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“I can't even spell fackeltative, let alone underwrite it”
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Archived stories from 2007

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Fake celebrity joins Celebrity Big Underwriter

Celebrity Big Underwriter has begun a new series, and has already run into controversy. The popular reality TV show has thrown a number of celebrities into a box at Lloyd?s together and filmed their attempts at underwriting various market policies.

The producers of the show decided to add an ordinary underwriter to the show, among all the C-list celebs, pretending that he was an ex-member of Take That. Ian Luddite, chief executive of the Luddite Agency, entered the box singing ?I want you back? but quickly settled into underwriting a marine policy.

However, by the second episode, he had already lost ?4.6m through disastrous underwriting. Leading the show, with an underwriting profit of ?2.38, is the other Cheeky Girl, followed by Page Three stunna Donna Donuts, and The Construction worker from Village People. First to be evicted was the man who played Great Uncle Bulgaria in the Wombles, who was followed out of the show by Christopher Biggins who escaped from the Big Brother Box to play Widow Twankey in the annual London Market panto.

Jade Goody caused mayhem when disbelieving brokers heard her say ?What is a paid loss retro XL policy with drop down umbrella coverage over and above a twin level retention, with a sidecar bolted on?? She later caused no fuss whatsoever when she asked whether East Anglia was outside of the territorial coverage of a UK property policy.

The show has been criticised for belittling the role of underwriters, and for causing ?24bn worth of losses for the London Market and sparking a new LMX Spiral. On the plus side, motor rates have increased for the first time in 400 years, thanks to a tough line being taken by the drummer from Chas and Dave in the opening episode of the show.


Other news from Jan 2007
 
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