Artemis ILS NYC 2020

Menu

Reinsurance News

Lloyd’s misconduct cases could appear by next week: Carnegie-Brown

21st May 2019 - Author: Matt Sheehan

Lloyd’s Chairman Bruce Carnegie-Brown has said that two or three cases of serious misconduct in the insurance and reinsurance marketplace could emerge by next week, according to reports from City A.M.

bruce-carnegie-brownSpeaking to the publication at the City Week conference in London, Carnegie Brown revealed that there were “two or three quite big live issues out there at the moment,” which fall under the categories of “harassment and sexual activity and bullying.”

He added that Lloyd’s had to “give the companies who are the direct employers of the individuals a chance to investigate them,” after which Lloyd’s itself would “have a chance to review them.”

Lloyd’s outlined a new plan in March to promote a more safe and inclusive working environment following numerous reports of sexual harassment in the market.

The plan includes sanctions such as a potential lifetime ban from Lloyd’s, as well as efforts to support further reporting of inappropriate behaviour, and a market-wide culture survey.

Lloyd’s has also clamped down alcohol consumption in the market, which it believes has fuelled the issue, by banning inebriated passholders from entering its building.

“Bad behaviour and drinking have a pretty close correlation,” Carnegie-Brown told City A.M. “The corporation itself for its own employees has had a ban on alcohol during working hours for three years now, and we’ve tried to extend that to anybody coming into the marketplace to do business.”

However, the Chairman also expressed concerns that cultural change at Lloyd’s was “not moving fast enough.”

“We’ve got to be getting on top of these issues so people do want to come and work for us and with us,” he warned.

Recent Reinsurance News

Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.

  • Only email is mandatory, but the more you tell us about yourself the better we can serve you in future!
  • This field is for validation purposes and should be left unchanged.

By submitting the form you are giving your consent to be emailed by us.

Read previous article:
Munich Re Life US appoints RGA’s Quentin Marsh to CFO role

The US Life division of reinsurance giant Munich Re has announced the appointment of Quentin Marsh as Chief Financial Officer,...

Close