Key Issues

Beware Changing to Bank Guarantees/Letters of Credit

28 September, 2015

Members should note that the Finance Act 2013 introduced a provision that may limit inheritance tax Business Property Relief (“BPR”) on Lloyd’s assets in certain circumstances.

Fraudulent e-mails

13 July, 2015

One of our members received an e-mail today (the text of which can be found below) purporting to come from an employee of the USA’s Internal Revenue Service (IRS). This was an illegal attempt to obtain information by requesting him to enter personal details onto a Form W-8BEN. Forms W-8BEN would normally only come to you from your stockbroker or from Lloyd’s, not from the IRS itself. If you receive such an e-mail, you should destroy it immediately, without opening any attachment.

ALM Wins Treasury Pledge Over Loss Cap Review

28 February, 2014

A high-level delegation from the ALM – including a former Conservative Leader of the House of Lords and the ALM’s Deputy Chairman, Sir Adam Ridley, a former Special Adviser to two Chancellors of the Exchequer – has won a useful and potentially important victory in exchanges with Whitehall.

ALM Lobbying in 2013

16 September, 2013

What happens behind the scenes at the ALM? Here Chairman Alan Lovell summarises some of the Association’s lobbying activities aimed at supporting Names’ interests.

ALM Response to Lloyd's Consultation Paper on Non-UK Tax Residents

6 September, 2013

ALM Response to Lloyd's Consultation Paper on Non-UK Tax Residents.

Proposed Cap on Loss Relief - Write to Your MP

12 March, 2013

Just in case any of you have not yet written to your MP about the proposed £50k cap, as urged in the latest ALM News, we thought you might be interested in our Chief Executive’s letter to his MP (below), which might give you some ideas.

Hurricane Sandy Estimates Increasing

8 November, 2012

The October issue of ALM News was written prior to Hurricane Sandy, with the exception of the following text in brackets which appeared on page 5: "(NB. As we go to press, Hurricane Sandy has been battering the North-East of the USA, but initial impressions are that the impact on Lloyd’s profits may not be huge, perhaps between 2% and 3% of capacity.)"

Lloyd's Thai Floods Estimate

14 February, 2012

Lloyd’s has announced today that its estimated net claims from the Thai floods towards the end of last year amount to some US$2.2bn, assuming an overall insured loss to the global insurance industry of US$15bn to 20bn. To put this in perspective, it is higher than Lloyd’s $1.95bn initial estimate last May for the Japanese earthquake. The $2.2bn includes approximately $0.7bn which has widely been reported as the figure for RJ Kiln Syndicate 1880, which is covered by a legally binding guarantee from the owners of RJ Kiln, Tokio Marine.

Personal Stop Loss for 2012

4 January, 2012

Further to the article on personal stop loss on page 10 of the December issue of ALM News, the ALM was advised by Charles Taylor Services today "that we have now sold 73 units of cover for 2012 which means that we have exceeded the minimum requirement for the scheme to go ahead. We will be sending letters in the next couple of days to those Names who have applied for cover confirming that the scheme is now up and running."

Japanese Earthquake Update

20 May, 2011

The ALM provided an update to its website entry of 15th March 2011 (see below) on the Japanese earthquake to its members in the April 2011 issue of ALM News. Since then, Lloyd’s has announced its own estimate of the cost of the three major catastrophes which have hit it in the first quarter of 2011, as follows:-

Japanese earthquake US$1.95bn (£1.22bn @ $1.60: £1)

New Zealand earthquake US$1.2bn (£750m@ $1.60:£1)

Australia floods (Jan2011) US$650m (£406m@ $1.60: £1)

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