Lloyd’s of London has appointed Jeremy Pinchin as Special Counsel to coordinate claims connected with the Sept. 11 terrorist attacks.
The position was created specifically to handle Sept. 11 claims. ”
Mr. Pinchin will work with the market and individual syndicates at Lloyd’s to ensure that claims arising from the attacks are handled speedily and efficiently. He will also work in facilitating the many legal and technical issues which will arise from what is universally recognised as the most complex insurance claim in history,” said Lloyd’s announcement.
Pinchin will be based primarily in London, reporting directly to Lloyd’s Chairman Sax Riley. He’ll be work closely with representative bodies in the Lloyd’s market, including the Lloyd’s Market Association (LMA) and the London Market Brokers’ Committee.
Riley explained that, “The terrible attacks of September 11 have triggered an unprecedented number of insurance claims across the full spectrum of coverages. That alone is a complex situation to manage, but even more so when combined with a market then composed of 108 separate businesses. Jeremy’s appointment is a proactive way of creating a focal point to facilitate these issues at a market level.” His responsibilities will include organizing cooperation between “key organisations in New York and elsewhere in the US on behalf of the market, and with the syndicates and market associations in Lloyd’s.”
Pinchin, 47 is a qualified attorney, who’s spent the majority of his career in the insurance industry. “He was a main board director of Sedgwick Group plc until its sale to Marsh & McLennan, operating in a number of roles including General Counsel and Head of the Asia Pacific Region. Since leaving Sedgwick he has had a variety of roles for SOC Group plc where he remains a non-executive director,” Lloyd’s stated.
The announcement also indicated that to date Lloyd’s has paid $424 million in September 11-related claims. It has estimated that its eventual net claims may reach £1.9 billion ($2.7 billion).
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