The Lloyd’s Market Association (LMA) has announced a new committee dedicated to market-wide strategic initiatives. Named the Chief Underwriting Officers’ (CUO) Committee, it will represent the views of managing agents on issues of strategic importance to Lloyd’s and provide guidance and advice to the underwriting community across the Lloyd’s market.
Lloyd’s Council also took on a new deputy chair as former Ascot Group chief executive Andrew Brooks was appointed on Feb. 9.
This underwriting-focused committee currently comprises business lines sitting under the Marine Committee, Non-Marine Committee, and the Aviation Committee. The LMA has identified a need for a dedicated panel that will include chief underwriting officers and active underwriters. This group will then guide its members and work with the market on the increasing number of long-term challenges within the underwriting space.
The committee’s roles include constructive engagement with Lloyd’s and other external stakeholders on strategic underwriting issues. Some of these issues include development and execution of a commercial strategy, addressing subjects such as environmental, social, and governance (ESG) development and implementation of underwriting strategies, as well as ensuring that the market retains its position as the preeminent marketplace for specialty (re)insurance.
Selecting a committee of 15 members is a Nominations Committee panel consisting of:
The LMA 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 in order to ensure that the CUO Committee will be able to meet the market’s broad needs.
“The Lloyd’s underwriting community is constantly adapting to new challenges,” Dawson said. “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,” Dawson said.
Lloyd’s recently lost a long-tenured and respected underwriter, as it was announced that the ‘Father of the House’ Michael Meacock passed away during a holiday with his family.
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