LMA Archives - Press ReleasesPress Releases

Jun

2018

LMA survey reveals modernisation, underwriting systems and Brexit as top 2018 priorities for COOs

Posted on 25th June 2018 by Mazin Shammas and has No comment

Market modernisation, underwriting systems upgrades, and Brexit preparations are the top three 2018 priorities of Lloyd’s market chief operating officers (COOs), a survey commissioned by the Lloyd’s Market Association reveals. The research provides a comprehensive picture of the concerns, opinions, and priorities of the market’s most […]

Jun

2018

LMA Personal Accident Committee appoints Ranzetta and De Vido

Posted on 21st June 2018 by Mazin Shammas and has No comment

Stephen Ranzetta and Paul De Vido have been elected to the Lloyd’s Market Association’s (LMA) Personal Accident Committee, following a recent ballot at Lloyd’s. Paul, senior class underwriter, A&H at XL Catlin and Stephen, class underwriter, A&H at Vibe Syndicate Management have been elected to serve […]

May

2018

LMA warns of $150 billion exposure gap in credit risk cover in its response to a PRA consultation on unfunded credit protection

Posted on 16th May 2018 by Gavin Warren and has No comment

The LMA in a response today to the PRA’s consultation paper “Credit risk mitigation: eligibility of guarantees as unfunded credit protection”, warns of a risk to the UK financial services sector if the efficiency of credit insurance is reduced in helping banks to mitigate risks. The […]

May

2018

Joint Rig Committee launches oil and gas cyber risk report

Posted on 9th May 2018 by Mazin Shammas and has No comment

The LMA and IUA has published its inaugural Joint Rig Committee (JRC) report, ‘Upstream Oil and Gas Cyber Risk – Insurance Technical Review’. This publication will provide the Lloyd’s and London insurance market with the background, threats and practical measures being implemented to reduce risk related […]

May

2018

Untangling the tech web

Posted on 2nd May 2018 by Mazin Shammas and has No comment

The LMA Academy has hosted its inaugural emerging technology masterclass, ‘Blockchain Decoded’, the first in a series of events aimed to educate the Lloyd’s market on a range of topics from artificial intelligence and robotics to the internet of things, delivered in straightforward terms for non-specialists. […]

Apr

2018

LMA report finds widespread use of cyber exclusions in many classes

Posted on 23rd April 2018 by Mazin Shammas and has No comment

The Lloyd’s Market Association (LMA) has produced a report for its members, ‘Cyber Risks & Exposures Model Clauses: Class of Business Review’. The report includes a comprehensive review by class of non-affirmative and affirmative coverage and commonly used exclusions. In most classes covering physical damage losses, […]

Apr

2018

LMA announces new Board members for 2018

Posted on 3rd April 2018 by Mazin Shammas and has No comment

The Lloyd’s Market Association (LMA) has announced four successful candidates for membership of its Board, following the recent nomination process. Effective from the AGM on 31 May 2018, one new and three re-appointed Board members are: David Croom-Johnson, Managing Director, Aegis Managing Agency Ltd (newly appointed) […]

Mar

2018

Froese elected to LMA Aviation Committee

Posted on 27th March 2018 by Mazin Shammas and has No comment

Dirk Froese, Head of Aviation at Beazley has been elected to the Lloyd’s Market Association’s (LMA) Aviation Committee following a recent ballot at Lloyd’s. In addition, Peter Wakefield, Head of Aviation at Chaucer and Christopher Collins, Head of Aviation at Talbot, have been re-elected and all […]

Mar

2018

LMA Marine Committee welcomes three new members

Posted on 8th March 2018 by Mazin Shammas and has No comment

Three new members have joined Lloyd’s Market Association’s (LMA) Marine Committee following a recent ballot of Lloyd’s managing agents. James McDonald (Global Head of Marine and Energy at Talbot), Richard Tomlin (Class Underwriter for Marine Property at Atrium) and Simon Mason (Head of Energy, Apollo), along […]

Feb

2018

Gittings puts claims modernisation among the LMA’s top priorities for 2018

Posted on 22nd February 2018 by Gavin Warren and has No comment

David Gittings, CEO of the Lloyd’s Market Association (LMA) today told chief executives from across the Lloyd’s managing agency community that Brexit, electronic placing, claims modernisation, and further development of the LMA Academy in Lloyd’s overseas hubs are top of the LMA’s priority list for 2018. […]

Feb

2018

LMA launches Claims Development Pathway

Posted on 20th February 2018 by Gavin Warren and has No comment

The Lloyd’s Market Association (LMA) today launches the Claims Development Pathway, a new interactive training and development tool that will provide support to claims professionals in the Lloyd’s market, at every stage of their careers. Modernising claims at Lloyd’s is a high priority for the LMA […]

Feb

2018

London market Single Claims Agreement Party Model goes live

Posted on 1st February 2018 by Gavin Warren and has No comment

A transformational new model that will simplify how claims within the London market are handled is launched today in an effort to improve client service and streamline claims agreement across the London market. The Single Claims Agreement Party model will enable quick and efficient authorisation of […]

Jan

2018

LMA Academy embarks on international expansion

Posted on 31st January 2018 by Gavin Warren and has No comment

The LMA Academy today announces that from March it will begin offering a range of technical programmes and courses internationally. The expansion builds on the success of the LMA’s immersive and practical training programmes, with staff from every Lloyd’s managing agent attending a learning event in […]

Jan

2018

Worldwide Property Business Panel appoints Dean Pitts as Chair

Posted on 16th January 2018 by Gavin Warren and has No comment

Dean Pitts has been appointed Chairman of the Lloyd’s Market Association’s (LMA) Worldwide Property Panel, which leads on a wide range of issues affecting Lloyd’s managing agents and syndicates on behalf of the Lloyd’s market. Pitts, Managing Director – Property Open Market at Markel, replaces outgoing […]

Jan

2018

Tony Rai appointed as Chair of LMA Claims Committee

Posted on 11th January 2018 by Gavin Warren and has No comment

The Lloyd’s Market Association (LMA) has appointed Tony Rai as Chair and Hannah Purves as Deputy Chair of the LMA Claims Committee (LMACC). Rai, Head of London Market Claims, Hiscox, replaces outgoing chair, Anthony Hobkinson. Purves is Claims Director at Markel. Neil Dalton (Ascot) has been […]

Jan

2018

LMA paper examines the increasing importance of CROs

Posted on 10th January 2018 by Gavin Warren and has No comment

The LMA’s Chief Risk Officer Committee has announced the publication of a joint paper with the Korn Ferry Institute. The report charts the rapid evolution of the CRO role since the financial crisis and its continued expansion in scope and importance, particularly for insurers. While still […]

Nov

2017

LMA Aviation Committee welcomes new legislation for drones

Posted on 28th November 2017 by Gavin Warren and has No comment

The Lloyd’s Market Association (LMA) Aviation Committee has welcomed government proposals for drone legislation, which was set out in a statement on 26 November by the Aviation Minister, Baroness Sugg. The proposed legislation, due to be published in spring 2018, will place new responsibilities on owners […]

Nov

2017

LMA tackles £1bn claims expert spend

Posted on 13th November 2017 by Gavin Warren and has No comment

The LMA Claims Committee today announced that Advent Claims has been selected as a partner and vendor for its Claims Expert Management Hub for Lloyd’s carriers. The Lloyd’s market has spent over £1bn on third party experts in the past 24 months, according to data collected […]

Nov

2017

CRO survey reveals £20m missed opportunity

Posted on 2nd November 2017 by Gavin Warren and has No comment

Lloyd’s insurers spend about £20 million annually on capital-model governance and validation, but many approach the process as an exercise to satisfy regulators, rather than a value-adding proposition. This could represent a missed opportunity, research by the Lloyd’s Market Association (LMA) has revealed. A survey of […]

Oct

2017

LMA/IUA initiative to optimise services with DXC Technology, saving the London market £100 million

Posted on 31st October 2017 by Gavin Warren and has No comment

The LMA, working together with the IUA, has concluded a transaction with DXC Technology for the provision of bureau services that will save the Lloyd’s and London market £100 million over the next five years. Under the renegotiated contract, which was independently evaluated by specialist contract […]

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