Lloyd’s Chairman Max Taylor will leave the company in December due to changes enacted by the council, which will revert the position to part time beginning next year. The chairman’s role moved to full time in 1992 due to the exceptional set of issues then facing the market.
With that particular time in Lloyd’s history behind it, and the positive prospects for the market’s future, a part-time chairman is now more appropriate, according to a company statement. Taylor has played an active part in the debate and fully supports the conclusions according to a company statement.
Taylor was invited by the council to stand for election for a second term. However, he decided against doing so and will leave when his current term ends.
“My term ends in December of this year and although the council has invited me to stand for a second term, I want to continue my career in a full time, executive capacity and so have decided against standing again,” Taylor said in a prepared statement. “My three years at Lloyd’s have been fascinating as our market has responded to the many challenges faced by the insurance industry worldwide. With the problems of the recent past behind us, and an impressive set of initiatives underway, I feel I leave the market in great shape for the future.”
Taylor recommended Deputy Chairman Sax Riley for the part-time position, which he gladly accepted on a temporary basis. “As a working member of the market for over 30 years, I share both Max and Nick’s [Prettejohn] enthusiasm for Lloyd’s future. I am delighted to take on the stewardship of Lloyd’s whilst we work to find the right candidate to take the role of chairman forward.”
Topics Excess Surplus Lloyd's
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