London Market Claims Services Limited

The principal activity during the year was the provision of services to the Lloyd’s Market and insurance companies relating to the handling of asbestos, pollution and health hazard claims.The Company’s prime purpose is to provide an efficient cost effective service to its subscribers in the Lloyd’s and company insurance market. Since 1998, this has been achieved through outsourcing contracts, originally by a five and a half year fixed price contract, and a further five year fixed price contract which expired in March 2009. In February 2009, the Company entered into a further five year contract, effective 1 April 2009, with a new provider. A further five-year contract was agreed until 31 March 2019. After a period of tender, this contract has been renewed for a further three years to 31 March 2022 and has recently been further renewed for another three-year period to 31 March 2025. The level of subscriptions is set to cover the on-going costs of operating the service on a non-profit basis.The directors consider that in preparing the accounts they have taken into account all information that could reasonably be expected to be available. On this basis, they consider that it is appropriate to prepare the accounts on the going concern basis. This assumes that the Company will receive sufficient funding from subscribers in future periods to meet commitments as they fall due.Covid-19 continues to have a significant effect on the country. The directors have reviewed the impact on the Company and have concluded it will continue to be minimal. The directors have taken confidence from the member funding, which is received annually in advance, and concluded the Association has sufficient resources to cover its operating costs for no less than 12 months from the date of signing the financial statements.