The Lloyd’s Market Association’s (LMA) Worldwide Property Business Panel (WPP) has unveiled a number of new appointments, following changes made to the election rules at the end of last year. In a break with previous practice, the panel took the decision to put all places up for election and asked LMA members to elect managing agents, rather than named individuals. The elected managing agents were then charged with putting forward the most suitable person.
The new election approach 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 changes were proposed by the panel itself after it challenged whether the election of individuals could be acting as a barrier to the diversity of its membership.
The elections have resulted in the nomination of 19 representatives from managing agents, of which eight are female. Eight panel members were re-elected, while 11 representatives are new.
Derek Hansen, Head of Property, Canopius, WPP panel member said: “The WPP exists to represent and promote the interests of the varied market it serves however we recognised that it needed a more diverse make-up of the committee. The panel members also recognised that the existing voting structure was limiting in its ability to deliver swift change. I was really pleased that all members agreed to find a way to change the rules of voting so that the managing agents could play their part in nominating a more gender-diverse panel than we have ever seen before.
“This Election cycle for 2023 has delivered a really significant change in the make-up of the panel for which we should feel proud. I am super grateful for all the hard work done by all to drive this result.”
Sheila Cameron, LMA Chief Executive said: “The LMA is firmly committed to accelerating diversity, inclusion, and cultural change within the Lloyd’s market. More importantly, it is our members who are now asking to deliver on that pledge.
“I want to applaud WPP members for identifying the need for a more diverse and inclusive election process and for driving for a successful outcome through engagement with their market. This marks an important step towards the LMA panels better representing the markets they serve.”