Lloyd’s Market Association creates political risk working group
The Lloyd’s Market Association (LMA) said on Aug. 21 that it has established a political risk working group to examine implications of banking regulations.
The working group will be led by Peter Sprent, head of global financial risks at Liberty Specialty Markets and James Bamford, global practice leader - political lines at Talbot Underwriting.
The working group has been created to examine regulatory issues affecting banking clients (and potentially insurers) and will report to the LMA’s political risks, credit and financial contingencies panel.
The working group will focus its attention on understanding potential effects on banks’ use of non-payment insurance for capital relief, producing research to demonstrate the value of non-payment insurance for bank clients, and engaging with a wide range of stakeholders to discuss how insurers and banks can work together to educate regulators about the value and benefits of credit insurance products.
Sprent said: “I am delighted to help lead the activities of the group, whose work will hopefully prove highly beneficial to financial lines and political risk underwriters at Lloyd’s.”
The working group will be supported by Leigh Allen and David Powell of the LMA, with expert input from Audrey Zuck of A2Z Risk services. Other members of the working group include Underwriters from Aegis, Channel, Chaucer, Chubb and XL Catlin.
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