LMG unveils London ILS task force members
The participants of the insurance-linked securities (ILS) working group set up jointly by the London Market Group and The Treasury have been unveiled.
The task force, which held its first meeting on June 5, 2015, is investigating proposals to change the UK’s tax and regulatory regimes.
Its initial aim is to produce a series of recommendations that could be included in the Chancellor’s Autumn Statement later this year.
Malcom Newman, chief executive officer of Scor's Paris/London hub, is sponsoring the work on behalf of LMG and serves as chair of the task force.
Michael Wade, the Crown’s representative for insurance, will also serve on the taskforce, align with Christopher Croft, the LMG secretariat.
Representing brokers are Des Potter, head of GC Securities in Europe, Middle East and Africa (EMEA) and Chris Parry, head of capital markets for EMEA at Aon Benfield Securities.
Other members include Paresh Thakrar of Hiscox, Rob Procter of Securis, Joanna Buckenham of Lloyd’s and Dave Matcham of the International Underwriting Association of London.
Newman said: “Our research – London Matters – highlighted the extent to which London’s role as the global centre of excellence for specialty insurance is under question. In part, our research showed, this is because we are losing our reputation for innovation.
“ILS is very much the innovative end of our industry. It is vital for London’s future therefore that we ensure that the expertise surrounding these vehicles is attracted to be part of our unique cluster. We are delighted that the government is joining us in this work. We need to do all we can to ensure we have the right business environment in the UK to allow ILS to prosper here.”
Harriett Baldwin, economic secretary to the Treasury and City Minister, said: “The Government recognises the vital contribution the London Insurance Market makes to UK GDP and to our export strength.
“The Government will do what it can to support growth in this area of our economy. We look forward to working with the London Market to develop a regulatory and tax structure which will achieve this.”
