Once the three-year Lloyd's accounting period passed, the 110 Names on syndicate 762 were told they faced substantial losses, from mostly fraudulent claims. Sasse's reinsurer, the Instituto de Resseguros do Brasil (IRB), refused to pay its share of the fraudulent losses. The Names (few in number for such large losses) took legal action and ultimately paid only £6.25m of £15m of Den-Har claims under the 1976 year, leaving the Corporation of Lloyd's to pay the remainder. The Corporation also paid the near £7m loss for 1977.