The Lloyd’s Market has made good progress in preparing for Solvency II. But despite some £400 million having been invested so far, more work is needed to ensure it secures model approval, believes Luke Savage, director of finance and operations.
Savage is stepping down from his role after ten years. In a Lloyd’s briefing in which he reflects on a decade of change in the market, Savage said that he is extremely proud of his role in leading Lloyd’s preparations for Solvency II although he also notes that it has been very much a team effort.
He said the unique stricture of Lloyd’s meant that attempting to prepare for Solvency II has been a huge challenge for the market. But he believes the finishing line is now in sight.
“The biggest challenge I’ve faced is preparation for Solvency II. Lloyd’s unique structure means we have never easily fitted into the framework that works for the rest of the industry, so we have had to work constantly since 2006 to make sure Solvency II implementation won’t disadvantage us,” Savage said.
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Lloyd's Market, Solvency II, Europe, Luke Savage