Chairman Of Lloyds And Baby Syndicates

EDM number 694 in 1991-92, proposed by Max Madden on 18/02/1992.

That this House notes that baby syndicates were a clear example of the potential conflict between an underwriter's duty to his Names and a desire to look after himself; notes that when asked on television if he had been a member of any baby syndicates the Chairman of Lloyd's, Mr David Coleridge, replied 'Was I a member? My own firm used to run a syndicate that was open to members of Lloyd's who joined through my firm, but I don't think it was that small. I don't know, probably about fifty Names or something like that'; regrets that the Chairman of Lloyd's has such a bad memory and that Lloyd's records show that in 1982 he was a member of Baby Syndicate No.973 which had only six members; notes that this syndicate contained four legendary Lloyd's fraudsters, Mr Raven, Mr Gratton-Bellen, Mr Parry and Ian 'Goldfinger' Posgate, all of whom were expelled from Lloyd's; further notes that Mr Posgate said that it was the archetypal baby syndicate and that he joined it because he thought it might be a lifetime of profit; and wonders if Mr Coleridge is the right person to lead Lloyd's.

This motion has been signed by a total of 20 MPs.