Names rumble but don’t roar

Any underwriters present at the Association of Lloyd’s Members (ALM) Spring conference on 6 April were wise to maintain a low profile. Faced by deepening losses for the years from 1997, attendees and speakers alike piled considerable blame upon the shoulders of those who had actually put their stamp to the business. “Irresponsible” was the adjective of choice. Even Peter Cottrell of Syndicate 1173, the one self-confessed underwriter to take the stand, emphasised his credentials as a capital provider before denouncing the market-share pretensions of his underwriting peers.