Philip Lader to Join Council of Lloyd’s

March 10, 2004

Lloyd’s announced that Philip Lader, former U.S. Ambassador to the United Kingdom, is to join the Council at Lloyd’s, the ultimate governing body of the market.

Lader served as U.S. Ambassador to the U.K. from 1997 to 2001 and has extensive global business and government experience. He’s currently non-executive Chairman of global advertising/communications services firm WPP Group plc, and also serves on the boards of Marathon Oil, RAND and AES corporations, and is a senior advisor to investment bank Morgan Stanley.

Lader served in President Clinton’s cabinet as Administrator of the U.S. Small Business Administration, and was White House Deputy Chief of Staff and Assistant to the President. As Deputy Director for Management of the Office of Management and Budget, he focused on major financial management and procurement reforms and significant reductions in the government workforce.

Welcoming Ambassador Lader’s appointment, Lloyd’s Chairman, Lord Levene stated: “I am delighted to welcome someone of the standing and experience of Ambassador Lader to the Lloyd’s Council at such a critical point in our development. His outstanding track record in shaping the strategic development of successful global enterprises will be invaluable to Lloyd’s as we move forward both domestically and in key international markets.

“Ambassador Lader’s intimate knowledge of US Government affairs and geo-politics will be of particular value to Lloyd’s, given that 38% of our income derives from the US and that we are actively pursuing a number of policy issues in the US and elsewhere. I very much look forward to working with him”.

“I am honoured to be associated with the institution that, for 300 years, has played such a significant role in managing the world’s risks,” Lader indicated. “I look forward to participating in its continued service to businesses and individuals worldwide.”

Lloyd’s bulletin explained that “Ambassador Lader joins the Council of Lloyd’s as a nominated member. Under Lloyd’s Act 1982, the Council has responsibility for the management and superintendence of the affairs of the Society and the power to regulate and direct the business of insurance of Lloyd’s. All appointments to the Council are subject to Financial Services Authority (FSA) approval.

The Council has six working, six external and six nominated members. The appointment of nominated members, including that of the Chief Executive Officer, is confirmed by the Governor of the Bank of England. The working and external members are elected by Lloyd’s members. The Chairman and Deputy Chairmen are elected annually by the Council from among the working members of the Council.”

Lader has close ties to the U.K. He is a trustee of the British Museum, St. Paul’s Cathedral Foundation, and other British/American trusts and cultural organizations, a member of the Advisory Councils of the Prince of Wales’ Trust and British-American Business Council, and Chairman of the American Associates of the Royal Academy of Arts. Before entering government service, he was Executive Vice President of the late Sir James Goldsmith’s US holding company (including America’s largest private landholdings, sixth-largest forest products company, largest computer supplies distributor, and oil & gas interests) and President of Sea Pines Company (developer/operator of award-winning large-scale recreation communities).

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