Banking regulations – and potentially those impacting insurers too – will soon fall under the spotlight thanks to the formation of the new Lloyd’s Market Association (LMA) political risk working group.
The group has been created to examine regulatory issues affecting clients and will report back to the LMA’s political risks, credit and financial contingencies panel. It will be headed by Peter Brent, head of global financial risks at
Liberty Specialty Markets, and James Bamford, global practice leader – political lines, at Talbot Underwriting.
“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,” commented Brent.
According to a release, the working group will initially focus on the following areas:
- 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
- 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.
The working group has some big name backing too – including underwriters from
Chubb, XL Catlin, Aegis, Chaucer and Channel.
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