The specialist Lloyd’s of London insurance and reinsurance marketplace has confirmed the members of its newly formed Council, effective June 1st, 2020.
In May of last year, Lloyd’s proposed the merger of its Franchise Board into the Lloyd’s Council as part of its ongoing mission for increased efficiency.
Later in the year, the re/insurance market detailed plans for the creation of a single governing body for the Corporation, noting that from June 2020, a new body will consist of six nominated members, six market-elected, and three executives.
Lloyd’s notes that its proposal to make these changes was well received and has included consultation with the Lloyd’s Market Association (LMA), the Association of Lloyd’s Members (ALM), the High Premium Group (HPG), and Lloyd’s Members’ Agents.
The members were elected following an election process in April. However, owing to the restrictions caused by the ongoing COVID-19 pandemic, Lloyd’s notes that it was unable to hold a full contested election as planned. Instead, Lloyd’s rolled over existing members of the Council and retained Karen Green and Dominick Hoare as Special Advisors to the Council until full elections can be held.
Lloyd’s adds that it aims to do this as soon as possible, before the end of this year.
Following the election process, Lloyd’s has confirmed that the members of the Council are: Bruce Carnegie-Brown (Chairman) (Nominated member); Andy Haste (Senior Independent Deputy Chairman) (Nominated member); Angela Crawford-Ingle (Audit Committee Chair) (Nominated member); Fiona Luck (Nominated member); Neil Maidment (Risk Committee Chair) (Nominated member); John Sununu (Nominated member); John Neal (Nominated member); Burkhard Keese (Nominated member); Andrew Brooks (Nominated member); Vicky Carter (Nominated member); Dominic Christian (working member and Deputy Chairman); Axis Corporate Capital UK Limited represented by Albert Benchimol (corporate external member); Flectat Limited represented by Michael Watson (corporate external member); and, Nameco (No.1249) Limited represented by Jeffery Barratt (individual external member).
Chairman of Lloyd’s, Carnegie-Brown, commented: “The combination of Board and Council will allow robust and accountable governance with the ability to make swift decisions when necessary. The current COVID-19 pandemic serves as a primary example of our need to be as efficient as possible in our decision-making. I am pleased to welcome all the members of the Council and look forward to working with them all as we deliver Lloyd’s strategy to build the most advanced Insurance marketplace in the world.
“I would like to thank the Lloyd’s Market Association (LMA), the Association of Lloyd’s Members (ALM), the High Premium Group (HPG) and Lloyd’s Members’ Agents in particular for their advice and support in forming the Council.”