Lloyd’s has assembled a gold and silver team to help it deal with the ongoing conflict between Russia and Ukraine
Lloyd’s of London has assembled a committee to help mitigate risks that have arose from the ongoing conflict between Russia and Ukraine.
Speaking during a press briefing on 24 March 2022, John Neal, chief executive of Lloyd’s, said: “When you find yourself in a crisis you need to have a crisis management capability, which is what we did for Covid.
”So, we have gold and silver team. In major crises, our gold team is our executive committee. The silver team are qualified individuals within society who can look at different elements of the challenges we are facing.”
The silver team meet daily, while the gold team get together three times a week.
Neal continued: “We would look at underwriting exposure.
”Sanctions have been huge in terms of the effort we have gone through - [it is] a 24/7 job at the moment understanding what the UK government, the European Union [and] the US wants to do. Are they in lockstep? Are they not? What are the implications of imposing sanctions?
”We had to look at the balance sheet and the impact on investment strategy and we equally need to look at the operational matters - are there indirect operational activities that have a dependency on Russia, Ukraine [or] Belarus?” Neal added.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
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