The new body intends to support Lloyd’s market members through guidance and strategy implementation
The Lloyd’s Market Association (LMA) has launched a chief underwriting officers (CUO) committee.
The aim of the incoming committee is to represent the views of managing agents on issues of strategic importance to Lloyd’s, as well as provide guidance and advice to the underwriting community across the Lloyd’s market.
The idea for the group resulted from the LMA identifying a need to switch up its former underwriting committee structure, which focused on business lines. This included a marine committee, non-marine committee and an aviation committee.
Topics that the LMA will explore with the new committee, alongside Lloyd’s and external stakeholders, include:
- The development and execution of a commercial strategy.
- Addressing the development and implementation of environmental, social and governance (ESG) linked underwriting strategies.
- Ensuring the Lloyd’s market is a preeminent marketplace for specialty (re)insurance.
Patrick Davison, underwriting director at the LMA, said the “Lloyd’s underwriting community is constantly adapting to new challenges” and it has “become clear that a committee of senior, experienced individuals is needed to provide expertise and guidance over the coming years”.
Davison continued: “As issues such as market digitisation, the evolution of Lloyd’s in a rapidly changing and competitive environment and ESG rise in prominence, it is vital that we as an organisation are providing our members with the right support to address challenges in a strategic and considered manner.
“I am pleased that we have been able to set in motion the launch of this important initiative and look forward to working with the nominations committee to ensure we create a knowledgeable, diverse and experienced committee to engage with Lloyd’s on strategic development and continue to serve the needs of the marketplace.”
The LMA’s nominations committee will select the CUO committee’s initial membership of 15.
The nomination committee includes Davison, former Aegis chief executive David Croom-Johnson, Hiscox Insurance Company’s non-executive director Jane Hayes and Dominic Christian – global chairman of reinsurance solutions at Aon UK.