Reinsurance News

Lloyd’s forms Global & London advisory committees to support new strategy

20th June 2019 - Author: Luke Gallin

Lloyd’s of London has established Global and London advisory committees to help it deliver its new strategy for the future. The committees’ members are comprised of insurance and reinsurance industry experts and veterans.

Lloyd’sThe prominent industry figures have joined the committees to help the specialist insurance and reinsurance marketplace develop and deliver the future of Lloyd’s, and includes: Amanda Blanc, Chair of the Association of British Insurers (ABI); Greg Case, Chief Executive Officer (CEO) of Aon; Sian Fisher, CEO of the Chartered Insurance Institute (CII); Dan Glaser, President and CEO of Marsh & McLennan; Evan Greenberg, Chairman and CEO of Chubb; and John Haley, CEO of Willis Towers Watson.

Launched in May, the future of Lloyd’s strategy followed market consultation with the Lloyd’s ecosystem, and resulted in the formation of six ideas that show how the market can modernise and remain relevant in a rapidly changing world.

Lloyd’s CEO, John Neal said: “This is an exciting time for us all as we drive forward the next stage in Lloyd’s evolution and I am delighted that we have the support of a number of global industry leaders, as well as the market associations representing some of our key stakeholders. Together with the feedback and insights we are gathering from our wide-ranging consultation, the advisory committees will play a critical role in providing guidance and advice as we develop and implement a blueprint for the future at Lloyd’s.”

Aon CEO Case, added: “Aon is committed to anticipating the needs of our clients and working with leading organizations around the world to innovate on their behalf. With this new strategy, Lloyd’s is accelerating its own evolution and charting a path forward for London to continue playing a significant role in the global insurance market. We’re pleased to contribute to this important discussion.”

Lloyd’s describes its new strategy as bold, and explains that it includes several transformational initiatives that have the potential to shape the future of the global insurance and reinsurance market.

As well as targeting the delivery of high quality risk protection for customers, the proposals offer ways to simplify access to the international insurance market, while at the same time lowering costs of doing business at Lloyd’s.

Blanc of the ABI and CEO of EMEA and Global Bank Distribution at Zurich Insurance, commented: “Ensuring that Lloyd’s is best placed to meet future challenges and opportunities is vital so that the UK remains a world leading insurance market. I look forward to working with colleagues in the insurance industry in developing a strategy that helps Lloyd’s to deliver best value for customers through cutting edge technology, with an inclusive culture that attracts the best talents.”

CEO of the Lloyd’s Market Association (LMA) Sheila Cameron, said: “I am looking forward to working in partnership with Lloyd’s, and on behalf of our members, to ensure that the work we undertake now will define the future success of the market and deliver truly outstanding outcomes for its clients.”

The Lloyd’s market has been on a mission for some time now to improve efficiency across the board, seeking to make it cheaper to do business at Lloyd’s in an effort to remain relevant and competitive in a very challenging market landscape.

Marsh’s Glaser added: “The Future at Lloyd’s is a unique opportunity to transform the marketplace and cater to the growing and diverse needs of its customers. Lloyd’s is an important partner for Marsh & McLennan and our clients, and I’m thrilled to help position it for the future.”

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