Lloyd’s Plans to Raise $218 Million to Defuse Scandal
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LONDON — Lloyd’s of London said Thursday that it plans to raise $218 million to meet claims by investors in its PCW insurance underwriting syndicates in a bid to end one of London’s biggest financial scandals since World War II.
Lloyd’s has taken nearly five years to find a solution to the affair surrounding PCW, whose former management embezzled $62.4 million from some of the richest people in Britain.
At a press conference Thursday, Lloyd’s Chairman Peter N. Miller strongly urged 3,000 PCW members to accept the offer, which would meet part of the $376 million in claims they face following the fraud.
The members have until May 30 to accept the offer.
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