Risky Business

An Insider's Account of the Disaster at Lloyd's of London

Business & Finance
Cover of the book Risky Business by Martin Mayer, Elizabeth Luessenhop, Scribner
View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart
Author: Martin Mayer, Elizabeth Luessenhop ISBN: 9781451602999
Publisher: Scribner Publication: June 15, 2010
Imprint: Scribner Language: English
Author: Martin Mayer, Elizabeth Luessenhop
ISBN: 9781451602999
Publisher: Scribner
Publication: June 15, 2010
Imprint: Scribner
Language: English

In this fascinating insider’s account, an American woman who became an investor alleges that irresponsibility, incompetence, greed, and fraud at Lloyd’s, the world’s most glamorous insurance enterprise, have caused the company to lose $12 billion in the last ten years.

Lloyd’s of London is not simply an insurance company; it is a society comprising thirty thousand Names (roughly 10 percent of whom are Americans)—private individuals like Elizabeth Luessenhop who accepted the risk of unlimited liability and pledged all their wealth to backing the insurance policies written by Lloyd’s. The beauty was that the Names didn’t have to put up any money to receive their profit share. As long as the premium calculations were sound, everybody prospered. But the 1980s were bad years for Lloyd’s—and for the Names who backed its business. It was also a time when the Society of Names grew by 50 percent to cover the disastrous losses the company was beginning to incur.

Risky Business, written with veteran financial writer Martin Mayer, is a detailed account of how the mismanagement of Lloyd’s has affected thousands of American investors who, like Luessenhop, sought low-risk, long-term security. Luessenhop and Mayer take us inside a unique business institution and show us that the ramifications of a possible Lloyd’s failure will be severe—and felt worldwide.

View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart

In this fascinating insider’s account, an American woman who became an investor alleges that irresponsibility, incompetence, greed, and fraud at Lloyd’s, the world’s most glamorous insurance enterprise, have caused the company to lose $12 billion in the last ten years.

Lloyd’s of London is not simply an insurance company; it is a society comprising thirty thousand Names (roughly 10 percent of whom are Americans)—private individuals like Elizabeth Luessenhop who accepted the risk of unlimited liability and pledged all their wealth to backing the insurance policies written by Lloyd’s. The beauty was that the Names didn’t have to put up any money to receive their profit share. As long as the premium calculations were sound, everybody prospered. But the 1980s were bad years for Lloyd’s—and for the Names who backed its business. It was also a time when the Society of Names grew by 50 percent to cover the disastrous losses the company was beginning to incur.

Risky Business, written with veteran financial writer Martin Mayer, is a detailed account of how the mismanagement of Lloyd’s has affected thousands of American investors who, like Luessenhop, sought low-risk, long-term security. Luessenhop and Mayer take us inside a unique business institution and show us that the ramifications of a possible Lloyd’s failure will be severe—and felt worldwide.

More books from Scribner

Cover of the book The Running Man by Martin Mayer, Elizabeth Luessenhop
Cover of the book Saddam's Bombmaker by Martin Mayer, Elizabeth Luessenhop
Cover of the book O sol nasce sempre (fiesta) [The Sun Also Rises] by Martin Mayer, Elizabeth Luessenhop
Cover of the book Come Up and See Me Sometime by Martin Mayer, Elizabeth Luessenhop
Cover of the book Na Outra Margem, Entre as Árvores [Across the River and Into the Trees] by Martin Mayer, Elizabeth Luessenhop
Cover of the book The Perfect Pass by Martin Mayer, Elizabeth Luessenhop
Cover of the book Death in a Cold Climate by Martin Mayer, Elizabeth Luessenhop
Cover of the book ADHD Nation by Martin Mayer, Elizabeth Luessenhop
Cover of the book Stephen King's The Dark Tower Concordance by Martin Mayer, Elizabeth Luessenhop
Cover of the book Bow's Boy by Martin Mayer, Elizabeth Luessenhop
Cover of the book The Arrows Cookbook by Martin Mayer, Elizabeth Luessenhop
Cover of the book To Be a Friend Is Fatal by Martin Mayer, Elizabeth Luessenhop
Cover of the book Multiple Exposure by Martin Mayer, Elizabeth Luessenhop
Cover of the book Sulking with Lisa Loeb on the Ice Planet Hoth by Martin Mayer, Elizabeth Luessenhop
Cover of the book Red Light Run by Martin Mayer, Elizabeth Luessenhop
We use our own "cookies" and third party cookies to improve services and to see statistical information. By using this website, you agree to our Privacy Policy