PRESS RELEASE
31 January 2022
Lloyd’s Market Association calls for transparent, market-wide approach to “at the box or in the office” availability
The Lloyd’s Market Association (LMA) has today called for a transparent, market-wide approach to the availability of underwriters in the Lloyd’s Underwriting Room and in their respective offices. This will provide the industry with a degree of certitude around any business that needs to be conducted in person and ensure market participants can plan their own workplace arrangements accordingly.
The LMA is therefore now asking each class of business committee to indicate when underwriters will be available in person to their broking partners and clients. The LMA proposes to agree and publish a common approach as soon as this week.
Patrick Davison, Underwriting Director of the LMA, said: “The value of in person meetings with clients and brokers cannot be understated. The face-to-face engagement and dynamic nature of the underwriting room is part of what makes Lloyd’s the preeminent insurance market in the world. Greater consistency and transparency on when underwriters will be physically available to meet brokers and clients, either at the box or their offices, is therefore now needed if we are to fully realise the benefits from the relaxation of Covid-19 restrictions.
"This will, of course, be balanced against the flexible working arrangements that companies have implemented, which so many have come to greatly value. The LMA Committees for each class of business will be working with members to arrive at a consistent approach on which days, each week, underwriters from that particular class will be available to their broking counterparts. We are confident that this will allow the market to return to face-to-face trading where it provides greater value while allowing for increased flexibility.
"We recognise that this will be a gradual process and the flexibility introduced into working arrangements is here to stay, as it benefits a clear majority of the workforce and businesses at Lloyd’s. However, now is the time to begin implementing a system that allows for a more transparent and market-wide approach to presence in the underwriting room."
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Notes to Editors
Media relations contacts
James Milne, Communications Director, LMA
Tel: 020 3307 3922; Email: james.milne@lmalloyds.com
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