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COUNCIL WELCOMES LLOYD'S TASK FORCE REPORT

 COUNCIL WELCOMES LLOYD'S TASK FORCE REPORT
 LONDON, Jan. 15 /PRNewswire/ -- The Council of Lloyd's, in its


initial response to the Lloyd's Task Force Report, today highlighted five principal areas for attention. These are:
 1. a commitment to steady growth in real terms in capacity, income and profits;
 2. the introduction of a scheme which offers members high-level protection against losses;
 3. the endorsement of the principle of the primacy of Names' (the members of Lloyds of London) interests;
 4. the strengthening of the partnership between underwriter and brokers; and
 5. further study of the introduction of corporate capital.
 All these measures are designed to benefit present and future members of Lloyd's.
 In a letter which, with a copy of the Task Force Report, has been dispatched to members of Lloyd's throughout the world, David Coleridge, the chairman of Lloyd's, says: "Accepting that as a matter of law it is not possible to change unlimited liability for Names who act as sole traders, the Council agrees there is a need for a scheme which offers Names high level stop-loss protection against losses and which can be put in place without any change in the basis upon which Names trade at Lloyd's."
 Coleridge states: "The Council support the first recommendation of the Task Force that the Society should be committed to a steady growth in real terms in capacity, income and profits. A great many of the other recommendations are designed to support this objective."
 Coleridge further states: "The Report, in the Council's view, points the way in a lucid and constructive manner to a profitable long- term future for Lloyd's. The Council will approve in the same spirit its urgent task of evaluating the Report, and will not shrink from necessary but difficult decisions."
 In an overall assessment of the prospects for Lloyd's, the Task Force Report states: "The Society undoubtedly faces major challenges in securing its competitive position against intense international competition. To do so will require surmounting these competitive challenges and correcting the structural deficiencies of the market. Nevertheless, we remain convinced that the strengths of the market still outweigh its weaknesses, and that its entrepreneurial skills and flexibility should enable it to meet its clients' needs and earn attractive returns for its capital providers in the future."
 -0- 1/15/92
 /CONTACT: Norman Weissman of Edward Aycoth Worldwide, in New York, 212-832-0038, for Lloyd's/ CO: Lloyd's ST: IN: REA SU:


GK-TS -- NY013 -- 9836 01/15/92 08:14 EST
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Publication:PR Newswire
Date:Jan 15, 1992
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