INSURANCE

Lloyd’s Investors Agree to Recovery Plan: Lloyd’s of London can use millions of dollars from recent profit in its bid to bounce back from devastating losses, investors decided in a major victory for the insurance market. The investors, known as “names,” voted overwhelmingly to contribute about $682 million of profits earned between 1993 and 1995. Names will get the money back after seven years, but Lloyd’s needs the cash now as part of its plan to recover from $12 billion in losses in the five years ending in 1992. To help win support for the plan, Lloyd’s last week reached a proposed settlement with an organization of U.S. state securities regulators to reduce the debts of 3,000 U.S. investors by 23%.