Steven Burns to Join Lloyd’s Franchise Board

January 16, 2004

Lloyd’s announced the appointment of Steven Burns, currently Chief Executive Officer of the Limit Group, as a non-executive member to its Franchise Board. He replaces Andrew Kendrick, who has moved to an overseas post with ACE Global Markets.

The Board’s primary role is to manage the Lloyd’s franchise. It was established in January 2003 and comprises eleven members drawn from both inside and outside the Lloyd’s market. Its focus is to work with Lloyd’s businesses to deliver improved financial and operational performance. Appointments to the Board are subject to the approval of the Financial Services Authority (FSA), which oversees the U.K.’s insurance and financial services industries. Its creation marked a significant change in the way the 300-year old London market is organized.

Welcoming the appointment, Lord Levene, Chairman of Lloyd’s and of the Franchise Board, stated: “We are delighted that Steven is joining the Franchise Board. He brings invaluable knowledge and experience to the team and will greatly assist the Franchise Board’s continued drive to build a long-term profitable Lloyd’s market.”

Burns initially joined the Janson Green agency at Lloyd’s in 1986 and became a director in 1990. Following the purchase of Janson Green and Bankside managing agencies by Limit plc, and the formation of Limit Underwriting Ltd. in 1999, he was appointed Managing Director. He became CEO of the Limit Group following the QBE takeover in August 2000.

Commenting on his appointment, Burns stated: “I am looking forward to working as a member of the Lloyd’s Franchise Board and to further develop the strength, independence and accountability of this market. Having worked in the market for some 17 years, I hope to bring a balanced and experienced view to the table.”

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