Lloyd’s, still dripping red ink from bad years through much of the 1990s, is expected to make a call on its investors within the next week to stump up even more money to help cover its own emerging September 11 disaster. The underwriting syndicates must now have notified the market of any additional capital they need from their investors, the institutions now providing most of the capital as well as the unlimited liability private investors – the Names.

The investors coughed up $2.16 billion in November to satisfy US regulators’ demands for Lloyd’s estimated net exposure of $5.4 million to be met by a 100% security deposit in a US trust fund. The market negotiated a temporary reprieve with a 60% payment.

The next call on investors isn’t likely to be so steep, and they are generally relaxed about it. Association of Lloyd’s Members Chairman Michael Deeny has acknowledged that an additional call will be made, but at least now the market is turning up as rates rocket.

Meanwhile, the powerful US National Association of Insurance Commissioners – which set up a reinsurance task force to negotiate the Lloyd’s payout after September 11 – is expected to decide next week what steps it will take to secure the remaining $3.24 billion Lloyd’s has yet to deposit in the US.