11 November 2015

Rise of the CRO merits new LMA committee

A new committee of chief risk officers (CRO) set up by the Lloyd’s Market Association (LMA) will promote efficient operation and the very highest technical standards in risk management for Lloyd’s managing agents.

As part of its programme, the committee will examine the evolving regulatory requirements for CROs, consider emerging and long-terms risks and champion best practice. The committee will also determine and define the skills and knowledge required to fulfil the CRO role within a Lloyd’s insurance business.

The committee’s formation is a response to the growing significance of the role of CRO in the Lloyd’s insurance market and comprises around 20 CROs drawn from across the Lloyd’s managing agency community.

Chaucer’s CRO, Penny Shaw, is the inaugural chair supported by Beazley’s CRO, Andrew Pryde, as deputy-chair. The LMA’s director of finance and risk Ken Curtis is also on the Committee.

Ken Curtis said: “The founding of this committee has been driven by the market, recognising the increased profile of, and reliance on, the CRO and partly in response to the Prudential Regulation Authority’s decision to make risk management a senior insurance management function under the revised Approved Persons Regime.”

The new committee will meet six times a year and will report directly to the LMA board.

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Notes to Editors

Chief Risk Officers Committee Members

Mark McCausland, ACE Underwriting Agencies Limited
James Illingworth, Amlin Underwriting Limited
Mark Graham, Antares Managing Agency Limited
Phil Ellis, Apollo Syndicate Management Limited
Yvonne Bouman, Asta Managing Agency Limited
Andrew Pryde, Beazley Furlonge Limited
Stephen Manning, Canopius Managing Agents Limited
Penny Shaw, Chaucer Syndicates Limited
Martyn Rodden, Faraday Underwriting Limited
Hanna Kam, Hiscox Syndicates Limited
Ken Curtis, Lloyd's Market Association
Greg Shepherd, Markel Syndicate Management Limited
Martin Burke, Mitsui Sumitomo Insurance Underwriting at Lloyd's Limited
Reeken Patel, Novae Syndicates Limited
Phil Dodridge, QBE Underwriting Limited
Julian Ross, Talbot Underwriting Ltd
Andrew Hitchcox, Tokio Marine Kiln Syndicates Limited
Kendra Felisky, Travelers Syndicate Management Limited
Paul Element, XL Catlin Underwriting Agencies Limited

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.

For further information please contact:

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