SOME of Lloyd's Irish "Names" have received demands for further payments as part of the financial restructuring, even though they made a final settlement in August. Mr Joe Bradley, managing director of the central services unit of Lloyd's of London, who sent out the demands, has not been available for comment.
Documentation, sent to one of the Names and seen by The Irish Times, shows an acceptance of a final payment, prior to the deadline. However, a subsequent letter sent to the underwriter, who resides outside Dublin and does not want to be identified, on September 20th spoke about a "revised finality statement" because the acceptance letter contained a data error. It went on to stress that "this correction will not make your finality statement worse and it may have improved it".
Yet, a week later, he received a demand for more funds. And it warned "you are required to submit a further payment to the value of the difference value stated as soon as possible in order to retain any benefits of the settlement offer that are due to you".
The Name's agent is understood to have written to Lloyd's complaining about the demand.
A trawl of other Irish Names indicates that the new demands for further payments do not appear to be widespread. However, another underwriter is understood to have received a demand for almost £30,000 even though he had made a final settlement.
A number of Irish Names are looking for adjustments but they hope to receive refunds because of a claim for interest. Lord Mount Charles, for example, is making a claim for interest. He noted that the finalisation process has been very complicated and observed that there may have been some differences over stop losses.
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