Testing Times for Lloyd's Auditors: Expert Accountants Step in

In recent years, claims resulting from asbestosis and pollution have resulted in enormous losses by many Lloyd's syndicates. Actions by groups of Lloyd's Names alleging negligence against underwriting agents and syndicate auditors have been launched and last year the courts awarded damages against Ernst & Young in relation to their work on the Merrett syndicate in the 1980s. Expert accountants instructed by solicitors acting for Names are involved in the formulation of claims and in the investigative work required to support such claims.