LMA reveals CUO committee line-up to tackle new challenges
The Lloyd’s Market Association (LMA) has launched a chief underwriting officers’ (CUO) committee that will represent the views of the managing agents on issues of strategic importance to Lloyd’s and provide guidance and advice to the underwriting community across the Lloyd’s market.
Currently, the LMA’s underwriting-focused committee structure is comprised of business lines sitting under the marine committee, non-marine committee and aviation committee. The LMA has identified the need for a dedicated panel which will include chief underwriting officers and active underwriters to guide its members and work with Lloyd’s on an increasing number of long-term challenges in the underwriting space.
The role of the committee will include constructive engagement with Lloyd’s and other external stakeholders on strategic underwriting issues, including development and execution of a commercial strategy, addressing subjects such as the development and implementation of Environmental, Social and Governance (ESG) underwriting strategies and ensuring the market retains its position as the preeminent marketplace for specialty (re)insurance.
The committee will initially have a membership of fifteen, selected by a Nominations Committee made up of Patrick Davison, underwriting director of the LMA, David Croom-Johnson, retired chief executive officer of Aegis, Jane Hayes, non-executive director of Hiscox Insurance Company, and Dominic Christian, global chairman reinsurance solutions at Aon UK.
To ensure that the committee is able to meet the broad needs of the market, the LMA said it will be looking for a diverse range of backgrounds and experience including varied geographical knowledge and technical experience across multiple disciplines and classes of business.
Davison said: “The Lloyd’s underwriting community is constantly adapting to new challenges. It has become clear that a committee of senior, experienced individuals is needed to provide expertise and guidance over the coming years. As issues such as market digitisation, the evolution of Lloyd’s in a rapidly changing and competitive environment and ESG rise in prominence, it is vital that we, as an organisation, are providing our members with the right support to address challenges in a strategic and considered manner.
“I am pleased that we have been able to set in motion the launch of this important initiative and look forward to working with the Nominations Committee to ensure we create a knowledgeable, diverse and experienced committee to engage with Lloyd’s on strategic development and continue to serve the needs of the marketplace.”
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