Association of Lloyd’s Members seeks new members at RVS
Much closer cooperation between the three key Lloyd’s associations is a good thing, which has led to a united voice and a much better working relationship with Lloyd’s executives, David Johns-Powell, non-executive director of the Association of Lloyd’s Members (ALM), which also calls itself the Voice of Third Party Capital at Lloyd’s, told Intelligent Insurer.
Johns-Powell, who is attending the Rendez-Vous for the first time this year, said that closer ties between the ALM, the Lloyd’s Market Association (LMA), the members’ agents and the High Premium Group, which protects the interests of high-value providers of private capital, have developed in recent years in a very positive way.
“We did operate quite separately, and it has been a big step forward. It allows us to speak with a united voice to the executive of Lloyd’s and that is very helpful,” he said. “We participate in Lloyd’s market consultations on behalf of members. All Names, not simply our members, benefit from all results and successes we achieve.”
He noted that the ALM works closely with the three members’ agents as well as with external advisers such as wealth managers and accountants.
He says such collaboration has directly led to some changes to certain rules and regulations that would have affected members. One was that funds based in Luxembourg can still be used by members; another was around the split of assets held between bonds and equities.
“We helped Lloyd’s to see that the syndicates’ assets should be to be taken into account in assessing the split, which allowed for third party capital members to hold more equities,” he said.
“It allows us to speak with a united voice to the executive of Lloyd’s.” David Johns-Powell
Johns-Powell said any potential changes to rules or regulations that would impact its members are usually top of its agenda. It must keep tabs on three different regulators in the UK: the Prudential Regulation Authority, the Financial Conduct Authority and Lloyd’s itself.
“There are a lot of rules around operating in Lloyd’s. We look to offer an element of checks and balances on what new rules and regulations are brought in,” he said.
He added that he has attended the Rendez-Vous on the hunt for new members. The ALM currently has 500-plus members but it would like more. He believes that managing agents that run the syndicates should join, as well as third party corporate vehicles participating in Lloyd’s as part of their investment portfolio, for example.
“The more members we have the stronger our voice,” he said.
He is keeping a close eye on market conditions, which he regards as broadly positive at the moment.
