22 November 2022
LMA Panel announces renewed approach to membership
The Lloyd’s Market Association’s (LMA) Worldwide Property Business Panel (WPP) has announced that it is putting all places up for election and will be asking LMA members to elect managing agents, instead of individuals. It will be the responsibility of each elected managing agent to then put forward the most suitable person.
These changes were proposed by the panel after it challenged whether the election of individuals could be acting as a barrier to the diversity of its membership. The panel believes that these changes demonstrate their commitment to accelerating and achieving greater diversity among its membership in order to be more representative of the Lloyd’s market and its customers as well as recognising the value of diversity in developing high-performing groups.
The panel’s new approach to elections is part of a strategy to introduce a more diverse and representative membership and to demonstrate to the wider insurance sector that, where a lack of diversity is known to exist, a proactive approach is necessary to accelerate change.
The election will take place in December 2022. From 01 January 2023, the elected managing agencies will nominate candidates from within their firms to identify issues of interest and concern to LMA members, liaise with other LMA committees and groups, and take necessary actions to discuss and solve global market issues.
Sheila Cameron, LMA Chief Executive said: “The LMA is committed to making an active contribution to the diversity, inclusion and cultural change within the Lloyd’s market. The unique ability of the Association to bring together representatives of the Lloyd’s markets in committees, provides an opportunity to ensure market discourse recognises the strong technical expertise and diverse viewpoints of market participants.
“Thank you to the existing panel members who have served the market’s interests so dutifully, and for identifying the need bring about this change.”
Toby Sawyer, Head of Property, AEGIS London, WPP Chair said: “The panel exists to represent and promote the interests of the writers of open-market property business within the Lloyd’s market. Therefore, it is the combined decision of the panel members that we take this necessary step to ensure we represent all of the individuals in our market.”
The Worldwide Property Business Panel election results will be announced in January 2023.
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Notes to Editors
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About the Lloyd’s Market Association (LMA)
The Lloyd's Market Association (LMA) exists at the very heart of Lloyd's, a world-leading global marketplace for complex risk where solutions to challenges are delivered every day. All 51 Lloyd's managing agencies, who write approximately £36 billion of premium per annum, and all Lloyd's members agents, are members of the LMA.
We represent our members' interests to organisations including governments, regulators, and the market's central supporting body, the Corporation of Lloyd's. We provide professional and technical expertise in areas ranging from model policy wordings to the implementation of innovative technologies. We connect with our members to identify and resolve issues facing the market, and work in partnership with Lloyd's and the other market associations to influence initiatives and outcomes. We operate the market's most comprehensive technical education service, the LMA Academy. For more information visit: www.lmalloyds.com