sheetz-Nguyen, Dr. Randal Ice and Dr. T.H. Baughman for serving on the thesis committee and providing valuable feedback and guidance throughout the research and writing process, even before this project began. Taylor Long also generously contributed to the editing process. Appreciation is also due the University of Central Oklahoma, Office of Research and Grants, for providing funding for the ongoing study of Lloyd‘s, albeit a different facet, that first introduced me to this topic and provided a foundation for my own research. Table of Contents Introduction 1 Literature and Source Review 9 Chapter 1: Underwriting and the Rise of Lloyd’s 18 Chapter 2: Crisis and Rebirth 39 Chapter 3: Agency and Signal Station Development 63 Conclusion 91 Glossary 96 Bibliography 98 1 Introduction Throughout the nineteenth century, an age when British wealth and global power were still firmly entrenched with colonies and commerce, Lloyd‘s of London and its governing committee cultivated long-standing relationships with the Admiralty and other government bodies through personal, financial, and political networks to secure its dominance in the field of marine insurance.
    [Show full text]
  • Dorking Museum Collection
    Catalogue of Series-R (records) REF ITEM R1/1-2 Auctioneer's licenses of James White of Dorking; 17 March 1823 & 28 July 1854 R2 Holograph letter from W E Gladstone to _ Courtney; 18 Sept 1844 R3 14th Surrey SRV Score Book of shooting contests; 1860- 61 R4/1-3 Dorking Gas Company: Deed of co-partnership (17 June 1834); notice of special general meeting (28 June 1869); and minute book (1855-1869) R4/4-5 Dorking Gas Act (1971) and Gas and Other Statutes (1845-71); statement and rough notes re Holmwood Wayleave 1905-6 R4/6-7 Dorking Gas Company: 2 share certificates, 30 March 1915 R5 Dorking Gas Light Company certificate of registration of joint stock companies; 28 January 1845; very fragile in 3 pieces R6 Dorking Gas Company amalgamation with Redhill Gas Company to form East Surrey Gas Company: Report of Extraordinary GM; reprinted from the 'Surrey Mirror'; 15 June 1928 R7 Dorking British School report for 1914 R8 Account book (Book of Sundries) of T Philps; 1791-1832 R9/1-9 World War 2: ARP & Civil Defence personalia (1939-67) [ARP/CD uniform, cap badge, whistle etc transferred to Exhibits] Catalogue of Series-R (records) REF ITEM R10 Minute book of Abinger & Wotton Flower Show; 1954-59 R11/1-7 Diary of Edward Latter, Sergeant 15th Kings Hussars, 1811-33, giving account of his marches; original ms. & typescript copy; also correspondence with the PRO and Ministry of Defence re Latter' 1967 R11/8 Receipted bill for funeral of Eliza Latter, paid by Mr Latter to Thomas Davey of High Street, Dorking, Undertaker; 15 April 1864 R12 Bill Head of
    [Show full text]
  • Safety As a Top Priority Mário Lobato De Faria Are You Strapped In? Mark Sperring from Space to the Grounds Nick Redgrove Aviat
    DOSSIER AVIATION RISKS SAFETY AS A TOP PRIORITY MÁRIO LOBATO DE FARIA ARE YOU STRAPPED IN? MARK SPERRING FROM SPACE TO THE GROUNDS NICK REDGROVE AVIATION CLAIMS – LOCATION, LOCATION, LOCATION STEVEN EAGLE ENVIRONMENTAL AVIATION RISK – A SERIOUS BUSINESS STEPHEN ANDREWS THE ERA OF DRONES JEAN FOURNIER WHAT’S NEXT? Anna Bordon SAFETY AS A TOP PRIORITY In aviation, the goal is to run operations with minimal risks. This article discusses how Management, Repair and Overhaul (MRO) activities ensure the safety of planes and ultimately that of passengers, and how risk management is integrated into Safety Management Systems. by Mário Lobato de Faria · TAP Air Portugal 2017 was the safest year in world aviation since 1946 and ever since we started keeping records on aviation accidents and incidents, considering both the number of events and the victim total. SOURCE: AVIATION SAFETY NETWORK Mário Lobato de Faria is 55, married with two children and has a degree in mechanical engineering (thermodynamics), from the IST, Lisbon. He started his career in 1988 as an engineer with Profabril, responsible for mechanical equipment, and in January 1989 joined TAP as an engines and fuel systems engineer, where he stayed until 1993. In October 1993 Mário was asked by Portugália to manage its engineering services and in 1995 he became maintenance and engineering director. In July 2006 he was invited by the shareholder Embraer to join OGMA as vice president of industrial operations and following a company restructuring, Mário became vice president of the MRO unit. An approach by TAP’s CEO saw Mário return to the company in March 2014 as executive vice president of maintenance and engineering.
    [Show full text]
  • A Historical Analysis of the Origins, Development and Nature of Market Conduct Regulation: a Study of Four Insurance Markets
    View metadata, citation and similar papers at core.ac.uk brought to you by CORE provided by Wits Institutional Repository on DSPACE UNIVERSITY OF THE WITSWATERSRAND, JOHANNESBURG FACULTY OF COMMERCE LAW AND MANAGEMENT A HISTORICAL ANALYSIS OF THE ORIGINS, DEVELOPMENT AND NATURE OF MARKET CONDUCT REGULATION: A STUDY OF FOUR INSURANCE MARKETS Justine van Vuuren Student Number: 418337 Course Code: CR000 Degree: Master of Commerce (Insurance and Risk Management) School: Economics and Business Sciences Supervisor: Professor Robert W Vivian A dissertation submitted to the Faculty of Commerce, Law and Management of the University of the Witwatersrand, Johannesburg, in fulfilment of the degree Master of Commerce (Insurance and Risk Management) by dissertation. June 2017 DECLARATION I, ……………………………...declare that this research report is my own, unaided work, the substance of or any part of which has not been submitted in the past or will be submitted in the future for a degree in any university and that the information contained herein has not been obtained during my employment or working under the aegis of, any other person or organisation other than this university. (Name of candidate) Signed Signed this day of 2017 at Johannesburg. 2 ACKNOWLEDGEMENTS Firstly, I would like to express my sincere gratitude to my supervisor, Professor Robert Vivian, for the continuous support of my Masters study. Thank you for your unwavering patience, guidance, motivation, and instrumental knowledge. Your invaluable mentorship has been reassuring throughout this process. I would also like to thank all of my other colleagues for their insightful comments and encouragement. Thank you for constantly giving me the drive to complete my studies.
    [Show full text]
  • P Ocket Guide
    Our Market Our Past Our Home Pocket Guide “For more than three Welcome to Lloyd’s centuries, the Lloyd’s Lloyd’s is the world’s leading market has been insurance and reinsurance sharing risk to protect marketplace. Through the collective intelligence and risk-sharing people and businesses, 03 inspiring them to expertise of the market’s underwriters and brokers, Lloyd’s Our Market create a braver world” helps to create a braver world. The Lloyd’s market provides the John Neal, CEO, Lloyd’s leadership and insight to anticipate and understand risk, and the knowledge to develop relevant, new and innovative forms of insurance for customers globally. And it promises a trusted, enduring partnership built on the confidence that Lloyd’s protects what matters most: helping people, businesses and communities to recover in times of need. Our Market: Lloyd’s in a day Most of the business written at Lloyd’s is still conducted face-to-face in the world- famous Underwriting Room at our London Every day, people, businesses and Lime Street headquarters. Brokers place communities in over 200 countries their clients’ risk with Lloyd’s specialist and territories rely on the Lloyd’s underwriters who evaluate, price and market to protect what matters most. accept the risks. On any given working day, ‘The Room’ welcomes more than 5,000 05 And every day, more than 50 leading people, sees more than £100m in premiums insurance companies, over 300 come into the market and sees more than Our Market registered brokers and a global network £49.9m paid out in claims – that’s more than of over 3,900 coverholder office £34,620 in claims per minute.
    [Show full text]
  • Annual Report 2015
    Annual Report 2015 1.0 Introduction 2.0 Strategic Update 3.0 Financial Statements 4.0 How Lloyd’s Works January — Conduct Standards April — Lloyd’s publishes July — Lloyd’s announces plans October — Lloyd’s expands into Assurance team established to 2015–2017 Strategy to apply for onshore reinsurance new offices in Singapore and promote high standards of licence in Malaysia opens first office in Mexico customer service February — Lloyd’s opens May — Feast or Famine report August — Business Blackout November — Lloyd’s launches specialist underwriting highlights insurance implications report considers the insurance inaugural Innovation Awards platform in Dubai of food safety and security implications of a cyber attack on the US power grid March — Lloyd’s opens branch June — Lloyd’s global offices September — Results for first December — Prudential Regulatory office in Beijing take part in activities to mark six months of 2015 announced Authority approves Lloyd’s internal UN World Environment Day model for Solvency II The Lloyd’s market profit for 2015 was £2.1bn. Lloyd’s capital position was further strengthened with total resources of £25.1bn and ratings were reaffirmed, at A+ with Standard & Poor’s, AA– with Fitch Ratings and A with A.M. Best. Our Business Lloyd’s accepts business from over 200 countries and territories worldwide. Licences in over 75 jurisdictions, supported by a network of local offices and coverholders across the world, ensure access to insurance markets large and small. (All figures are as at 31 December 2015.) Syndicates
    [Show full text]
  • 1 Cover Final:New IT
    Top50Brokers August 2009 Who got where and how QBE European Operations is a trading name of QBE Insurance (Europe) Limited and QBE Underwriting Limited. QBE Insurance (Europe) Limited and QBE Underwriting Limited are authorised and regulated by the Financial Services Authority. QBE Management Services (UK) Limited and QBE Underwriting Services (UK) Limited are both Appointed Representatives of QBE Insurance (Europe) Limited and QBE Underwriting Limited. From baggage to bad backs, we have the experience to insure them. Whether it’s airport services or personal injury, or just about anything in between, QBE can provide the cover. We are major players in all our key markets, and specialists in every discipline. By combining this with our entrepreneurial spirit and innovative approach we find solutions where other insurers can’t – or won’t. No wonder we’re well on the way to becoming Europe’s leading business insurer. Find out more about our strengths at www.QBEeurope.com or email [email protected] Top50Brokers Top50Brokers Editorial Editor Tom Broughton Deputy editor Ellen Bennett Now for the News editor Saxon East Finance editor Angelique Ruzicka Chief reporter Danny Walkinshaw good news Group chief sub-editor Áine Kelly Sub-editor Kate Wheal hat a year it’s been. The Aon, Marsh, Willis running order Art editor Clayton Crabtree has been restored at the top of the charts as AA/Saga slips Designer Joe Presedo back to fourth place. And the consolidators are really Features correspondent Muireann Bolger starting to flex their muscles across the top 20, with Research and market strategy editor Michael Faulkner Towergate at number six, Bluefin at 10, Oval at 11 and WGiles climbing five places to number 17.
    [Show full text]
  • A History of UK Insurance
    A History of UK Insurance A history of UK insurance Introduction 2 The UK insurance laboratory 4 Internationalisation of the British insurance industry 18 Swiss Re 26 Post-war opportunity and challenge 34 Introduction Beginnings of a modern insurance market The UK is regarded by many to be the birthplace of modern insurance. It was in Britain that privately owned, technically advanced and international insurance companies first emerged, quickly dominat- ing the world’s burgeoning insurance markets and remaining leaders for most of the 19th century. The first fire, accident and life insurance companies were established in the UK during the 1700s, but how they developed was to become the blueprint for insurance companies around the world. Shaped by the industrial revolution and Britain’s role in international commerce, UK insurers were to expand rapidly, both at home and overseas. The early success of British insurers also reflected the way in which they operated. Much like the international insurers of today, they were well funded by private capital, were profit-driven and used an actuarial approach to underwriting. However, as national insurance markets matured, UK insurers began to lose ground. By the time of the First World War they had relinquished much of their earlier dominance. British insurers continued to expand in the post war economic and technology boom, but by the end of the 20th century they had largely retrenched to the domestic market and the growing single market of the European Union. In the post-war period the London market became the world’s leading market for complex and high value risks.
    [Show full text]
  • The Ups and Downs of Jeremy James.Indd
    The Ups and Downs of Jeremy James The Ups and Downs of Jeremy James Growing up in New Zealand in the 1960s and 1970s Dedicated to my Mother who is the real hero of this story Published privately in 2020 by Jeremy James Heath-Caldwell with a print run of 85 copies. Jeremy James Heath-Caldwell asserts the moral right to be identified as the author of this work. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise without the prior written permission of the publishers. Online copy available https://jjhc.info/theupsanddownsofjeremyjames Layout and design by Tim Underwood [email protected] Printed by Sarsen Press, 22 Hyde Street, Winchester SO23 7DR CONTENTS Map of the West Coast of the North Island of New Zealand 1 Prologue 3 My Parents: James and Dora:Their Family Backgrounds 7 My Father James’ Earlier Life 15 Kingston Maurward College, Dorset (1955–1956) 21 Pihama, Taranaki (1956–1958) 25 Feilding, Manawatu (1958–1959) 37 Hawera, Taranaki (1959–1960) 41 Tuna, near Stratford, Taranaki (1960–1963) 43 Ngaere, near Stratford, Taranaki (1963–1972) 65 Avon Primary School: Primer 1 to Primer 3 (1964–1965) 81 Avon Primary School: Standard 1 & 2 (1966–1967) 87 Avon Primary School: Standard 3 & 4 (1968–1969) 107 Avon Primary School: Form 1 & 2 (1970–1971) 127 Stratford High School: Form 3 (1972) 147 Whanganui High School: Form 4 & 5 (1973–1974) 159 Dora met Frank 175 Dacca, Bangladesh (1975–1976) 179 Whanganui Collegiate School: Form 6 & 7 (1975–1976) 193 University of Otago, Dunedin: 1st Year (1977) 207 University of Otago, Dunedin: 2nd Year (1978) 223 University of Otago, Dunedin: 3rd Year (1979) 239 1980 onwards: Post Script 247 Some of the Books that have been of interest to me 253 Acknowledgements 289 Cover Illustrations 293 Taranaki is located on the west coast of the North Island of New Zealand.
    [Show full text]
  • Appendix 1: Businesses at Lloyd's
    APPENDIX 1: BUSINESSES AT LLOYD’S Top ten syndicates by capacity, 1987 and 1997, with agency rankings 1987 1997 Syndicate Stamp Managing Agent Syndicate Stamp Managing Agent number capacity agent rank1 number capacity agent rank1 (1988) 418 £220 m Merrett 2 2001 £530 m Murray 5 Lawrence 206 £200 m Sturge 1 33 £201 m Hiscox 4 799 £175 m Merrett 2 488/2488 £330 m Ace2 2 210 £167 m Sturge 1 510 £303 m RJ Kiln 9 932 £117 m Janson Green 4 672 £263 m Wellington3 3 362 £116 m Murray 5 435 £234 m DP Mann 13 Lawrence 190 £113 m Three Quays 16 861 £225 m Brockbank 6 367 £113 m Secretan & Co 10 218 £212 m Cox 7 317 £111 m Outhwaite 19 51 £187 m Wellington3 3 448 £106 m Wellington 3 37 £174 m Ockham2 17 1 Rank refers to agency groups. 2 Including many former Sturge syndicates. 3 Merged in 1997 with Catlin Underwriting Ltd. Source: Lloyd’s APPENDIX 1 331 Changing fortunes: managing agents at Lloyd’s 1988, 1998 and 2010 Capacity Capacity Capacity Rank 1988 1998 2010 (£ m) (£ m) (£ m) 1Sturge Group1,270Bankside1 755 Kiln 1,562 2 Merrett Group 764 Ace2 692 Catlin3 1,441 3Wellington 420 Hiscox/Venton 606 QBE4 1,365 Group 4 Janson Green 374 Brockbank 552 Beazley 1,307 Furlonge 5 Murray Lawrence 331 Wellington 551 Hiscox 1,195 6 Methuen 309 Murray Lawrence 538 Amlin5 1,100 7 Wren 294 Kingsmead, 530 Chaucer 986 Beazley, SVB 8 Bankside 277 Cox Group 484 Liberty 910 9 Gooda Walker 272 Octavian 393 Brit 745 10 FLP Secretan 260 Kiln 356 Ascot 700 1 Includes Janson Green.
    [Show full text]