Four Lloyd's market associations have agreed to merge under the banner of the Lloyd's Market Association (LMA) in a move to create closer market collaboration.

The Lloyd's Underwriters' Association (LUA), Lloyd's Underwriters' Non-Marine Association (NMA), Lloyd's Aviation Underwriters' Association (LAUA) and the Lloyd's Underwriting Agents' Association (LUAA) will merge into the LMA.

The four associations will retain their professional identities and continue to perform their specialist technical work.

But under the new structure, they will have unified representation on matters of strategic importance.

A combined secretariat will provide an efficient and cost-effective service under the management of a soon-to-be appointed chief executive officer.

LMA chairman Stephen Catlin said: “There are initiatives in hand that, if successful, will enable the market to prosper in the future.

“These include the further development of risk-based capital, improvement in terms of trade, the clarification of London market service standards and the reassessment of the future capital structure of Lloyd's.

“By approaching these initiatives with single minded determination and the support of the whole market the new, united LMA will enormously increase the chances of success.”