Checking compliance part of market’s role

Lloyd's building

Lloyd’s has insisted that a probe into whether insurers are breaching international trade sanctions is part of its daily operations.

Andy Wragg, a senior market manager in the regulatory team at Lloyd’s, is leading the inquiry, which will look at the controls used by syndicate owners to avoid breaking international sanctions against countries including North Korea and Iran.

“Reviewing all aspects of managing agents’ performance is part of the day-to-day role of overseeing the Lloyd’s market,” a spokesman said. “This includes conforming with all applicable international sanctions, which we have always done.