For some reason that doesn’t increase my confidence in the other 90% but I could be wrong. I was working in the city in the 80’s so missed the results but they can’t have been as bad as the predictions at least based on the assumptions the firm I was working for were making.
I still work on the fringe of the Lloyds market and well remember the Names losing their shirts 20 or so years ago when the asbestosis long tail hit.
The result was a market restructure, I don’t know the numbers but I reckon Names now provide well under 10% of the trading capital.