Many face huge debts
NZPA-PA London Hundreds of syndicate members caught up in one of the biggest financial losses in the history of the Lloyd’s of London insurance market will meet today to be told that they face debts of £62 million (about $l6O million). Some of the members, who include the Duchess of Kent and the Saudi Arabian financier, Adnan Kashoggi, will have to come up with sums approaching £500,000 ($1.3 million). Many face financial ruin. Fifteen hundred members of five Lloyd’s syndicates are involved. The loss is the aggregate of deficiencies between 1979 and 1982 when the syndicates were managed by P.C.W. Underwriting Agencies, part of the Minet insurance group. The losses came to light in an investigation by Richard Beckett Underwriting Agencies, which has taken over the five syndicates underwriting? insurance.
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Press, 14 May 1985, Page 10
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134Many face huge debts Press, 14 May 1985, Page 10
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