Lloyd's Market Association launches underwriting committee

The Lloyd’s Market Association (LMA) has set up a Chief Underwriting Officers’ (CUO) Committee to represent the views of managing agents on issues of strategic importance.

The committee will also provide guidance and advice to the underwriting community across the Lloyd’s market.

All 51 Lloyd’s managing agencies, with a total market stamp capacity of approximately £48 billion ($84.7 billion) in 2023, and all Lloyd’s members’ agents, are LMA members.

At present the LMA underwriting-focused committee structure is comprised of business lines sitting under the Marine Committee, Non-marine Committee and Aviation Committee.

LMA says it has subsequently identified the need for a “dedicated panel” made up of chief underwriting officers and active underwriters to guide its members and work with Lloyd’s on an increasing number of long-term challenges in the underwriting space.

“The Lloyd’s underwriting community is constantly adapting to new challenges,” LMA Underwriting Director Patrick Davison said.

“It has become clear that a committee of senior, experienced individuals is needed to provide expertise and guidance over the coming years.”

The CUO committee will engage with Lloyd’s and other external stakeholders on strategic underwriting issues including development and execution of a commercial strategy.

It will also address subjects such as the development and implementation of Environmental, Social and Governance (ESG) underwriting strategies and ensuring the market retains its position as the preeminent marketplace for specialty (re)insurance.

“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,” Mr Davison said.

The CUO Committee will initially have a membership of 15 that is selected by the Nominations Committee.

The Nominations Committee is made up of Mr Davison, David Croom-Johnson (retired CEO of Aegis), Jane Hayes (Non-Executive Director of Hiscox Insurance Company) and Dominic Christian (Global Chairman Reinsurance Solutions at Aon UK).