LLOYD'S OF LONDON DECLARES PCW OFFER UNCONDITIONAL
Lloyd's of London, the insurance market,
said its offer for a settlement of the five-year old <PCW
Underwriting Agencies> affair, which involved losses totaling
about 235 mln stg, was unconditional.
    For the offers to become unconditional, there had to be 90
pct acceptance by those Lloyd's members affected by the PCW
fraud, although this level could be reduced by a caretaker
agency set up in 1985 to manage the affair.
    The offers involve one-off cash payments by PCW names -
investors who guarantee insurance risks - in exchange for a
Lloyd's guarantee ending their exposure to PCW-related claims.
 Reuter
