12 November 2015 Insurance

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.

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