Lloyd’s Market Association launches CRO committee
The Lloyd’s Market Association (LMA) has launched a new committee of chief risk officers (CRO) to promote efficient operation and technical standards in risk management for Lloyd’s managing agents.
Formed in response to the growing significance of the role of CRO in the Lloyd’s insurance market, the committee is comprised of around 20 CROs drawn from across the Lloyd’s managing agency community.
The committee is set to examine evolving regulatory requirements for CROs, consider emerging and long-terms risks and champion best practice.
“The committee will also determine and define the skills and knowledge required to fulfil the CRO role within a Lloyd’s insurance business,” said the LMA.
Penny Shaw, CRO at Chaucer, is the inaugural chair, supported by Beazley’s CRO Andrew Pryde as deputy-chair. The LMA’s director of finance and risk Ken Curtis is also on the committee.
Curtis said: “The founding of this committee has been driven by the market, recognising the increased profile of, and reliance on, the CRO and partly in response to the Prudential Regulation Authority’s decision to make risk management a senior insurance management function under the revised Approved Persons Regime.”
The new committee will meet six times a year and will report directly to the LMA board.
Already registered?
Login to your account
If you don't have a login or your access has expired, you will need to purchase a subscription to gain access to this article, including all our online content.
For more information on individual annual subscriptions for full paid access and corporate subscription options please contact us.
To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.
For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk
Editor's picks
Editor's picks
More articles
Intelligent Insurer
Newton Media Ltd
Kingfisher House
21-23 Elmfield Road
BR1 1LT
United Kingdom