Lloyd’s has selected ten of the eleven members who will serve on the newly created Franchise Board (FB) which will take over management of the insurance market’s supervisory and commercial affairs beginning January 2003.
Lloyd’s members approved the creation of the FB last September as part of a broad package of reform proposals. It replaces the two current regulatory authorities Lloyd’s Market Board and Lloyd’s Regulatory Board, as well as the committees and subcommittees serving under their authority.
The FB is composed of members drawn from both inside and outside the Lloyd’s market. “Membership is based on experience and expertise rather than representation of a constituency within the market, as has traditionally been the case on Lloyd’s committees,” said the bulletin.
Lord Levene, Lloyd’s newly appointed Chairman, will also serve on the FB, and is expected to play a key role in structuring its operations.
The four Non-Executive members from outside the market are Roy Brown, a former executive at Unilever; Judith Hanratty, a lawyer who’s served in a number of executive positions, and has been a member of the Council of Lloyd’s since 1998; Stephen Hodge, a senior executive with Royal Dutch Shell, and Jim Stretton Chief executive of Standard Life’s U.K. operations. “They have been chosen to bring the expertise that will make the board effective in the various aspects of its work. They bring together extensive experience of accounting, branding, technical, regulatory and governance issues, from the financial services sector and outside,” said the announcement.
Three Non-Executive FB members from the Lloyd’s market are Stephen Catlin, founder of Catlin Underwriting Agencies and currently Chairman of the Lloyd’s Market Association; Edward Creasy, current CEO of Kiln plc and Treasurer of the Lloyd’s Market Association, and Andrew Kendrick, Director of AGM underwriting and a member of ACE Global Market’s Executive Underwriting Committee.
Joining them as FB members are Nick Prettejohn, Lloyd’s CEO, and Andrew Moss, Lloyd’s Director of Finance & Operations. He’s also currently recruiting for the post of Franchise Performance Director, who will join the board as its eleventh member.
Lord Levene stated that “The Franchise Board is one of the lynchpins of the Lloyd’s reforms and its formation shows that change is truly under way. Not all of those changes may be visible to the outside world, but the Franchise Board is very tangible evidence of a radical transformation now taking place. It is a positive step forward in our drive for modernity, transparency, and sustainable long-term profitability
“The board provides a powerful focus for decision-making that the new Lloyd’s franchise will need. The fact that the board combines both market supervisory and commercial roles means issues can be dealt with in a more coherent and efficient manner, with board members being given a real oversight of all the market’s activities,” he contiued.
CEO Prettejohn noted that “Too often in the past Lloyd’s has been accused of being dated and inward looking. This new board draws together a wide range of highly qualified people who we believe are the very best for the job. The Non-Executives from outside the market have broad expertise and knowledge of international business and the financial services sector, plus some genuinely different insights to offer. Their independence and expertise, combined with the considerable market experience on the board, will add a fresh sharpness to our management of the Lloyd’s franchise.”
“The board and its remit have been created to maintain a high degree of independence and accountability, consciously to reflect best practice on corporate governance. The new structure provides rigorous oversight and clearly defined responsibilities,” Prettejohn concluded.
Was this article valuable?
Here are more articles you may enjoy.