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Commercial Union P.L.C. will become the first general insurance company to control a Lloyd's of London managing agency with the purchase of a 51% stake in Marlborough Underwriting Agency Ltd. from Blenheim Partnership. Blen-heim, a group of MUAL's executive directors and underwriters, will retain 49% of the agency. CU intends to develop MUAL over the next few years from a midsize agency with current capacity of about 80 million pounds ($129.6 million) into a major Lloyd's agency. . . .Murray Lawrence Research, a division of Murray Lawrence Members Agency Ltd., forecasts Lloyd's of London's 1994 profit, which will be announced in June, will be a record 1.19 billion pounds ($1.86 billion)-better than Lloyd's own profit forecast made earlier this month of 1.01 billion pounds ($1.58 billion) (BI, April 7). MLR estimates Lloyd's 1994 return on capacity will be 10.9%, compared with Lloyd's own estimate of 9.3%. . . .Sedgwick Lane Financial L.L.C., a Chicago-based unit of Sedgwick Group P.L.C., claims a landmark in the development of alternative risk financing techniques with the completion of its first private placement of an insurance-linked note. Prior insurance securitizations have been based almost exclusively on catastrophe risk, but this note for Reliance National Insurance Co. also includes marine, aviation and satellite risks. . . .Torch Holdings P.L.C. has acquired for 3.46 million pounds ($5.6 million) Bates Cunningham Underwriting Ltd., the managing agent of Lloyd's of London motor syndicate 877. Torch Holdings said the acquisition will provide investors with the opportunity to participate in the profits of the managing agency while at the same time underwriting on syndicate 877 via Torch Dedicated. . . .

The Aviation Insurance Offices' Assn., which represents the company aviation insurance market in London, has elected Keith Selby, head of aviation underwriting at Swiss Re UK, as its chairman. He succeeds Barry Wilkes, London-based aviation underwriter for Generali. Graham Nichols, chief executive of Westminster Aviation Insurance Group, was elected the AIOI's deputy chairman. . . .

Naturesave Policies Ltd., an Oxford, England-based insurance intermediary, has launch-ed a commercial insurance policy underwritten by Lloyd's of London that is intended to encourage more environmentally aware business practices. In addition to customary buildings, contents and liability cover, the Naturesave policy offers an environmental performance review of product safety, process effluents and emissions, regulatory compliance, pollution prevention, and waste management. The review assesses and advises on the potential environmental effects of these activities and the degree to which the client is environmentally accountable.