Reinsurance News
London Market Group
London Market Group appoints two new board members
25th January 2024
The London Market Group has announced the appointment of two new board members, Jane Warren and Claire McDonald, as representatives of the different market Associations for 2024. Warren is an Active Underwriter for Liberty Specialty Markets’ Syndicate 4472 and UK Branch Manager for its European business. She will step onto the ... Read the full article
LMG’s Data Council creates Core Data Record committee to manage evolution
22nd January 2024
The London Market Group’s (LMG) Data Council has created a Core Data Record (CDR) committee chaired by Cassandra Vukorep, Chief Data Officer at Lloyd’s and supported by LIMOSS. According to LMG, the CDR committee will include representation from the IUA, LIIBA, LMA, Lloyd’s, ACORD and Velonetic. This new CDR committee joins the ... Read the full article
LMG welcomes new accountability metrics for UK regulators
13th December 2023
The London Market Group (LMG) has welcomed the new metrics, on which the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) will be asked to report. The list of the metrics, recently published by the UK Treasury, outline how the two regulators will be assessed in meeting their new ... Read the full article
UK government to consult on new captive insurance regulations
22nd November 2023
The HM Treasury's Autumn Statement 2023 reveals that the UK government is set to consult on the introduction of a regime for captive insurance companies by spring next year. Presented today to Parliament by the Chancellor of the Exchequer, Jeremy Hunt, the Autumn Statement, one of the key financial events in ... Read the full article
LMG’s Data Council publish PRR final recommendations
1st August 2023
Having considered feedback provided in the Process, Roles and Responsibilities (PRR) process earlier this year, the London Market Group (LMG) has published its final recommendations for the design and functioning of digital risk processes. The recommendations also allocate roles and responsibilities for data creation, approval and submission relating to risk placement ... Read the full article
Financial Services and Markets Bill receives Royal Assent
29th June 2023
"The LMG has been at the forefront of calls for a more proportionate and accountable regulatory framework and the final Bill closely reflects the measures that we have asked for over the last 18 months," The London Market Group said as it welcomed the Royal Assent of the Financial Services ... Read the full article
Carriers have more favourable view than brokers on LMG’s PRR plans
16th June 2023
90% of carriers and 77% of brokers had a favourable or neutral view on the proposed plans within the LMG Data Council’s Process, Roles and Responsibilities (PRR) consultation, according to the group. The PRR Consultation project, run by the LMG’s Data Council, sought market feedback on the recommendations for what the ... Read the full article
London’s share of global insurance market ‘stagnant’ at around 8%, says LMG CEO: FT
23rd May 2023
Caroline Wagstaff, CEO of the London Market Group, which represents the specialist insurance sector in the City, points out that London's portion of the worldwide insurance market has been "stagnant", hovering around 8% in recent times, the Financial Times reported. London's insurance market, centered around Lloyd's of London, is facing challenges ... Read the full article
Gallagher’s Williams-Walker to head LMG’s Technical Group for Data Council
5th May 2023
The London Market Group's (LMG) Data Council has appointed Nick Williams-Walker from Gallagher to lead its Technical Group. Williams-Walker, Chief Operating Officer of Gallagher's Specialty division, has agreed to become the new Chair of LMG Data Council's Technical Group, replacing Jonathan Prinn. Prinn will remain a member of the Data Council. The Technical ... Read the full article
LMG backs Tory MPs’ calls for regulatory reform
18th April 2023
Caroline Wagstaff, CEO of the London Market Group (LMG), has lent her support to calls from the Regulatory Reform Group (RRG) that argue for greater Parliamentary accountability of the UK’s regulators. The RRG, consisting of Conservative MPs and Peers, has released a new report making the case for greater accountability mechanisms ... Read the full article
MRC v3 to be released in late Q1, announces Data Council Chair
7th December 2022
The new version of the Market Reform Contract, to be known as the MRC v3, will be released at the end of next year’s first quarter, together with the Core Data Record v3.2. This was the latest update Sheila Cameron, CEO of the Lloyd’s Market Association and Chair of the Data ... Read the full article
Sean McGovern appointed as new Chair of London Market Group
8th November 2022
The London Market Group (LMG) has announced that Sean McGovern, Chief Executive Officer, UK & Lloyd’s, AXA XL, will become its next Chair, taking up the role on January 1st, 2023. Matthew Moore, Executive Vice President and President of Underwriting at Liberty Mutual Global Risk Solutions will be stepping down at ... Read the full article
Rachel Turk joins the London Market Group board
7th September 2022
Beazley’s Group Head of Strategy, Rachel Turk has recently joined the London Market Group (LMG) board, replacing Richard Harries, CEO of Atrium, representing the Lloyd’s Market Association. Matthew Moore, Chair of the London Market Group said: “I would like to thank Richard Harries for his contribution to the London Market Group ... Read the full article
LMG outlines how to safeguard the London Market’s position
27th May 2022
The London Market Group (LMG) has published two documents focusing on what the UK government and the country’s regulators need to safeguard the London Market’s position. Caroline Wagstaff, CEO of the LMG, said: ‘We are delighted that the Government is proposing to include a competitiveness objective in the new Financial Services ... Read the full article
Committee urges London Market regulation reforms
7th April 2022
The UK Industry and Regulators Committee has written to the Economic Secretary to the Treasury to express concerns about a “lack of proportionality” in the regulation of the London Market. In a letter, the Committee charges that the “one-size-fits-all” approach to the regulation insurers and reinsurers by the Financial Conduct Authority ... Read the full article
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