Peter Sprent, Head of Global Financial Risks at Liberty Specialty Markets and James Bamford, Global Practice Leader – Political Lines at Talbot Underwriting, are leading the Lloyd’s Market Association’s (LMA) newly established political risk working group.
The working group has been created to examine regulatory issues affecting banking clients (and potentially insurers) and will report to the LMA’s Political Risks, Credit and Financial Contingencies Panel.
The working group will focus its attention on:
- understanding potential effects on banks’ use of non-payment insurance(1) for capital relief
- producing research to demonstrate the value of non-payment insurance for bank clients
- engaging with a wide range of stakeholders to discuss how insurers and banks can work together to educate regulators about the value and benefits of credit insurance products.
Peter Sprent said: “I am delighted to help lead the activities of the group, whose work will hopefully prove highly beneficial to financial lines and political risk underwriters at Lloyd’s.”
The working group will be supported by Leigh Allen and David Powell of the LMA, with expert input from Audrey Zuck of A2Z Risk services. Other members of the working group include Underwriters from Aegis, Channel, Chaucer, Chubb and XL Catlin.
Notes to Editors
(1) Non-payment insurance protects the insured (a lender) against the risk of an obligor (or borrower) defaulting on the repayment of a loan. These policies are also used for capital relief by some banks, subject to the bank complying with the relevant Basel III requirements.
About the Lloyd’s Market Association (LMA)
Formed in 2001 and located in the heart of the Lloyd’s Building in the City of London, the Lloyd’s Market Association represents the interests of the Lloyd’s underwriting community. All underwriting businesses at Lloyd’s are members, together managing gross premium income of around £30billion per annum.
For more information visit: www.lmalloyds.com.
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