Lloyd’s announced that Ashok Gupta, the current CEO of Kinnect, Lloyd’s IT interface solution to transfer data from systems used by brokers to those used by underwriters, is to leave the Lloyd’s Corporation after three years. His successor is Toby Davies who will take over as Kinnect CEO as of February 9, 2004.
Davies has led several major projects at CREST, the UK’s security settlement system, working very closely with investment banks, brokers and payment banks to deliver practical technology solutions which meet market needs. He joins Kinnect from the UK Debt Management Office, where he was a senior official
He will work closely with Iain Saville, Head of Lloyd’s Business Process Reform and Kinnect’s Executive Chairman, “to accelerate the development of technology for placings in the Lloyd’s marketplace,” said the announcement, while Gupta “will continue his involvement with Kinnect, providing strategic input on a consultancy basis.”
Saville commented: “Ashok has decided to leave the Corporation this month. He has been instrumental in taking Kinnect from conception to its first live transaction in 2003. He has built an excellent team who, under Toby’s leadership, will rapidly expand the product range and customer base.”
Gupta indicated that, “My goal was to facilitate radical change in the commercial lines market. The development and launch of Kinnect is a major step and I now plan to assess similar market or business change opportunities in other arenas. I wish Toby and his team every success in the future.”
Lloyd’s Chief Executive, Nick Prettejohn praised Gupta’s efforts in building the Kinnect platform, indicating that it has now “entered a new phase as we move to the next stage in the development of this vital piece of market infrastructure.”
Davies stated, “I am excited by the opportunity to make a real difference to the functioning and future of one of London’s premier markets. Kinnect will succeed through the strengths of its collaborative relationships with brokers and underwriters, and my initial focus will be on agreeing Kinnect’s delivery strategy with current and prospective clients so that we accelerate the delivery of benefits to the market.”
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