Press coverage

LMA 'in the news'

A round-up of recent press coverage relating to the Lloyd's Market Association.
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 Viewpoint: ''Lloyd''s has a bright future and will consign its current challenges to history''

Insurance Day | 21 Nov 2018

As chief executive of Lloyd's Market Association David Gittings prepares to step down at the end of the year he gives a personal view of 25 years at the centre of Lloyd's.

Ascot CEO becomes new Lloyd's Market Association chairman

Intelligent Insurer | 10 Oct 2018

Andrew Brooks, CEO of Ascot Underwriting, has been appointed the next chairman of the Lloyd’s Market Association (LMA) with effect from Jan.1, 2019. David Gittings, CEO of LMA, said: “I am delighted  to welcome Andrew as our new Chairman. With around 30 years’ experience within the Lloyd’s market, and six years as an LMA Board member, he is well placed to lead the LMA Board so as to best serve the interests of our members".

Poll reveals priorities for Lloyd's market claims leaders

Insurance Business | 09 Oct 2018

An LMA poll found that more than 90% of claims leaders in the market regard reputation as among their top three priorities. Next on the list is straight-through processing, particularly when it comes to delegated authority claims. LMA Claims Committee (LMACC) chair Tony Rai, who is also head of London Market Claims at Hiscox, said: “The LMACC undertook this detailed study to gain a clearer understanding of the fast-changing claims landscape, which will enable us to prioritise our efforts to best support the claims community within Lloyd’s”.

 Managing agents face higher bills for market reform

Insurance Day | 04 Oct 2018

Insurance Day reported that managing agents will be required to pay around £22m ($28.6m) to cover the cost of running the central services developed as part of the TOM programme.  LMA's CEO David Gittings said: "The levy for actually carrying on the modernisation programme in 2019 will be slightly lower than in 2018. However, on top of that there will be a levy for the running costs for the services we have built while we transition to paying for it via transaction charging".

 LMA calls for Lloyd's market to oversee TOM claims modernisation programme

Insurance Day | 04 Oct 2018

The LMA is calling for governance of the forthcoming claims modernisation element of the TOM programme to be brought within the Lloyd’s market, arguing that as managing agents are likely to be paying for this work, the Lloyd’s market should oversee it rather than the London Market Group LMG), a cross-market body. David Gittings, CEO, LMA said: “The governance should follow funding,” the LMA’s chief executive, David Gittings, said. “If claims is to be funded by the Lloyd’s community then governance should fall within Lloyd’s”.

Lloyd’s Market Association & Lloyd’s Issue Policy Documents in Preparation for Brexit

Insurance Journal | 19 September 2018

Alison Colver, head of wordings, LMA, said: “We are pleased that, through the collaborative efforts and hard work of the respective teams at LMA and Lloyd’s, we have been able to prepare and publish these documents, ahead of January renewals, and of course, Brexit”.

Navigators' Cameron replaces Gittings as LMA CEO

Intelligent Insurer | 28 August 2018

Sheila Cameron, currently head of international operations at Navigators Underwriting, is to become the next CEO of the LMA. Neil Maidment, LMA chairman, said: “Sheila’s background and experience in the London Market will be invaluable in driving the LMA’s agenda forward. The board very much looks forward to working with her.”

Lloyd’s Market Association to appoint new CEO

Insurance Times | 28 August 2018

The LMA has appointed Sheila Cameron as its new chief executive, following David Gittings’ announcement to step down. Cameron said she was “honoured and excited” to lead the LMA and build on Gittings’ work.

Lloyd's Market Association reveals new CEO

Insurance Business Magazine | 28 August 2018

The woman taking the helm will be Sheila Cameron, currently head of international operations at Navigators Underwriting Limited. She will step into the role as David Gittings moves on at the end of the year following 12 years in the hotseat. Neil Maidment, chairman of the LMA, thanked Gittings for his successful tenure. “David has worked successfully over many years to ensure that the interests of market firms have been effectively represented and we will be sorry to see him go. I would like to take this opportunity to thank him on behalf of our members for all he has achieved.”

 Lloyd's agencies eager to embrace ILS

Intelligent Insurer | 14 August 2018

Lloyd’s agencies want insurance-linked securities (ILS) as a permanent re/insurance market fixture, according to a survey by the Lloyd’s Market Association (LMA).

 David Gittings calls for Lloyd’s to launch 'deep review'

Financial Times | 13 July 2018

In an interview with the Financial Times, David Gittings says Lloyd’s needs to launch a deep review of how it operates and expresses his view that the insurance market is ready for more ‘radical change’.

 Lloyd's COOs plan system upgrades as modernisation drive builds

Insurance Day | 25 June 2018

Following LMA's survey of Lloyd's market COOs, Sheila Cameron, chair of the LMA Operations Committee, said almost all respondents to were planning some form of systems upgrades in 2018. She told Insurance Day expense reduction was a major driver behind the investments being made to modernise market processes.

LMA reveals committee appointments

Insurance Business | 22 June 2018

Following a recent ballot at Lloyd’s, XL Catlin’s Paul De Vido and Vibe Syndicate Management’s Stephen Ranzetta have been elected to the committee effective immediately – joining 16 other members, as well as a chair and deputy chair.

 Insurers may get speedier Ogden reprieve

Insurance Insider | 19 June 2018

An amendment to the legislation currently making its way through UK parliament means that change to the Ogden discount rate may happen faster-than-expected. David Powell, head of non-marine underwriting at the LMA said "Having gone through this process we don’t want to wait another nine months for another rate.” 

New Zealand’s perfect offshore storm

IUMI Eye newsletter | June 2018

James Straker-Nesbit, Senior Executive, LMA and IUMI Offshore Energy Committee Secretary, discusses New Zealand's recent announcement of its intention to ban all offshore exploration.

 Lloyd’s of London will continue in its vital role

Financial Times | 14 June 2018

David Gittings' letter to the Financial Times in response to the article on 13 June 2018, Can Lloyd's of London survive as the home of global insurance? David's letter explains that the Lloyd's market will play a vital part in developing new and innovative insurance protection in the ever-changing economic and technological landscape of both today and tomorrow..

 Lloyd's will adapt and evolve in the midst of uncertainty

Insurance Day | 12 June 2018

LMA's CEO, David Gittings discusses the wide range of challenges currenty facing Lloyd's, but explains how he expects the market to innovate and to 'respond in an effective and enterprising manner' to ensure that Lloyd's will continue to thrive in years to come.

 Momentum increasing in London's takaful

Insurance Day | 24 May 2018

So-called silent cyber insurance, which firms risk issuing accidentally as a result of loosely worded contracts, isn't the threat that some thought it could be for underwriters, the Lloyd’s Market Association said in a report on an analysis of policies it conducted. “In most classes covering physical damage losses, malicious and/or nonmalicious cyber incidents were found to be excluded, although there were examples of limited write-backs for existing perils,” the LMA said in a statement.

LMA issues credit risk warning

Insurance Business | 17 May 2018

The LMA has set off alarm bells, in its response to the “Credit risk mitigation: eligibility of guarantees as unfunded credit protection” consultation paper of the Prudential Regulation Authority (PRA). “The LMA is concerned that the proposals set out in the consultation paper could damage the ongoing use of non-payment insurance as a robust and effective transfer of risk for banks,” commented David Powell, the LMA’s head of non-marine. “These products support a wide range of lending, with global exposures insured on a transactional basis currently estimated at US$100 billion to US$150 billion,” said the association.

London market to get guidance from new cyber risk report

Insurance Business | 10 May 2018

A Joint Rig Committee report called Upstream Oil and Gas Cyber Risk – Insurance Technical Review has been published following a workshop of senior oil and gas underwriting leaders, cyber experts, and specialists from various technical disciplines. It identified systemic vulnerabilities in the design of oil and gas platforms and recommends a change in approach. LMA senior technical executive James Straker-Nesbit siad that the cyber report, which details the frequency and severity of previous attacks, aims to provide an up-to-date analysis through an accessible resource.

 The insurance industry should not fear the development of autonomous driving

Insurance Day | 03 May 2018

LMA's head of non-marine, David Powell explains that the motor market will need insurers for a long time to come as autonomous vehicle technology will demand a new set of insurance products, but in the even-longer term, if driverless cars fulfil their potential, a low-frequency claims environment alongside high-performance road safety technology will diminish the need for insurance.

HFW Insurance and Reinsurance Brexit Considerations

All About Shipping | 30 April 2018

This article looks at four questions about the transition period and the impact the answers could have on businesses operating in the (re)insurance sector. The article refers to the LMA's Euro Contract Continuity Clause, which was issued in 2012 in response to fears of “Grexit”, and its subseqent update in relation to Brexit.

L Marks & Boston Consulting chosen to set up Innovation Labs

Insurance Journal | 26 April 2018

Lloyd’s of London has chosen innovation specialist L Marks and The Boston Consulting Group (BCG) to support the set-up and operation of the Lloyd’s Lab, a technology center set to launch in the second half of 2018. BCG will work with the Lloyd’s Market Association (LMA) and managing agents to identify challenges faced by the Lloyd’s market that the Lab can address.

LMA publishes report to aid members in taking on cyber risks

Insurance Business | 24 April 2018

The LMA’s report “Cyber Risks & Exposures Model Clauses: Class of Business Review” found that malicious and/or non-malicious cyber incidents were excluded in most classes covering physical damage losses. Findings also include “evidence of increasing sophistication” in terms of cyber exposures monitoring and management, amid tighter regulatory supervision.

 LMA says ''silent'' cyber exposure not a threat

Law360 | 24 April 2018

So-called silent cyber insurance, which firms risk issuing accidentally as a result of loosely worded contracts, isn't the threat that some thought it could be for underwriters, the Lloyd’s Market Association said in a report on an analysis of policies it conducted. “In most classes covering physical damage losses, malicious and/or nonmalicious cyber incidents were found to be excluded, although there were examples of limited write-backs for existing perils,” the LMA said in a statement.

LMA Update: Lee Elliston on the Single Claims Agreement Party (SCAP) Model

Claims Media | 13 April 2018

The Single Claims Agreement Party (SCAP) Model was a key step towards modernising and streamlining existing claims agreement models for non-complex claims, says Lee Elliston, claims director at the Lloyd’s Market Association.

LMA welcomes 2018 board members

Insurance Business | 04 April 2018

Aegis Managing Agency Ltd managing director David Croom-Johnson (pictured) has been appointed to the board of the Lloyd’s Market Association (LMA) for a term of three years.

Lloyd’s Market Association Names New Board Members for 2018

Insurance Journal | 03 April 2018

The LMA has announced one new (David Croom-Johnson, Aegis) and three re-appointed board members, following a recent nomination process. In addition, the LMA has co-opted Hannah Purves, claims director at Markel and deputy chair of the LMA Claims Committee, to the board. Claims modernization is currently a top priority for the LMA and the appointment of Purves will reinforce the board’s expertise, said the LMA.

 Aegis’ Croom-Johnson joins LMA board

Insurance Insider | 03 April 2018

The Lloyd's Market Association (LMA) has appointed Aegis' David Croom-Johnson as a new board member and re-installed three others.

Beazley’s Dirk Froese elected to LMA Aviation Committee

Reinsurance News | 29 March 2018

A recent Lloyd’s ballot has elected Dirk Froese, Head of Aviation at Beazley, to the Lloyd’s Market Association’s (LMA) Aviation Committee for a term of four years.

Lloyd’s introduces electronic placement mandate

Reinsurance News | 20 March 2018

The Lloyd’s of London marketplace has announced that it is to issue a mandate for electronic placement, which will require syndicates to progressively write more of their risks electronically. LMA’s CEO David Gittings said: “The LMA Board supports the introduction of a mandate to encourage electronic placement across the London market, and it is pleased that the recommendations it made earlier in the year to encourage adoption are being taken forward.”

 Lloyd's offers carrots and sticks as it sets out timetable for PPL mandate

Insurance Day | 20 March 2018

The Syndicates will be required to write a rising proportion of risks electronically from end of Q2 with financial incentives offered but also threats of capital loadings. LMA made five recommendations to improve the adoption of PPL, which it said should be “prerequisites before any mandate becomes effective”. LMA chief executive, David Gittings, said: “[The LMA board] is pleased that the recommendations it made earlier in the year to encourage adoption are being taken forward.”

LMA expands marine committee; puts 'cyber gap' on 2018 agenda

Intelligent Insurer | 8 March 2018

LMA stated that [the committee's] priorities include addressing the [cyber] gap between what the PRA may require in this area and current market practice. At the same time, it will assist the market in relation to its understanding of cyber exposure and coverage issues.

LMA guidance for UK coverholders on IDD

Lexology | 6 March 2018

LMA published guidance for UK coverholders on the Insurance Distribution Directive (IDD). The guidance is intended to highlight certain important aspects of the IDD. It covers: Product oversight and governance, including product manufacture and product distribution.

LMA unveils priorities for 2018

Insurance Business | 26 February 2018

The LMA, which chief executive David Gittings described as having “unparalleled” access to and influence in the world’s specialist insurance market, has revealed its priorities for this year.

LMA CEO Gittings puts claims modernisation on top of 2018 agenda

Intelligent Insurer | 23 February 2018

David Gittings, CEO of the Lloyd’s Market Association (LMA) told chief executives from across the Lloyd’s managing agency community that claims modernisation is a top priority for the organisation in 2018.

LMA Launches Claims Development Training Tool

Insurance Journal | 20 February 2018

The LMA has launched the Claims Development Pathway, an interactive training and development tool that will provide support to claims professionals in the Lloyd’s market, at every stage of their careers.

 LMA chief Gittings: Win hearts and minds rather than mandate PPL

Insurance Day | 5 February 2018

The LMA today put forward five recommendations to improve the adoption of the London market electronic placing platform, which it said should be “prerequisites before any mandate becomes effective”.  These have been accepted by Lloyd’s, the association said.

 LMA urges more work before PPL is made compulsory

Insurance Insider | 5 February 2018

The LMA has called for five changes to the market's electronic placing system before it becomes compulsory. LMA CEO David Gittings said: "A combined market effort has seen good progress towards making electronic placing a reality." But Gittings urged Lloyd's to make additional changes to the system before making it compulsory. 

 Lloyd’s of London to bin paper-based trading

Financial Times | 5 February 2018

Lloyd’s of London will for the first time require all its brokers and underwriters to switch from paper-based to electronic trading in an aggressive push by the 300-year-old insurance market to force tradition-bound members to cut costs and improve efficiency. David Gittings, chief executive of the Lloyd’s Market Association, which represents underwriters at Lloyd’s, said there had been “good progress” on electronic underwriting. But he added the LMA made a series of recommendations to Lloyd’s about the system, including enforcing any mandate via “financial incentives rather than financial penalties.”

Lloyd's launches new claims model

Insurance Times | 1 February 2018

A new [Single Claims Agreement Party] model that will simplify how claims within the London market are handled is being launched today. LMA’s chief executive, David Gittings said: “The single agreement model will make the settlement of claims in the London market more efficient and will offer an improvement in service and customer experience.”

Lee Elliston on the Claims Expert Management Hub

Claims Media | 1 February 2018

According to Lee Elliston, claims director at the LMA, the hub is one step in the Lloyd’s market’s journey toward becoming a much more digital marketplace. He said: "Lloyd’s is moving towards becoming a much more digital marketplace. Data capture, manipulation, and sharing is one of the routes towards modernising the market, and holds out benefits for all market functions, including claims."

London Market Single Claims Agreement Launched to Improve Claims Handling

Insurance Journal | 1 February 2018

The London market has launched a simplified system for claims handling in an effort to improve client service and streamline claims agreement across the London market. The Single Claims Agreement is designed “to enable quick and efficient authorization of claims by allowing policy leaders to agree non-complex payments up to £250,000 [$354,400] on behalf of following carriers,” said a statement issued jointly by LIIBA, the LMA, IUA and Lloyd’s.

 London market training goes international

Insurance POST | 31 January 2018

The Lloyd's Market Association will begin offering a range of technical programmes and courses internationally. Charlotte Myers, LMA Academy & market talent development director said: “With Lloyd’s accepting business from more than 220 countries worldwide, expanding into major international hubs is a logical step for the academy. Programmes in other Lloyd’s markets will be added in due course, to help maintain and develop the skills critical to Lloyd’s remaining a leading-global re/insurance market in the future.”

Insurance sector "still in the game" to cover driverless cars

Insurance Age | 11 January 2018

The legal and regulatory framework needs updating to meet the demands of autonomous vehicles, according to David Powell, head of non-marine underwriting at the LMA. At a lecture at Lloyd’s of London on 11 January, Powell highlighted that significant changes to the insurance industry are imminent. “The government is keen to embrace incoming technology and it doesn’t want anything, including insurance issues, to get in the way of this,” Powell stated.

Hiscox exec appointed chair of LMA claims committee

Intelligent Insurer  | 11 January 2018

The LMA has appointed Tony Rai as chair and Hannah Purves as deputy chair of its claims committee (LMACC). Lee Elliston, claims director, LMA said: "I am pleased to announce that Tony Rai and Hannah Purves will take up the roles of Chair and Deputy Chair respectively. Their combined knowledge, experience, claims vision and leadership qualities will be an invaluable asset to the LMA as it continues to advance a number of initiatives for the benefit of the market."

 UK insurers can't bet on Brexit solutions: Lloyd's underwriter body

S&P Global Market Intelligence | 09 January 2018

The UK government is unlikely to act quickly enough to stop insurers triggering their Brexit contingency plans and moving business to remaining EU member states, according to David Gittings, CEO of Lloyd's of London underwriter trade body the Lloyd's Market Association. Gittings said in an interview with S&P Global Market Intelligence: "I personally feel that the prospect of the government pulling a rabbit out of the hat with regard to free trade agreements or even transitional arrangements quickly enough to prevent people triggering their contingency plans is becoming unlikely."

 The GDPR's definition of data controllers is problematic for the London market

Insurance Day | 05 January 2018

In this article for Insurance Day, Manreet Sher, LMA's senior executive, legal and compliance explains how the new [GDPR] regulation brings with it a raft of new requirements. Data controllers are required to explain to policyholders what personal data they collect, what it is used for and the legal bases for such processing. This creates specific problems for the insurance industry, in particular the Lloyd’s and London market, where there are potentially multiple data controllers.

 LMA puts spotlight on international casualty

Reactions (print version, page 16) | Dec '17/Jan '18

Results from the LMA's survey into the international casualty treaty market, which sought the views of underwriters about pricing and conditions, show the sector is primed to shift. LMA's Patrick Davison, Manager - Property, Reinsurance and Delegated Underwriting offers an analysis of answers compiled from respondents representing some 80% of all the premium Lloyd's underwrites in in the class.

Brexit will dominate 2018

Intelligent Insurer | 02 January 2018

"2018 will be about Brexit,” said David Gittings, chief executive of the LMA, in an interview for Intelligent Insurers' year-end questionnaire. “Recent developments that point to a softer Brexit and the possibility of continued free trade with the EU in financial services are certainly promising, but the Lloyd’s market centrally, and at the individual managing agency level, has contingency plans in place to ensure a smooth transition for clients, no matter what the outcome,” Gittings noted.

LMA publishes report to aid members in taking on cyber risks

Insurance Business | 24 April 2018

The LMA’s report “Cyber Risks & Exposures Model Clauses: Class of Business Review” found that malicious and/or non-malicious cyber incidents were excluded in most classes covering physical damage losses. Findings also include “evidence of increasing sophistication” in terms of cyber exposures monitoring and management, amid tighter regulatory supervision.