The Market Reform Group has formed the Market Reform Implementation Board (MRIB) to push forward the implementation of London Market Principles.
Lloyd's head of process reform Iain Saville will head up the new board, which is comprised of senior representatives from major brokers, Lloyd's managing agencies and London market underwriters together with Xchanging In-Sure Services.
Saville said: “The setting up of the MRIB recognises that LMP is entering a new phase. The successful implementation of the business process reforms will depend on the take up and support of senior practitioners.
“MRIB will ensure that there is commitment and that the benefits of the reforms are realised.”
The role of the board will be to harness the resources and leadership of principal players to ensure market-wide delivery of LMP projects and the subsequent benefits these projects are designed to offer.
MRIB will initially take on the implementation of the accounting and settlement (A&S) and claims reforms. The MRIB will oversee the technical and operation delivery of these projects, as well as being instrumental in effecting the changes required in market practice, it said.
Other Members of the MRIB include:
Tom Bartleet, managing director, global markets North America for Willis;
Chris Smith, head of business practices for Limit;
Bill Oram, operations director of Aon;
Andy MacDonald, a director of Benfield;
Patrick Mina, managing director, client and market services for Marsh;
Hugh Maltby, business support director of Brit;
David Harris, operations director of Amlin; and
Clive Buesnel, head of Xchanging London Market Services.
