UNDERWRITING Names dissatisfied with Lloyd's of London's £3.2 billion rescue plan for the disaster hit insurance market are considering whether to seek leave to appeal against a judge's rejection of their legal challenge.

With less than two weeks to go before the August 28th deadline for acceptance of the package, the 1,275 members of the dissident Paying Names Action Group (PNAG) have until 11 a.m. today to apply to the Court of Appeal.

The average loss per member of the Paying Names was £376,000. The rebel Names are also facing legal costs of up to £500,000 after their High Court claim that the Society of Lloyd's reconstruction and renewal proposals were "perverse and irrational" and outside the Society's powers was dismissed on Thursday. Lloyd's warned if the Names took the case to appeal and lost again, it would seek costs against them on an "indemnity scale".