{"id":659,"date":"2025-05-08T13:00:39","date_gmt":"2025-05-08T13:00:39","guid":{"rendered":"http:\/\/www.vsdia.com\/?p=659"},"modified":"2025-05-08T18:41:00","modified_gmt":"2025-05-08T18:41:00","slug":"lloyds-market-at-a-pivotal-point-as-new-leadership-takes-helm-lma-ceo","status":"publish","type":"post","link":"http:\/\/www.vsdia.com\/index.php\/2025\/05\/08\/lloyds-market-at-a-pivotal-point-as-new-leadership-takes-helm-lma-ceo\/","title":{"rendered":"Lloyd\u2019s market at a \u2018pivotal point\u2019 as new leadership takes helm: LMA CEO"},"content":{"rendered":"

Sheila Cameron, CEO of the Lloyd\u2019s Market Association (LMA), has suggested that with Patrick Tiernan and Charles Roxburgh appointed as the new CEO and Chair of Lloyd\u2019s, they are stepping in at a “pivotal point” and have a real opportunity to elevate the marketplace at a time when it is more critical than ever to UK PLC.<\/p>\n

\"\"Cameron said the new arrivals are hugely welcomed by the LMA and its members, adding, “This new team will inherit a global insurance platform in a strong position to move forward based on sound foundations: performance has shifted strongly forward; innovative capital solutions have come to the fore; regulation has become outcome and principle-focused; and we\u2019ve made a step change in our approach to cultural change across the market.”<\/p>\n

Cameron continued, \u201cThe London insurance market, which has Lloyd\u2019s as its beating heart, has moved from being a fifth of the City\u2019s GDP in 2016 when the last Chairman joined, to being responsible for a third of its GDP today, with 90% of its premium emanating from outside the UK.<\/p>\n

“Lloyd\u2019s and the London market, and the people they employ, have never been more critical to UK PLC and are recognised as global leaders.<\/p>\n

“But we shouldn\u2019t take that success for granted in an increasingly competitive world \u2013 we need to build on that success to generate further sustainable growth.<\/p>\n

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According to Cameron, the LMA\u2019s view is that Patrick and his executive team will need to continue to work in partnership with the Lloyd\u2019s market to listen and then develop a vision as to how they want to facilitate and service the global platform of the 2030s.<\/p>\n

The LMA’s CEO observed that there are five main priorities for the newly appointed executives and the incoming team.<\/p>\n

“First and foremost, they must maintain their ruthless discipline over underwriting performance to ensure our marketplace delivers its growth potential. Underwriting must remain profitable over the course of the insurance cycle. This needs to be balanced with allowing the managing agents the freedom to underwrite and innovate as individual businesses within a strong structure,” Cameron said.<\/p>\n

She continued, \u201cSecond, the Lloyd\u2019s market must remain attractive to capital, with a continued focus on innovative solutions for new and existing capital, and a clear value proposition to the different capital types that are attracted to the market. The Lloyd\u2019s market is the home of global insurance innovation, not just in our products and our capital but also in how we work.<\/p>\n

\u201cTo that end, the third objective is to continue our simplification and digitisation journey, as we grasp the opportunity of artificial intelligence and data. While AI is today helping insurers to reduce costs, we must harness it to help evolve products towards prediction and prevention of loss.<\/p>\n

“Fourth, Lloyd\u2019s must continue the drive towards principles and outcomes-based oversight, with ongoing reduction in duplication across Lloyd\u2019s, the Prudential Regulation Authority and the Financial Conduct Authority. The three regulators together should be collaborating to assist the Lloyd\u2019s market to remain competitive with strong safe foundations but also the freedom to innovate.<\/p>\n

\u201cPatrick and the new executive team must also support the market in leveraging the unrivalled license structure it has in place to the greatest effect and continue to protect the worldwide franchise.<\/p>\n

\u201cAnd finally, if we are going to attract the most outstanding global talent in our market, we must offer a world-class culture across the market.”<\/p>\n

Cameron concluded, “We at the LMA want to engage collaboratively with Lloyd\u2019s to create the most compelling global platform of the 2030s, which is optimal for insurers, for our broker trading partners, our policyholders and finally for our people. By working together, we can make this market the best it can be for all of its stakeholders.”<\/p>\n

The post Lloyd\u2019s market at a ‘pivotal point’ as new leadership takes helm: LMA CEO<\/a> appeared first on ReinsuranceNe.ws<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Sheila Cameron, CEO of the Lloyd\u2019s Market Association (LMA), has suggested that with Patrick Tiernan and Charles Roxburgh appointed as the new CEO and Chair of Lloyd\u2019s, they are stepping in at a “pivotal point” and have a real opportunity to elevate the marketplace at a time when it is more critical than ever to…<\/p>\n","protected":false},"author":1,"featured_media":661,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[9],"tags":[],"_links":{"self":[{"href":"http:\/\/www.vsdia.com\/index.php\/wp-json\/wp\/v2\/posts\/659"}],"collection":[{"href":"http:\/\/www.vsdia.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.vsdia.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.vsdia.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.vsdia.com\/index.php\/wp-json\/wp\/v2\/comments?post=659"}],"version-history":[{"count":3,"href":"http:\/\/www.vsdia.com\/index.php\/wp-json\/wp\/v2\/posts\/659\/revisions"}],"predecessor-version":[{"id":663,"href":"http:\/\/www.vsdia.com\/index.php\/wp-json\/wp\/v2\/posts\/659\/revisions\/663"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/www.vsdia.com\/index.php\/wp-json\/wp\/v2\/media\/661"}],"wp:attachment":[{"href":"http:\/\/www.vsdia.com\/index.php\/wp-json\/wp\/v2\/media?parent=659"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.vsdia.com\/index.php\/wp-json\/wp\/v2\/categories?post=659"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.vsdia.com\/index.php\/wp-json\/wp\/v2\/tags?post=659"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}