Lloyd’s Chairman Sax Riley has proved as good as his word with the recent transfer of funds to meet the market’s estimated $13.2 billion September 11 commitments. The market has placed $9.4 billion into a US trust fund on top of the November transfer of an initial $3.8 billion. There had been speculation that the London market would find it difficult to raise the money, but Mr Riley – who is now deeply embroiled in a behind-the-scenes battle to rein in the private “Names” and hand dominance to the corporate investors – had always shown complete confidence that the commitment would be met.

His struggle with the Names is expected to continue for at least the rest of the year, but many analysts believe that the transfer of funds has made many Names think again about their role in the market. While the Names outgun any other faction in a vote, there are indications that the majority would be prepared to agree to some form of corporatisation that would enable them to keep trading on a more level footing with the corporate investors.