July 31, 2006
Enclosed is a letter to the editor of Business Insurance that was published in last week’s edition of that leading insurance industry trade publication. The letter is a concise and accurate overview of the interlocking tactics Lloyd’s and the British Government have used to defraud US Names and policyholders alike over at least the past 12 years.
ANA staff did a marvelous job crafting this document. We already have feedback from numerous sources that our letter has disrupted the "status quo" thinking of interested parties on both sides of the Atlantic.
It may seem strange for us to speak of underwriters and insureds as having common interests. At this point, however, with most of the legal battles over, we see little difference between what is beneficial for not only settled and non-settled Names, but policyholders and ceding insurers as well.
Once we put aside the notion that there will be any additional restitution of moneys already taken, the objective that remains is to keep from losing any more. One of the keys to achieving this goal is to make the parties that benefit most from this ongoing insurance fraud – the British government and/or Lloyd’s ongoing market – cover any shortage of funds at Equitas that may arise in the future. The other key is to continue getting our affairs in order.
The enclosed letter delineates issues the ANA has been monitoring and pursuing in recent years, laying them out for all to see. It proves once again that the institutional knowledge and experience of ANA’s management and staff continues to be one of its members’ most valuable assets.
Very truly yours,
J.F. "Jack" Shettle, Sr.