Last exit from Lloyd's
Al, 1ER THREE centuries the members of Lloyd's are an endangered species. Their numbers are down by three-quarters, only seven new ones joined last year, the aver- age age leaves them just short of their pen- sion, and their new chairman thinks they cost too much. Lloyd's won't throw them out, he assured them last week, but if they want to stay they must pay. I would prefer to be paid to go. Even if membership of Lloyd's is an asset rather than a liability, it is a wasting asset. None of those elderly members can expect to take it with them. The good news is that they can expect bids. The companies that now provide Lloyd's with most of its capital will be offering to buy them out. Lloyd's must now speed up this process and make sure that the mem- bers have the good professional advice they need. That is the least thing it can do for them and may be the last.
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