Financial
conversions for names delayed |
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A proposal that would give
individual investors at Lloyd's who are converting to limited liability
partnerships the same tax treatment as other limited liability businesses is
taking longer than hoped to be approved by the U.K. government, according to the
Assn. of Lloyd's Members. Before April, unlike other sole traders in the
United Kingdom, names who sought to transfer business to a company in order to
convert to limited liability underwriting were not able to carry forward income
tax losses or defer capital gains tax. This stopped many names from converting
to a limited liability structure. |
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U.K. to restructure export
credit insurer |
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The U.K. government has
unveiled plans to restructure its export credit insurer to improve the
insurer's efficiency and reduce premiums. Last week, Trade and Industry
Secretary Patricia Hewitt announced a program to establish a fund to support
the Export Credit Guarantees Department, which would eliminate the need for an
explicit government guarantee. The so-called ''Trading Fund'' would be divided
into a new business account, which would be capitalized at 1.8 billion ($3.27
billion) to support recent liabilities and future business; and a realizations
account, which would isolate reserves for past liabilities. |
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Kiln's property capacity nearly
depleted |
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Kiln P.L.C. said its Lloyd's of
London syndicate has exhausted almost all of its property capacity of 260
million ($474.6 million) for 2004 because of higher-than-expected rates. Kiln
syndicate 510 is close to achieving its 2004 business goals for property lines,
will not be taking on any new business and will be monitoring renewals, said
Robert Chase, director of underwriting at Kiln. Once Lloyd's syndicates have
allocated capacity to a business line, they must obtain approval from the
market's Franchise Board to revise their allocations. |
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FM Global to offer cargo cover
in London |
FM Insurance Co. Ltd. has
opened a marine cargo unit in London to offer coverage to U.K. and continental
European companies. The Windsor, England-based insurer said the office will
serve existing clients and customers of its parent, Johnston, R.I.-based
Factory Mutual Insurance Co.-which does business as FM Global-and other FM
Global units.
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