Underwriter Says Lloyd's Reneged On Promise In £5.8M Row

Law360, London (September 30, 2019, 6:06 PM BST) -- A Lloyd's underwriter told a London judge that the insurance marketplace promised to let him withdraw his resignation from certain types of work if he chose, so it can't now claim it doesn't owe him money for changing its mind. 

Horace Parshall hit back at Lloyd's in a new filing with the High Court, arguing that Lloyd's said he could resume unlimited underwriting when he switched to operating on a limited liability basis several years ago.

Parshall, who expects Lloyd's decision to cost him more than £5.8 million ($7.2 million), said he relied upon Lloyd's word when he made his decision. ...

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