The London Market Group has appointed Paul Brady to lead the delegated authority workstream for the London Market Target Operating Model (LM TOM).
Paul Brady serves as Head of Policyholder & Third Party Oversight at Lloyd’s and succeeds Ian Fantozzi in this new role.
Fantozzi is the Chief Operating Officer at Beazley and had led this work since 2017.
Brady will now be tasked with overseeing the delivery of a modern and efficient delegated authority process and integrating future developments into the Future at Lloyd’s workstream.
“I am delighted to be taking over this role,” said Brady. “Ian has done a tremendous job in helping the whole market to come together and deliver real improvements in the way in which we do business with our coverholders.
“The work he has led has reduced the number of audits, simplified and made consistent the data we collect and delivered a single platform in the form of DA SATS.
“We still have work to do to complete Chorus in 2020, as we continue to make London as attractive as possible as a source of capacity for coverholders around the world.
“The work also provides a strong foundation for Lloyd’s plans for a new risk-based approach to delegated authority oversight, which will be one of the foundations upon which we build the Future at Lloyd’s.”
This announcement follows the release of an upgraded version of Delegated Authority: Submission, Access and Transformation Solution (DA SATS).
DA SATS provides a central service to standardise the collection, validation, processing and supply of delegated authority data across the market.
Launched in September 2018, DA SATS forms a core part of the London Market Target Operating Model (TOM), which aims to improve the ease and efficiency of doing business in the London re/insurance market.
These improvements to DA SATS include more efficient processes for renewal and contract creation, enhanced functionality such as aggregate limit monitoring, and mid-term broker changes.