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Hello my name is
Winding up the
estate of a Lloyd's name - member of Lloyd's Corporation of London
The note you can download from this site summarises my personal experience of
winding up my father’s Lloyd’s interests when he died. I hope it will be
useful to others facing a similar challenge. It is intended as a factual
description prepared in good faith and it is not intended to provide advice
or recommendations for anyone to rely on. I would recommend that any family
in a similar situation obtain their own advice from accountants and lawyers
who have the capability and experience to deal with the estate of a Lloyd’s
name. Being an informed client is, however, a good way to handle professional
advice efficiently and control the cost.
My father died in March 2004 and had been a Lloyd’s name for over 20 years.
Being an actuary, he was fully aware of the risks of participating in the
market and how to handle them. It may be some comfort to those reading this
note that the experience of dealing with the estate of a name has not been a
horror story. The overall exposure of
the estate to Lloyd’s was capped within nine months after he died and, at the
time of completing this note, some seven years after my father’s death, his
participation if Lloyd’s has terminated and all remaining funds at Lloyd’s
have been returned to his estate.
This note consists of a description of what I felt I needed to know about the
Lloyd’s market in order to deal effectively with my father’s estate, followed
by a summary of the process of administering the Lloyd’s component of his
estate and the unwinding of my father’s participation.
If you would like to contact me in relation to this note, my e-mail address
up the estate of a Lloyd's name.pdf
site was last updated on 25th July 2011