Lloyd’s Welcomes its New Graduates

September 23, 2008

Lloyd’s has welcomed the first group of candidates to be accepted in to its graduate program. The nine graduates have spent the past week learning about Lloyd’s and the London Insurance Market, meeting their new colleagues and taking part in a Lloyd’s community team challenge.

They will now spend the next 18-months on three six-month placements throughout Lloyd’s, one being with a managing agent, and attending several technical training courses and exams.

Sean McGovern, Lloyd’s Director and General Counsel noted: “Bringing new talent into the market and nurturing it is essential to our future success. We are delighted to have nine new graduates joining us and I look forward to working with them.”

Lloyd’s Chief Executive, Richard Ward, first announced the Graduate Program in October 2007, as an initiative to “increase new talent in the market.”

In addition to the Graduate Program, Lloyd’s has started an insurance internship, which will bring another group of graduates to Lloyd’s and the market, with a particular focus on the claims sector. It was developed by the National Skills Academy for Financial Services in Tower Hamlets College, the Chartered Insurance Institute (CII) and Lloyd’s. The internship sees 10 local graduates and one school leaver join Lloyd’s and several managing agents for a six-week placement.

“The market’s reaction to the program has been excellent,” McGovern added. “A number of managing agents have offered graduate placements and some have asked for their graduates to take part in our development programs and inductions.”

Emphasizing the partnership between the participants in developing the program, Mark Burr, Senior Claims Account Manager, stated: “The support Lloyd’s received from the Managing Agents and Xchanging in developing the initiative and providing placements to students shows the benefit of addressing market issues in partnership. This also underlines the ongoing commitment of the Lloyd’s market to help local young people access jobs in the City.”

Prior to starting a placement, the students will have completed the Certificate of Insurance courses IF1 and IF2, and will gain the qualification by completing the IF4 during their placement.

Both programs are aimed at increasing talent, diversity and interest in the insurance sector among graduates.

The 2009 Lloyd’s Graduate Program is now open for applications.

Source: Lloyd’s – www.lloyds.com

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