I am going to miss talking about Lloyd's of London with Julian James, who has served as the public (and very friendly) face of the world's oldest and most famous insurance market during one of the most challenging and transformative periods in its colorful history. Last year, I had been rooting for Julian to take over as Lloyd's CEO, but since that didn't materialize I was not surprised to hear that this talented and versatile individual will be moving on come spring to tackle new challenges back in the brokerage world.
For my first 15 years at National Underwriter, Lloyd's was a mysterious place that appeared to be accountable to no one–whose leaders and members simply did not deal with the press unless they absolutely had no other choice. The players there operated with the arrogant mentality of a market unaccustomed to being second-guessed after centuries of making money hand over fist.
That changed in a hurry after long-tail liabilities in asbestos and pollution undermined the market's foundation like termites in a drafty old building.
With financial problems and lawsuits mounting and its cherished reputation in jeopardy, Lloyd's realized it could no longer act with impunity. It needed to be open and honest with the press, the market and government officials. It had to become far more transparent and accessible. The point man on this reinvention from the media's perspective was Julian James, who went out of his way to cultivate direct contact with reporters and to answer their queries promptly and candidly. With such cooperation came renewed credibility and faith that the market might just have the will to right itself.
Lloyd's did more than just talk itself back on track, of course. But the reformation began with a commitment to operate openly and be publicly accountable–a concept very alien to the old Lloyd's, yet put into practice with great success by Julian James.
Since then, Julian has gone on to bigger and better things at Lloyd's. Most recently, as director of worldwide markets, he's been on the front lines in Asia, trying to bolster Lloyd's position in that booming area of the world–particularly in China.
I had hoped he would end up being named CEO of Lloyd's when Nick Prettejohn left last year, but instead the market chose to go with an outsider–Richard Ward, who was CEO of an energy futures market before agreeing to run the still paper-intensive Lloyd's.
It's too early to say whether Lloyd's made the right choice–in large part because Mr. Ward has been so oddly reticent to talk to the media and detail his plans. While he laid out a vision for Lloyd's recently in a piece written for National Underwriter (click here), he has yet to sit down for any comprehensive press interview.
My guess is that Lloyd's might be looking to go electronic and create a virtual trading floor–that would be one prime reason for going with someone with Mr. Ward's credentials. But only time will tell, since we have not yet been clued in on Mr. Ward's plans other than vague promises to cut down on the massive amount of paperwork still clogging Lloyd's arteries.
Lloyd's hasn't exactly returned to the Dark Ages when it comes to press relations. Its chairman, Lord Peter Levene, remains a very public and press-friendly figure. But there is no doubt that by nature Julian James would have been far more open with the media as Lloyd's CEO, to the benefit not just of the press, but of the market as a whole.
But that's all water under the London Bridge now. Julian will be moving on to Lockton International Brokerage, where he will take on the newly-created position of executive chairman of international operations. Lloyds says he'll be leaving in April, and that will be a sad day indeed. We wish him luck and hope the legacy of transparency and openess with the media he established at Lloyd's will not be forgotten.
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