20 years ago: Crisis as Wallbrook is suspended
The London insurance market is facing a new crisis following the secretary of state for trade and industry Nicholas Ridley's decision to bar Wallbrook Insurance from underwriting new business, notably US excess liability risks, due to insufficient reserves at sister reinsurance companies.
Although Wallbrook is continuing to meet claims, these reinsurance concerns have suspended payement of claims, pending completion of a detailed report on their reserves by consulting actuaries
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