Sheila Cameron (pictured), chief executive of the Lloyd’s Market Association (LMA), has announced a renewed focus on the North American market, developing a plan for growing its US presence.
“In 2025, the LMA will therefore look closely at how to deliver this engagement alongside Lloyd’s and on behalf of our members,” she said. “We are continuing to develop this plan, but we know that a regulatory engagement strategy will be part of the story. We also know that it will be a priority.”
In a statement, Cameron explained the reasoning behind the focus, stating that the North American market has long been vital to the premium volumes and profitability of the Lloyd’s market.
“The North American market has, for many decades, been critical to premium volumes and profitability for the Lloyd’s market,” she said. “The legendarily prompt and fair payouts made and driven by Sir Cuthbert Heath after the San Francisco earthquake in 1906 formed the basis of generations of transatlantic trust and partnership.”
She also referenced the historical significance of the US market during the Second World War, noting that London underwriters traveled to the US to assure their counterparts that information about insured ships would remain secure, even if the UK was captured. Cameron pointed out that the US and Canada now account for 58% of Lloyd’s market premium.
Cameron added that the LMA would have a more active presence at key US events to reinforce Lloyd’s commitment to being an engaged partner for the US insurance market.
She also addressed concerns regarding potential threats posed by the Trump administration, specifically about tariffs and a ‘tax and punish’ policy that could deter foreign competitors. She advised caution, noting that US insurance is regulated on a state-by-state basis.
“While we must take the new Republican administration’s plans seriously, we must also focus on strengthening Lloyd’s position by improving and raising the level of our engagement with state regulators first and foremost,” Cameron stated.
Cameron also called for continued collaboration in 2025 to build LMA’s reputation in North America.
"The partnership across the Atlantic has been critical to everyone in insurance for many decades, and we must make it a priority for it to remain so," she concluded.