The Lloyd’s Market Association (LMA) has named two new members to its board. Vivek Syal (pictured left), chief underwriting officer of Tokio Marine Kiln (TMK), and John Owen (pictured right), chief executive officer of AXIS Managing Agency, will assume positions on the board, replacing outgoing representatives Matthew Shaw and Mark Gregory.
Syal succeeds Shaw as TMK’s representative, while Owen takes over from Gregory, also of AXIS Managing Agency, ahead of Gregory’s upcoming retirement. The LMA board, composed of senior market professionals and LMA leaders, oversees the organisation’s strategy and operations in support of the Lloyd’s insurance market.
Sheila Cameron, CEO of the LMA, welcomed the additions, saying, “Their experience and perspectives will help to steer the LMA board as we continue to ensure the Lloyd’s market can solve our clients’ most complex risks.”
Andrew Brooks, chairman of the LMA and non-executive director of Ascot Group Limited, expressed gratitude to the departing members, stating: “I would like to thank Matthew and Mark for their contributions during their tenure on the LMA board and wish Mark the best in his retirement.”
The announcements also come after a joint LMA and Aon report highlighting Lloyd’s strong investment position and identifying areas for improvement in market processes.
Another report commissioned by LMA, titled Underwriting the Transition, emphasised the crucial role of the insurance sector in the shift to a sustainable, low-carbon economy. The report, conducted by KPMG, explored the risks, challenges, and opportunities insurers will face over the next two decades. It highlighted a “silent” transition already underway, with industries adopting cleaner technologies, though insufficient data on these changes poses risks for insurers.
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