06 August 2021
LMA facilitates Government-backed live events scheme
The Lloyd’s Market Association today (LMA) announces that, following intensive discussions with HM Government and leading Lloyd’s contingency underwriters, Chancellor Rishi Sunak has launched the Live Events Reinsurance Scheme, in partnership with Lloyd’s.
Participating syndicates include Arch, Beazley, Dale Underwriting Partners, Hiscox and Munich Re. The scheme, which will run from September 2021 to September 2022, will support live events across the UK, which the general public can purchase tickets for, such as music festivals and business events. It will cover costs incurred in the event of cancellation due to national or sectoral lockdowns being reimposed.
Patrick Davison underwriting director, LMA said: “The launch of this scheme highlights the significant strengths and willingness of the Lloyd’s market to find innovative solutions to its customers’ needs. Supported by the LMA, it is the culmination of a significant intellectual and financial investment by managing agents.”
LMA chairman Andrew Brooks added: “This partnership with the UK government will further add to the considerable support provided by the Lloyd’s market to its customers during the pandemic. The tenacity, dedication and technical expertise of Patrick Davison have been instrumental in making this possible, enabling the market to answer a need that is a crucial factor in enabling society to reopen. It is a great achievement for the market and facilitating initiatives such as this for the benefit of our members and customers goes to the heart of the LMA’s purpose.”
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Notes to Editors
Media relations contacts
James Milne, Communications Director, LMA
Tel: 020 3789 3466; Email: email@example.com
Richard Adams, Haggie Partners
Tel: 020 7562 4444; Email: firstname.lastname@example.org
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