Lloyd’s seeking 'swift decision making' with new single governing body

Specialist re/insurance marketplace Lloyd's of London has finally  merged its franchise board into the Lloyd's council and confirmed the members of its new single governing body. It said, the move is aimed at "combining robust governance with swift decision making".

Earlier in November 2019, Lloyd's announced that the proposal to merge its council and its franchise board received an overwhelming support (over 90 percent) from across the market, followed by five months of consultation with the Lloyd’s Market Association (LMA), the Association of Lloyd’s Members (ALM), the High Premium Group (HPG) and Lloyd’s Members’ Agents.

Lloyd's stated that due to the COVID-19 lockdown restrictions it wasn't able to hold a full contested elections process in April 2020 as was originally planned. Instead, it rolled over existing members of the council and retained Karen Green and Dominick Hoare as special advisors to the council until full elections can be held, which are expected to take place before the end of the year.

Lloyd’s, however, noted that it has taken careful steps to ensure its governance and management of the Lloyd’s market and Corporation is efficient and represents its different stakeholders.

The confirmed members of the new council are - Bruce Carnegie-Brown (chairman), Andy Haste (senior independent deputy chairman), Angela Crawford-Ingle (audit committee chair), Fiona Luck, Neil Maidment (risk committee chair – subject to regulatory approval), John Sununu, John Neal, Burkhard Keese, Andrew Brooks, Vicky Carter, Dominic Christian (deputy chairman), Axis Corporate Capital UK represented by Albert Benchimol, Flectat represented by Michael Watson, Nameco (No.1249) represented by Jeffery Barratt.

Lloyd’s chairman Bruce Carnegie-Brown, said: "The combination of Board and Council will allow robust and accountable governance with the ability to make swift decisions when necessary. The current COVID-19 pandemic serves as a primary example of our need to be as efficient as possible in our decision-making. I am pleased to welcome all the members of the Council and look forward to working with them all as we deliver Lloyd’s strategy to build the most advanced Insurance marketplace in the world.

“I would like to thank the Lloyd’s Market Association (LMA), the Association of Lloyd’s Members (ALM), the High Premium Group (HPG) and Lloyd’s Members’ Agents in particular for their advice and support in forming the Council."