He said many US investors have already accepted the terms of the recovery proposals and added any injuction served against the insurance market by the judge in the critical Virginia case would be quickly appealed.
US district judge Robert Payne earlier delayed until Friday his ruling on demands by 93 US Names for an injunction halting the recovery plan, under which Lloyd's aims to reinsure billions of pounds of liabilities into a new company Equitas. Thousands of Names worldwide are waiting anxiously for this decision, with less than a week until the August 28 deadline by which Lloyd's wants Names to accept or reject the recovery plan.