Lloyd’s Chairman, Lord Levene, speaking to the Association of Insurers and Risk Managers (AIRMIC) at the Institute of Directors in London, described Lloyd’s as “a beacon of certainty in an uncertain world.” With “economic turmoil and international tension” causing uncertainty, Levene assured his audience that it should have “confidence, confidence, confidence” in the world’s most famous global insurance market.
Lloyd’s released the following highlights of his remarks.
“Lloyd’s is secure. Lloyd’s is certainty in an uncertain world. While the financial markets enter a period of almost unprecedented turmoil, Lloyd’s is not simply a small beam of light it’s a beacon,” stated Levene in expressing the kind of confidence he feels in the Lloyd’s market.
He stressed the role of insurance businesses at Lloyd’s as re-builders and enablers, and highlighted the strengths, which have kept Lloyd’s at the center of the global insurance industry and made it one of the strongest brands in the world.
“We are meeting billions of dollars of claims arising from the attacks of 9/11,” he continued. “In practice, that means we are helping our friends in New York to rebuild their lives and the dynamic area of Lower Manhattan. As the enabler, it falls to us to give people peace of mind to cover risks so that they can continue to innovate, create and invest. We are better placed than anyone else to develop these risk solutions. We have the creativity and diversity, the knowledge and expertise, the financial strength and the security to deliver.”
One of the key underlying reasons for the confidence and strength of Lloyd’s has been its willingness to reform and modernize, said Levene. “Change is never easy. It takes courage and foresight. And it is often more painful the older an organisation is. But although Lloyd’s is more than 300-years-old, the history of our market is one of constant change. Our reputation rests on our flexibility, our ingenuity and entrepreneurial spirit. Lloyd’s strength is that it is a genuine market in which innovation sparkles, not an organisational behemoth that suffocates fresh thinking.”
In other news Lloyd’s announced that John Coldman, Chairman of the Benfield Group Limited, has been re-elected as a Working Member of Lloyd’s Council, and David Shipley, underwriter with Managing Agency Partners, has been elected as a new member, replacing Graham McKean, who stands down at the end of three years.
Peter Morgan, representing AJSLP9 Ltd., was elected as an Individual External Member with 776,221 votes on a capacity weighted basis. The vacancy was contested by Julian West, who polled 122,882 votes.
“All appointments are for a term of three years and commence on 1 February 2003, subject to approval by the Financial Services Authority,” said Lloyd’s.
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