The London Market Group (LMG) today announced that Paul Brady, Head of Policyholder & Third Party Oversight at Lloyd’s, is the new sponsor for the delegated authority workstream for the London Market Target Operating Model (LM TOM). He is replacing Ian Fantozzi, Chief Operating Officer at Beazley, who has led this work since 2017, and will oversee the delivery of a modern and efficient delegated authority process and integrating future developments into the Future at Lloyd’s workstream.
Commenting on his appointment, Brady said: “I am delighted to be taking over this role. Ian has done a tremendous job in helping the whole market to come together and deliver real improvements in the way in which we do business with our coverholders. The work he has led has reduced the number of audits, simplified and made consistent the data we collect and delivered a single platform in the form of DA SATS.
“We still have work to do to complete Chorus in 2020, as we continue to make London as attractive as possible as a source of capacity for coverholders around the world. The work also provides a strong foundation for Lloyd’s plans for a new risk-based approach to delegated authority oversight, which will be one of the foundations upon which we build the Future at Lloyd’s.”
The announcement comes as an upgraded version of DA SATS is released with improvements based on user feedback. These include:
- more efficient processes for renewal and contract creation,
- enhanced functionality such as aggregate limit monitoring, and
- mid-term broker changes.