Lloyd’s Creates Single Body for Governance to Improve Speed, Efficiency of Decisions

Lloyd’s announced it has merged the Council of Lloyd’s with the Franchise Board, creating one body to govern the marketplace.

The decision to merge the two entities was first announced in November 2019.

‘The combination of board and council will allow robust and accountable governance with the ability to make swift decisions when necessary,” said Lloyd’s Chairman Bruce Carnegie-Brown. “The current COVID-19 pandemic serves as a primary example of our need to be as efficient as possible in our decision-making.”

In November, Carnegie-Brown said the need for efficient governance structures coincides with the market’s Future at Lloyd’s modenization project. To build a new market that is innovative and responsive to the needs of its customers, Lloyd’s needs to make its governance structures as efficient as possible, he said at the time.

Following an election process in April this year, Lloyd’s confirmed on June 1, 2020, the roster of members of the new council:

• Bruce Carnegie-Brown, Lloyd’s chairman and nominated member of the Council of Lloyd’s. (Lloyd’s defines a “nominated member” as a council member who is not an external member or a working member and whose appointment has been approved by the Bank of England).
• Andy Haste, senior independent deputy chairman and nominated council member. Haste is also chairman of Esure Group.
• Angela Crawford-Ingle, audit committee chair and nominated member. She also is chair of the audit committee at River & Mercantile Group.
• Fiona Luck, nominated council member. She is also a member of the Lloyd’s Nominations & Governance Committee, the Remuneration Committee, the Risk Committee and is chair of the Lloyd’s Culture Advisory Group.
• Neil Maidment, nominated council member and chair of the Lloyd’s Risk Committee (subject to regulatory approval). A former executive at Beazley, Maidment is also a member of the Lloyd’s Audit Committee, the Technology & Transformation Committee and Underwriting Advisory Panel.
• John Sununu, nominated council member and a member of the Renumeration Committee. Previously, Sununu represented New Hampshire in the United States Senate from 2003-2009 and served in the U.S. House of Representatives from 1997-2003.
• John Neal, Lloyd’s CEO and nominated council member.
• Burkhard Keese, Lloyd’s CFO and nominated council member.
• Andrew Brooks, elected council member. He also is a member of the Risk Committee and the Underwriting Advisory Panel. He is chief executive officer of Ascot Underwriting Ltd. (Elected council members are drawn from working members of the Lloyd’s market who work for either managing agents or brokers).
• Vicky Carter, elected council member. Carter is also a member of the Lloyd’s Nominations & Governance Committee and the Risk Committee. She is vice chairman of Global Strategic Advisory for Guy Carpenter.
• Dominic Christian, an elected council member and deputy chairman of the Council of Lloyd’s. He is executive chairman of Aon Benfield International and chief executive officer of Aon UK Ltd.
• AXIS Corporate Capital UK Ltd., represented by Albert Benchimol, as a corporate external member of the council. He is a member of the Lloyd’s Audit Committee and chair of the Investment Committee. Benchimol is president and CEO of AXIS Capital Holdings Ltd.
• Flectat Ltd., represented by Michael Watson, as a corporate external member. Watson is a member of the Lloyd’s Remuneration Committee and the Audit Committee. He is executive chairman of Canopius AG.
• Nameco (No.1249) Ltd., represented by Jeffery Barratt, an individual external member of the council. He is a member of the Nominations & Governance Committee and the Audit Committee. Barratt is a lawyer and has been a nember of Lloyd’s since 1987. He is a director of the Association of Lloyd’s Members.

Due to COVID-19 lockdown restrictions, Lloyd’s said it was unable in April to hold a full contested elections process as originally planned.

Instead, existing members of the council were rolled over and Karen Green and Dominick Hoare were retained as special advisers to the council until full elections can be held before the end of 2020.

Green is a member of the Remuneration Committee, the Risk Committee and the Investment Committee. Green is a non-executive director of Asta Managing Agency Ltd. In addition to his position as special adviser to the council, Hoare is also a member of the Underwriting Advisory Panel. He is group chief underwriting officer of Munich Re Syndicate Ltd. and an executive director of both Munich Re Speciality Group Ltd. and Munich Re Capital Ltd.

In the development of the new council, Carnegie-Brown acknowledged the support of the Lloyd’s Market Association (LMA), the Association of Lloyd’s Members (ALM), the High Premium Group (HPG) and Lloyd’s Members’ Agents.

Source: Lloyd’s

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