Dead in the Water: Murder and Fraud in the World's Most Secretive Industry

by Matthew Campbell

For all its stuffiness, Lloyd’s has remained dynamic enough to survive scandals, brushes with bankruptcy, and vigorous global competition. The market rewards those brave enough to take a risk. With enough canny decisions, the men sitting in the underwriting booths can earn great fortunes for themselves, as well as the syndicates they represent. Ian Posgate, the top underwriter of the 1970s, earned the nickname “Goldfinger” for the scale of his profits. During the Vietnam War, when ships traveling through the Mekong Delta had to navigate Viet Cong rockets, Posgate hiked his prices and signed his name next to any slip put in front of him. Wars could be lucrative for Lloyd’s, he recognized, as long as customers absorbed the cost of the extra