Throwback Thursday: Broker goes bust; Lloyd’s loss
Insurance Post’s Throwback Thursday steps back in time to January 1991 to remind you what was going on this week in insurance history when a broker went bust and Lloyd’s was less buoyant than it is now.
17 January 1991: Broker goes bust
The amount of cash raised by the sale of Levitt Insurance Brokers, part of the failed Levitt Group, wasn’t enough to meet the needs of its own creditors, let alone those of its own parent company.
Liquidators KPMG told creditors assets amounted to only a few hundred thousand pounds against liabilities that may amount to £40m.
There were 35 investors in the business owed between £10,000 and £1m.
Lloyd’s loss
Lloyd’s League Tables publisher Chatset reported the London market would lose money on the 1989 account but return to profit in 1990 and 1991.
Who said the past was better than the present, eh?
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