LAM lose appeal hearing
London Authorities Mutual will cease underwriting activities today and go into run-off, pending any fresh legislation, following defeat in Appeal Court this morning.
In Risk Management Partners v Brent & Others, the court rejected an attempt by London boroughs to use wellbeing powers.
It ruled that the participation of local authorities in an insurance mutual in this manner is beyond their statutory powers and that Brent had awarded its insurance contracts to LAM in breach of the procurement regulations 2006.
LAM slammed the move adding that the mutual saved London boroughs 15% a year on insurance costs, describing it as a "serious blow to local authorities'
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