Latest from the LMA, where changes to the voting & appointments system are coming soon.
The Lloyd’s Market Association’s (LMA) Worldwide Property Business Panel (WPP) has announced that it is putting all places up for election and will be asking LMA members to elect managing agents, instead of individuals. It will be the responsibility of each elected managing agent to then put forward the most suitable person.
These changes were proposed by the panel after it challenged whether the election of individuals could be acting as a barrier to the diversity of its membership. The panel believes that these changes demonstrate their commitment to accelerating and achieving greater diversity among its membership in order to be more representative of the Lloyd’s market and its customers as well as recognising the value of diversity in developing high-performing groups.
The panel’s new approach to elections is part of a strategy to introduce a more diverse and representative membership and to demonstrate to the wider insurance sector that, where a lack of diversity is known to exist, a proactive approach is necessary to accelerate change.
The election will take place in December 2022. From 01 January 2023, the elected managing agencies will nominate candidates from within their firms to identify issues of interest and concern to LMA members, liaise with other LMA committees and groups, and take necessary actions to discuss and solve global market issues.
Sheila Cameron, LMA Chief Executive said: “The LMA is committed to making an active contribution to the diversity, inclusion and cultural change within the Lloyd’s market. The unique ability of the Association to bring together representatives of the Lloyd’s markets in committees, provides an opportunity to ensure market discourse recognises the strong technical expertise and diverse viewpoints of market participants.
“Thank you to the existing panel members who have served the market’s interests so dutifully, and for identifying the need bring about this change.”
Toby Sawyer, Head of Property, AEGIS London, WPP Chair said: “The panel exists to represent and promote the interests of the writers of open-market property business within the Lloyd’s market. Therefore, it is the combined decision of the panel members that we take this necessary step to ensure we represent all of the individuals in our market.”
The Worldwide Property Business Panel election results will be announced in January 2023.
Great to see the issue being covered – but basic failures undermining message as ever.
Many organisations ‘talk’ about the importance of inclusion, CEO down – what we are doing for ESG, how important this is…. etc etc – so why don’t they start with that they do online (or is website accessibility ‘inclusivity’ not considered?)
94% of online content fails basic compliance – yet 7/10 believe they are ‘OK’, something is wrong.
Run the https://www.lmalloyds.com website through a free checker (we have one at http://www.AAAtraq.com/check) email the results to the CFO at the LMA and suggest stop wasting money on non compliant web projects and start dealing with this as you would any spend (starts with; ensuring those going the work not signing it off).
Nice promo, we see what you did there. Maybe run your comments through spellchecker next time?
All to common to be talking about ‘what they are doing’ note was say hey, stop talking and do some checking – hers how you can for free – offer of how to at least start to do something about it.
Across the V500 we could not find one website that achieves basic compliance, execs are talking about inclusion continually (this month’s modern insurance mag who issue dedicated to it) but no one is compliant.
The problem is approach, and until execs have a way to understand their position (hence the free check link – as no-one else reports in a way that execs can understand and have clarity as to their position) we can’t solve the underlying issues and ensure inclusion is a reality.
[don’t really think it is promo / wasn’t meant to be]
just banter mate, that’s how we roll at IE.