Lloyd’s and London’s International Underwriting Association announced that their joint venture with Xchanging, an Internet and information technology specialist, to create a unified premium processing and claims service covering the London market would begin operations on May first.
The three have created a separate company, Ins-sure Services Limited, 50 percent owned by Xchanging and 25 percent each by Lloyd’s and the IUA, to combine “the separate processing and settlement operations of Lloyd’s Policy Signing Office (LPSO) and the IUA’s London Processing Centre (LPC).”
“Ins-sure will build a single service from these resources designed to make London a more efficient market for syndicates, insurance companies and brokers,” the announcement stated.
The launch of the new system marks the transformation of the London market’s back office operations into the Internet age. The three companies have been hard at work since last October to effect the changeover, a vital component of Lloyd’s and the IUA’s efforts to maintain London’s competitiveness.
Ins-sure will be headed by investment banker Sir Laurie Magnus (45), who is “currently in the process of joining Lexicon Partners, a privately owned corporate finance advisory business.” He’ll be managing a company “with an estimated 20 billion ($28.9 billion) annual turnover of premiums and claims settlements,” described as “one of the largest insurance service companies in the world.”
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