An American 'vulture fund' is targeting Equitas - the company that handles old claims for Lloyd's - by scaring asbestosis sufferers into selling their claims.
The 'this is London' website reported yesterday that Bermuda-based G-Risk plans to sue high-profile Names at Lloyd's if it fails to extract enough money from Equitas.
G-Risk is offering to buy insurance claims at a discount. Asbestosis sufferers are increasingly willing to sell their claims in return for payouts.
G-Risk is hoping to secure business by predicting that Equitas will go bankrupt inside two years.
"They are simply trying to drive down the market in the hope that when they encourage people to sell a $1 million policy for the knock-down price of $150,000, they will make a big profit," said an unamed Lloyd's source according to the Evening Standard.
