Paul Jardine to serve a second year.
The Lloyd's Market Association (LMA) has re-elected Paul Jardine, Chief Operating Officer of Catlin Group, as Chairman for a second year.
Deputy Chairman Barnabas Hurst-Bannister was also re-elected for a second year. Hurst-Bannister is Chairman of Travelers Syndicate Management.
The appointments were approved at a meeting held by the LMA board yesterday.
In addition David Constable, Active Underwriter Syndicate 386, QBE, and Lawrence Holder, Managing Director, Cathedral Underwriting, have been elected for the first time to join the LMA Board.
Nick Furlonge from Beazley was also re-elected following this year’s annual election by the membership.
The election result, which saw 90 per cent of members by capacity vote, was declared at the LMA annual general meeting on 5 June.
David Gittings, Chief Executive of LMA said: “The LMA is taking a more proactive role in market issues. It reinforces the fact that the market supports what we’re doing, evidenced by the record level of voting in the LMA Board elections.”
The LMA 2008 work plan
In May, the LMA issued its Work Plan 2008, which provides a review of the Associations priorities.
In addition to its core underwriting and claims technical activity, highlights over the past 12 months include:
* The Strategic Claims Review, identifying the need for a long term technology strategy for a single London market claims platform and the requirement for a segmented claims process
* Taking the lead in promoting electronic placing - currently 50 firms across the market are actively engaged in this initiative
* Ensuring a satisfactory outcome to the EC Sector Inquiry into Business Insurance.
Future activity includes:
* Responding to the FSA on commission disclosure. The LMA maintains the position that there should be full disclosure of commission
* Responding to the EC on the Block Exemption Regulation. LMA argues for maintaining the block exemption to support business practices in the subscription market, with emphasis on the LMAs work on model wordings and clauses
* Improving the speed of premium payment in the market, including measures to change the basis of premium reporting and monitoring.
In addition, David Gittings has recently chaired The London Market Skills Review, the first detailed research into skills, recruitment and development in the London wholesale insurance market. It was undertaken by the Financial Services Skills Council (FSSC) on behalf of the Chancellors High Level Group on City Competitiveness.
The report concludes that, whilst various programmes are underway, including encouraging the London Markets graduate agenda and developing work experience and expertise in specific areas, much more work will need to be done on skills and development initiatives to ensure that the London Market retains its status as a leader in wholesale insurance.