BENEFICIARIES AND VICTIMS AT LLOYD'S

EDM number 298 in 1992-93, proposed by Peter Hain on 22/06/1992.

That this House notes that at least four past and present members of Lloyd's Council are running syndicates that have benefited massively from the LMX re-insurance system which has caused such punitive losses for thousands of outside names in the London insurance market; notes that David Coleridge of Sturge Managing Agency, Murray Lawrence and his managing agency, Brian Kellett of Kellett, Richard Hazell of Cater Allen and Stephen Merrett of Merrett, are estimated to have made re-insurance gains for their own syndicates worth ú550 million from the LMX spiral in the 1989 year of account; and suggests that this conflict of interest explains why Lloyd's Council took no action to curtail the reinsurance spiral and that this further example of corrupt insider dealing underlines the necessity for a proper Government inquiry into the management of the Lloyd's market.

This motion has been signed by a total of 27 MPs.