19 March 2015

Future of London market in your hands, Hearn tells U35s

Over 350 young professionals from the London insurance market gathered last night to hear the London Market Group Chair and Willis’ Deputy CEO Steve Hearn outline the challenges facing Lloyd’s and London.

Speaking at a special event organised by the Lloyd’s Market Association (LMA) as part of its drive to engage with under 35s in the market, Mr Hearn outlined the key findings from the recent London Market Group’s London Matters report.

Addressing what will be the market’s next generation of senior management, Mr Hearn called on the audience to play an active role in the shaping London’s response to the challenges to its global position as highlighted by the report.

He said: “You work in a vital market that is a vibrant part of the UK’s economy and has real value to our society and business community. But ours is a market that must develop if it is to maintain its competitive advantages. The London Matters report has created a real and tangible opportunity for all of us to build our future marketplace.

“We need you to be part of that drive – to play an active role. The people at the top of our market’s organisations cannot do this in isolation. You are the professionals who will shortly adopt the mantle of market leaders, so make your voice and your ideas felt now.”

David Gittings, the LMA’s Chief Executive, said: “This was an important event for our programme of engagement with the market’s under 35s. Ultimately, the future of London is a challenge to which they will have to rise, together with the market’s older generation.

“Young professionals in the market have some great ideas and are extremely innovative. The key is for the wider insurance market to be able to tap into that creativity and use it. This is one of reasons we’re encouraging young professionals to get involved in our committees and panels.”

Mr Hearn was open to questions from the floor.

The event was held at the Willis Building, Lime Street, London from 4.30pm–5.30pm.

London Matters, published last November, was written by LMG working in conjunction with Boston Consulting Group. The report identifies the key challenges to Lloyd’s and the London insurance market’s status as a world centre for specialist insurance and examines its prospects for the future.

- ENDS -

Notes to Editors

For further information please contact:

James Milne, Communications Manager
Lloyd’s Market Association
T 0207 327 8405

Adrian Beeby
T 020 7623 2368

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 £26 billion per annum.