The Market Reform Group has been renamed the London Market Group (LMG) and its scope of action has been broadened to “discuss any aspect of business where a cross market view, or some collaborative action, might be beneficial,” said the bulletin announcing the change. “This will see discussions extend beyond process change to areas such as the need to attract talent to the market and the market’s response to the Chancellor’s group report into the future of insurance.”
Barnabas Hurst-Bannister, Chair of LMG, commented: “MRG has been instrumental in delivering the substantial change we have seen over the last few years that has enhanced London’s position in the global marketplace. Whilst we remain absolutely committed to delivering the Finish What We’ve Started program — and further efficiency improvements beyond this – the need for fundamental ‘reform’ has passed and we should reflect this in our name. The wider remit will ensure that we build appropriate consensus around any issue that affects the competitiveness of our market. This will ensure that London remains at the forefront of the global insurance industry.”
Jonathan Palmer-Brown, Chairman of the London and International Insurance Brokers Association (LIIBA), added: “LMG can help continue London’s progress and ensure its ongoing pre-eminence in the global insurance industry. This is the right move to ensure that we do not lose momentum and continue to deliver improvement to our clients.”
Paul Jardine, of Catlin, who heads the Lloyd’s Market Association (LMA), described the change as signaling the success of the MRG’s past actions and as heralding “a new chapter in the market’s history.”
Lloyd’s Chief Executive Richard Ward explained that the UK’s insurance industry “faces a range of issues that must be tackled as a market, issues that go beyond just reform. LMG is precisely the right vehicle to build on the achievements we have delivered to date, and deal with the future challenges.”
Stephen Riley, who heads the London-based International Underwriting Association, noted that the “LMG will continue the vital role in ensuring the competitiveness of the London market. It is right to recognize how far we have come — and that there are things we can usefully discuss across the full spectrum of our business.”
Source: Lloyd’s of London – www.lloyds.com
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