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LONDON-Former Lloyd's of London underwriter and Deputy Chairman Stephen Merrett has been banned from underwriting at Lloyd's and will double an interim payment to members of his loss-making syndicates as part of a settlement negotiated by Lloyd's to end member litigation.
Mr. Merrett personally paid 500,000 pounds ($847,300) as part of an interim payment to the Merrett 418 (1985) Names Assn. ordered last February by the High Court (BI, Feb. 26, 1996). This amount, which has sat in escrow, will be doubled by Mr. Merrett as part of a recent agreement the Merrett Names Assn. reached that found Mr. Merrett and the agencies deliberately concealed information from members (BI, Nov. 6, 1995). The February 1996 interim payment stemmed from this suit.
The two agencies have agreed to pay Lloyd's about 2.2 million pounds ($3.7 million) as their share of agents' contribution to the reconstruction and renewal settlement. They earlier had withdrawn from the settlement offer when Mr. Merrett was specifically excluded, according to a Lloyd's spokesman.
In return, Lloyd's has dropped its internal inquiry into both Mr. Merrett and the agencies. Under Lloyd's regulations, Mr. Merrett could have received an unlimited fine and a complete ban from the market.
Mr. Merrett is believed to still owe Lloyd's 90,000 pounds ($152,500) to settle his personal losses. He was placed on a restricted list last year of Lloyd's members whose agencies made huge losses or who individually discredited the market. The 134 market executives on the list generally were barred from receiving full shares of reconstruction and renewal settlement money.