Lloyd's Market$7,900,000 Settlement for Insurance Claims

TL;DR

Who Benefits?: Individuals and entities in the United States who purchased or renewed insurance contracts with certain Lloyd's Syndicates between January 1, 1997, and June 15, 2023.

How much can I get?: A share of the $7,900,000 Settlement Fund, proportional to the premium paid during the class period, after deductions.

Understanding the Lloyd's Settlement Fund

The settlement in question pertains to a class action lawsuit against certain Lloyd's Syndicates, accused of concealing a lack of competition in the Lloyd's Market. The Settling Defendants have agreed to create a $7,900,000 Settlement Fund. After legal fees and other expenses are deducted, the remaining funds will be distributed to eligible Class Members based on the premiums paid for policies during the class period.

The distribution process is designed to ensure fairness, with payments calculated based on available data and information provided by claimants. The Claims Administrator will estimate the total premiums paid to the Defendants during the class period, and each Authorized Claimant will receive a pro-rata share of the Net Settlement Fund.

Important Dates

• Fairness Hearing: December 14, 2023, at 11:30 a.m
• Deadline to File a Claim: December 21, 2023

Who Are the Class Members in the Lloyd's Settlement?

Class Members include all individuals in the United States and entities who purchased or renewed insurance contracts with the Settling Defendants from January 1, 1997, through June 15, 2023. The lawsuit specifically names Syndicates 510, 1084, 1096, and 1245 as Settling Defendants.

• Individuals and entities that purchased or renewed insurance contracts.

Class Members do not include the Released Defendants, Defendants formerly named in the action, all Lloyd's syndicates, those who request exclusion from the Class, and the judges presiding over the case along with their immediate families.

What Awards Can Class Members Claim?

Eligible Class Members who submit a valid Claim Form by the deadline may receive a payment from the Net Settlement Fund. The payment amount will be proportional to the premiums paid during the class period relative to the total premiums paid by all Authorized Claimants.

• Initial Distribution: Pro rata share of the Net Settlement Fund.

The Insurance Policies at the Heart of the Settlement

The settlement revolves around insurance policies sold by the Settling Defendants during the class period. These policies are the basis for the calculation of the pro rata share each Authorized Claimant may receive from the Settlement Fund.

• The Settling Defendants consist of the following Lloyd’s Syndicates: No. 510, 1084, 1096, and 1245

Is Proof Required to Claim the Reward?

Claimants have to provide truthful and accurate information regarding their insurance policies, including policy numbers, annual premiums, and effective dates, to claim a reward.

The Rationale Behind the Lloyd's Class Action Settlement

The lawsuit alleges that the Defendants engaged in deceptive practices to conceal the lack of competition in the Lloyd's Market. The Settlement aims to compensate those who may have been economically impacted by these alleged practices. The Settlement has been preliminarily approved by the Court, and a Fairness Hearing is scheduled to decide on the final approval.

The next steps for Class Members include submitting a Claim Form by the deadline.