Lloyd's Uneasy RiderRichard A. Melcher
Just two days before Peter Middleton stepped into the chief executive's office at Lloyd's of London, Hurricane Andrew heaped enormous damage on the southeastern U.S.--and on the star-crossed insurance exchange. It was a fitting initiation for the motorcycle-riding Middleton, who has had to deal with a plethora of crises during his seven months in office. They include a flood of claims from storms, earthquakes, and oil spills, which have precipitated lawsuits by distressed Lloyd's investors and prompted thousands of others to flee the exchange. Middleton's charge: Restore Lloyd's tarnished reputation--or face presiding over the 305-year-old institution's ignominious decline.
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