The new year brought in significant changes at Lloyd's, most notably the election of Max Taylor as chairman following the retirement of Sir David Rowland, explains Lee Coppack. We give a profile of the chairman, deputy chairmen and chief executive and show the composition of the market's main bodies.
The council is the ruling body of Lloyd's empowered under the 1982 Lloyd's Act to enact byelaws governing conduct at Lloyd's.
Max Taylor - chairman (w), Ian Agnew - deputy chairman (w), Elvin Patrick - deputy chairman (w), Ron Sandler- chief executive officer (n), John Young - deputy chairman (n), Jonathan Agnew (c/e), Paul Archard (w), John Barber (w), Marie-Louise Burrows (e), Michael Dawson (c/e), Alastair Ross Goobey (n), Anthony Isaacs (n), Paul Kelly (e), Christopher Messer (e), Sir Jeremy Morse (n), Peter Nutting (e), Brian Pomeroy (n), Sir Adam Ridley (e), James Sinclair (w)
Key: (w) working members; (c/e) corporate external; (e) external; (n) nominated.
Nominated members of the Council of Lloyd's are eminent people in business and commerce who are not themselves members of Lloyd's. They are nominated by the council but their appointment is subject to confirmation by the governor of the Bank of England.
Lloyd's Regulatory Board
The regulatory board is responsible for administering and monitoring the legal and disciplinary concerns of the market.
John Young - chairman (n), Brian Pomeroy - deputy chairman (n), Anthony Isaacs - deputy chairman (n), Alistair Ross Goobey (n), David Gittings - Lloyd's director of regulation, Marie-Louise Burrows (e), Sir Adam Ridley (e), Anthony Townsend - Lloyd's Corporate Capital Association, Julian Avery - Lloyd's Corporate Capital Association, John Barber - Lloyd's Underwriting Agents' Association, Ralph Sharp - Lloyd's Underwriting Agents' Association, Anthony Howland-Jackson - Lloyd's Insurance Brokers' Committee, David Mann (w), Richard Youell - Lloyd's Committee of Underwriters
Key: (n) nominated member of the Council; (e) external member of the council; (w) working member of Lloyd's.
Lloyd's Market Board
The market board is responsible for the development of Lloyd's business and compliance with statutory requirements.
Max Taylor - chairman (w), Elvin Patrick - deputy chairman (w), Paul Archard (w), David Gilchrist (m), Mark Brockbank (m), Bill Loschert (m), Philip Davies (m), Christopher Hodgson (m), John Tilling (m), Sax Riley (m), Ron Sandler - Lloyd's ceo, Andrew Duguid - Lloyd's director, strategic planning, Bob Hewes - Lloyd's director, finance, Jonathan Agnew (c/e) , Michael Dawson (e), Paul Kelly (e), Richard Lewy - Lloyd's Name
Key: (w) working member of the council; m market practitioner; (c/e) corporate external member of the council; (e) external member of the council; (n) nominated member of the council.
Max Taylor - chairman of the Council of Lloyd's and of the market board.
John Maxwell (Max) Taylor joined Willis Faber as a junior aviation broker in the North American department in 1970. He remained with the company in various roles, becoming managing director of the aviation division in 1987 and chairman in 1989. In the same year, he was appointed managing director of the reinsurance division, and subsequently became managing director of Willis, Faber & Dumas. He was appointed to the board of Willis Faber plc in 1990.
Following Willis Faber's merger with the US broker Corroon and Black, he was appointed a director of Willis Corroon Group plc and chief executive of Willis Faber & Dumas. He played a key role in implementing the group's business strategy and last year was appointed group executive director with overall responsibility for the group's London market/global speciality business, Japan and the discontinued underwriting activities.
Elvin Patrick - deputy chairman of the Council of Lloyd's and of the market board.
Elvin Patrick is chairman of Bankside Insurance Holdings plc, active underwriter of syndicate 566 and a director of London Insurance Market Investment Trust (LIMIT), which was one of the first corporate members of Lloyd's. He has worked in the market since 1974 and became a name in 1980. Mr Patrick served as a member of the Lloyd's task force which reported in January 1992.
Ian Agnew - deputy chairman of the Council of Lloyd's.
Ian Agnew is deputy chairman of Wellington Underwriting Agencies, having been a director of the company and active underwriter of syndicate 672/406 since 1991. He began his career in Lloyd's in 1962 and became a name in 1972. He was elected to the Council of Lloyd's in November 1996.
Ron Sandler - ceo of Lloyd's.
South African by origin, Ron Sandler grew up in Zimbabwe and took at MA in engineering at Cambridge and an MBA at Stanford University School of Business in California.
He began his career as a management consultant in the United States and came to the United Kingdom in 1984 to run the UK operations of the US firm, Booz Allen Hamilton. In 1990, Mr Sandler became chairman and chief executive of the broking group Martin Bierman Group plc. When it was sold, he was appointed group chief executive of financial services group, Exco plc, which was successfully floated on the London Stock Exchange under his leadership. He joined Lloyd's in March 1995 to assist in the development of the reconstruction and renewal (R&R) plan.
John Young - the nominated vice chairman of the Council of Lloyd's.
John Young entered stockbroking with Simon & Coates in 1961, having read law at Oxford. He rose to become deputy senior partner, head of institutional sales and chairman of the firm's management committee.
He was elected to the Council of the Stock Exchange in 1978. In 1982, he transferred to the exchange's administration to become director of policy, planning and markets. After Big Bang, he represented the stock exchange in the early stages of the Financial Services Act and became the first chief executive of The Securities Association (TSA) in 1987.
Mr Young was appointed director and chief executive of the Securities and Investments Board (SIB) in 1993, a position from which he retired three years later. He remains a non-executive director of the SIB and a member of its supervision and enforcement committees.
In his student days, he won the national 100 yards sprint championship and played rugby for England and the British Lions. He was later an England rugby selector.
Lee Coppack is co-editor of Global Reinsurance.