The Lloyd’s Market Association (LMA) is ready for a serious shake-up of its Worldwide Property Business Panel (WPP).
The association has announced that all places are up for election, and it will be asking LMA members to elect managing agents rather than individuals – with those agents then putting forward the most suitable person.
Changes have been made after the panel was challenged over the diversity of its membership and whether electing individuals could be a barrier. Now it is hoping the election, scheduled for December, will demonstrate that is taking a proactive approach to accelerate change.
“The LMA is committed to making an active contribution to the diversity, inclusion and cultural change within the Lloyd’s market,” said LMA chief executive Sheila Cameron. “The unique ability of the association to bring together representatives of the Lloyd’s markets in committees, provides an opportunity to ensure market discourse recognises the strong technical expertise and diverse viewpoints of market participants.
“Thank you to the existing panel members who have served the market’s interests so dutifully, and for identifying the need bring about this change.”
The elected managing agencies will nominate their candidates from January 1 onwards.
