LLOYD'S of London is today expected to announce that a £3.2 billion sterling settlement offer to investors is unconditional as to acceptances, the strongest indicator yet that its recovery plan will proceed as planned.
The 300 year old insurance market's ruling council, led by chairman, Mr David Rowland, was poised yesterday to approve this decision, having received acceptances from over 90 per cent of Lloyd's 34,000 investors worldwide, called Names.
Other conditions will need to be met before the entire package can go ahead, including British government approval.
The insurance market is also likely to extend a deadline for Names to accept the settlement offer after declaring it unconditional, said industry sources.
Under its recovery proposals, Lloyd's aims to reinsure billions of pounds in liabilities into a new company, Equitas.
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