The executive leadership of the American Association of Managing General Agents (AAMGA) met – for the first time ever – with all three of the big three from Lloyd’s of London Feb. 10-13 in London to discuss the urgent need for coordinating a global standard for regulating the surplus lines industry.
The AAMGA team, led by Executive Director Bernie G. Heinze, met with members of The Corporation of Lloyd’s, the London & International Insurance Broker’s Association and the Lloyd’s Market Association. AAMGA leadership focused the Lloyd's discussions on:
- Efficient operational audits
- Reforming the Audit Scope Review
- Overlapping regulatory and claims requirements
- AAMGA members use of Lloyd’s as a primary market
“It’s been an incredible week,” Heinze told
Insurance Business America in a phone interview from London on Feb. 13. “We’ve had meetings with 248 people in the last few days, every hour on the hour or even the half hour,” Heinze said.
He also met with Inga Beale, the
recently appointed first female chief executive of Lloyd’s of London in its 325-year history. Lloyd’s is looked at as a global hub for specialist insurance and reinsurance. It is actually a group of about 80 competing insurance syndicates that traces its origins back to a 17
th-century London coffee house where merchants met to insure ships.
Heinze said the AAMGA has worked hard to build a good, collaborative relationship with Lloyd’s of London, and to avoid the creation of duplicative or unnecessary compliance requirements that could hinder the efforts of the AAMGA membership.
“We’re trying to make sure they understand how the distribution channel works in the States,” Heinze said.
