Reinsurance News
Lloyd’s Market Association
Report highlights CRO role shift from technical expert to business advisor
16th January 2018
The role of the Chief Risk Officer (CRO) has rapidly evolved in both scope and importance in the years since the financial crisis to now play a more centric role in shaping business strategy, according to a joint paper by the Lloyd's Market Association’s (LMA) Chief Risk Officer Committee and ... Read the full article
Lloyd’s Market Association names leadership of Claims Committee
12th January 2018
The Lloyd's Market Association (LMA) has appointed Tony Rai as Chair and Hannah Purves as Deputy Chair of the LMA Claims Committee (LMACC), each will serve two year terms with effect from 31 January 2018. Rai, the current Head of London Market Claims for Hiscox is set to replace outgoing chair, Anthony Hobkinson; Purves ... Read the full article
Lloyd’s welcomes UK government drones’ legislation
30th November 2017
The Lloyd's Market Association (LMA) has welcomed the UK government's proposal for drone legislation which will place new responsibilities on owners of drones weighing more than 250g, such as mandatory registration and the requirement to take a safety awareness test. Paul Maguire, Chair of the LMA Aviation Committee and Head of ... Read the full article
Lloyd’s market to save £100mn via LMA/IUA & DXC Technology agreement
31st October 2017
The Lloyd's Market Association (LMA), in collaboration with the International Underwriting Association (IUA), has completed a transaction with DXC Technology that will reportedly save the Lloyd's of London marketplace £100 million (US$132 million) over five years. The transaction with DXC Technology, an end-to-end IT services company, concerns the provision of bureau ... Read the full article
LMA shows support for Ogden rate reforms
16th October 2017
The Lloyd's Market Association (LMA) has expressed its support of reforms surrounding the personal injury discount rate in the UK, known as the Ogden rate, in a written letter to the Justice Committee. At the beginning of the year the Ogden rate was cut to -0.75%, a move that took many ... Read the full article
Lloyd’s syndicates commended on early Harvey & Irma claims payments
21st September 2017
The Lloyd's Market Association (LMA) has commended syndicates in the Lloyd's of London insurance and reinsurance market for promptly paying claims from hurricanes Harvey and Irma. LMA chief executive David Gittings commented; “The first response of the Lloyd’s community has been, within days of Irma passing, to pay claims. These are ... Read the full article
LMA Claims Committee backs satellite imagery & intelligence service for Lloyd’s
6th July 2017
The Lloyd's Market Association's Claims Committee (LMACC) will support and fund a satellite imagery and intelligence scheme for Lloyd's of London managing agents. The new service will be open to all Lloyd's managing agents, and is designed to improve claims processes and exposure management, both pre and post a natural disaster, ... Read the full article
LMA establishes claims expert management Hub for Lloyd’s market
30th June 2017
The Lloyd's Market Association (LMA) Claims Committee has revealed the approval of a new Claims Expert Management Hub for Lloyd's of London carriers, called The Hub. The new Hub is designed to enable managing agents throughout the Lloyd's marketplace to better assess the effectiveness of their claims expert utilisation, while at ... Read the full article
Aviation Insurance Clauses Group releases model EU contract continuation clause update
23rd June 2017
Launched in 2005 by the International Underwriting Association of London (IUA London) and the Lloyd's Market Association (LMA), the Aviation Insurance Clauses Group (AICG) has released a new model EU contract continuation clause. "The aim of the new clause is to provide additional certainty for clients as the UK leaves the European ... Read the full article
LMA partners with MGAA to support and develop delegated authorities framework
2nd May 2017
The Lloyd's Market Association (LMA) has partnered with the UK's General Managing Agents' Association (MGAA) to support the LMA's delegated authorities communications framework, the pair have announced. The framework is designed to improve the sharing of information and communications between MGAs and coverholders that underwrite on their behalf, and also third-party ... Read the full article
IUA & LMA Boards approve Single Claims Agreement Model for London market
23rd March 2017
The Boards of the International Underwriting Association of London (IUA) and the London Market Association (LMA) recently approved a proposal from the London & International Insurance Brokers' Association (LIIBA), and the broking community to develop a Single Claims Agreement Model in the London market. The proposal aims to establish a single ... Read the full article
Lloyd’s Market Association names five new Board members
23rd March 2017
The Lloyd’s Market Association (LMA) has confirmed the five successful candidates for its Board membership, which includes Paul Jardine, Catlin Underwriting Agencies' Chief Executive Officer (CEO). As of the May 17th, 2017 AGM the five Board members will include, Neil Maidment, Chief Underwriting Officer (CUO) at Beazley Furlonge, Matthew Wilson, CEO of ... Read the full article
LMA to simplify nuclear insurance industry with new model wordings
15th March 2017
In response to recent growth in the construction of nuclear power stations and a desire to make the protection of such construction projects easier for insurers and reinsurers, the Lloyd's Market Association (LMA) Wording Forum is looking to make wordings more appropriate for the global nuclear industry. The LMA has announced that ... Read the full article
Modernisation, Brexit are top priorities for Lloyd’s Market Association (LMA)
21st February 2017
Modernisation of the Lloyd's and London insurance and reinsurance market, as well as the impact of Brexit on the market are considered top priority for 2017 at the Lloyd's Market Association (LMA). Speaking to chief executives from the Lloyd’s of London managing agency community, LMA CEO David Gittings said that as ... Read the full article
Lloyd’s Market Association appoints six Claims Committee members
10th February 2017
The Lloyd’s Market Association (LMA) has announced the appointment of six new members to its LMA Claims Committee (LMACC) - the team will advise the LMA Board on strategic claims matters and provide leadership and direction to Lloyd’s claims community. Nick Sinfield, Group Head of Claims at Tokio Marine Kiln; Sheel ... Read the full article
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