Lloyd’s of London has announced ambitious plans to create a single governing body for the Corporation and market by merging the Council and the Franchise board.
From June 2020, a new body will consist of six nominated members, six market-elected, and three executives.
A statement released by Lloyd’s today describes market support for the move as ‘overwhelming’, with 90% voicing support.
“Through the Future at Lloyd’s we are building a new market that is innovative and responsive to the needs of its customers,” said Lloyd’s Chairman, Bruce Carnegie-Brown.
“To do this effectively we need to make our governance structures as efficient as possible. By creating a single governing Council, Lloyd’s will combine robust and accountable governance with the ability to make swift decisions when necessary.”
Lloyd’s Nominations & Governance Committee is working with the Chairman to identify the best combination of members from among the existing independent members of Council and Board to continue as nominated members of the Council.
The Lloyd’s market will be invited to participate in an election process in April and May 2020 for the market representative members of the Council.
“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 for their close engagement throughout this process,” Carnegie-Brown added.
“I look forward to continuing to work very closely with market members and the members of the newly formed Council as we deliver Lloyd’s strategy to build the most advanced insurance marketplace in the world.”
Speaking at a lecture yesterday in Lloyd’s Old Library building, Neal emphasised the new threats facing re/insurers, and explained how he felt the marketplace had been too slow at reacting to change in the past.