Lloyd's has decided to merge the council and the franchise board effective from June 1, 2020.
In a statement, Lloyd's said that its decision followed five months of consultation across the Lloyd's market, with an overwhelming majority (over 90 percent) supporting the proposal to merge the board into the council and create a single governing body for the corporation and the Lloyd's market.
The revised council will include 15 members, made up of six nominated members, six members elected by the market, and three executives. Lloyd's nominations and governance committee is working with the chair to identify the best combination of members from among the existing independent members of the council and the board to continue as nominated members of the council.
Lloyd's said that the Lloyd's market will be invited to participate in an election process in April or May 2020 for the market representative members of the council.
Lloyd's chair, Bruce Carnegie-Brown, said, "[W]e are building a new market that is innovative and responsive to the needs of its customers. To do this effectively we need to make our governance structures as efficient as possible. By creating a single governing council, Lloyd's will combine robust and accountable governance with the ability to make swift decisions when necessary.
"I would like to thank the Lloyd's Market Association ('LMA'), the Association of Lloyd's Members ('ALM'), the High Premium Group ('HPG'), and Lloyd's members agents for their close engagement throughout this process. I look forward to continuing to work very closely with market members and the members of the newly formed council as we deliver Lloyd's strategy to build the most advanced insurance marketplace in the world."
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].