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The London Market Group (LMG) has formed a working group designed to make and push the case for London becoming more friendly to insurance-linked securities in a number of ways. Malcolm Newman, CEO of SCOR’s Paris-London Hub, chairman of the International Underwriting Association and sponsor of LMG’s ILS Working Group, explains the logic and aims underpinning the project.
One of the purposes of commissioning London Matters—the research report the London Market Group (LMG) published in November last year—was to attract the attention of government and regulators. For too long we felt that they had seen our market as just an extension of the UK insurance industry or the rest of the City.
In reality our products are significantly different from those of either of the two sectors, as is our predominant customer type. Moreover, our business—global specialty insurance—is among the most internationally mobile.
We wanted our report to highlight this—to demonstrate that here was a vibrant financial services sector contributing significantly to the economy, that needed some focused attention.
ILS, London, London Market Group