Lloyd’s announced that Dane Douetil, Chief Executive of Brit Insurance Holdings PLC, has been appointed as the new head of the Market Reform Group (MRG), the body responsible for process reform and modernization in the London insurance market.
Douteil will take over from the recently departed Lloyd’s CEO Nick Prettejohn, who resigned effective the end of December to head Prudential UK’s Insurance Operations (See IJ Website Oct.17, 2005).
Douetil noted that the MRG, which is leading the market’s drive to achieve contract certainty by the end of the year, needed to build on the progress the market has already made in re-engineering the way it transacted business. “The market has already made progress in many areas of the reform program,” he stated. “The challenge now is to build on this momentum and deliver the real changes needed to reform the market. This will not only ensure that we meet the FSA contract certainty deadline, but will also enable market firms to realize the huge process and service benefits of a modern, efficient market.”
Lloyd’s explained that the MRG “oversees the London subscription market’s response to the FSA challenge for a substantial improvement in the degree of contract certainty by the end of 2006. The Group is also driving the market’s electronic claims file initiative and the implementation of new accounting and settlement processes.”
“We are on the right path, but we are not yet consistently at the levels either expected by customers or required by the regulator,” Douetil added. “The MRG will continue to play a crucial role in supporting and driving the market to achieve this. I am under no illusion that the task ahead of us remains enormous but I take over the chair of the MRG with a passionate belief in the need for reform.”
On assuming the role at the MRG, Douetil will step down as Chairman of Lloyd’s Market Association (LMA) though he will remain a member of the board. The LMA announced yesterday that Andrew Kendrick, Chairman and Chief Executive Office of ACE European Group, would become its new chairman.
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