It was in May 2019 when Insurance Business reported on Lloyd’s of London’s proposal to merge its council and franchise board into a single governing body for the Lloyd’s market and the corporation. Now, despite it being unable to hold a full contested election process due to the coronavirus lockdown, the centuries-old exchange has introduced the new line-up which is effective June 01.
Chairing the reformed council is Bruce Carnegie-Brown, who is joined by senior independent deputy chairman and fellow nominated member Andy Haste. Other nominated members include Angela Crawford-Ingle, Fiona Luck, Neil Maidment, John Sununu, John Neal, and Burkhard Keese.
Meanwhile the working members of the council are Andrew Brooks, Vicky Carter, and Dominic Christian. The latter also serves as deputy chair.
Rounding out the roster are corporate external members Axis Corporate Capital UK Limited and Flectat Limited – which are represented by Albert Benchimol and Michael Watson, respectively – as well as individual external member Nameco (No.1249) Limited, which is represented by Jeffery Barratt.
“The combination of board and council will allow robust and accountable governance with the ability to make swift decisions when necessary,” stated Carnegie-Brown. “The current COVID-19 pandemic serves as a primary example of our need to be as efficient as possible in our decision-making.
“I am pleased to welcome all the members of the council and look forward to working with them all as we deliver Lloyd’s strategy to build the most advanced insurance marketplace in the world.”
The Lloyd’s chairman thanked the Lloyd’s Market Association, the Association of Lloyd’s Members, the High Premium Group, and Lloyd’s Members’ Agents for their advice and support.
As for the voting process, Lloyd’s noted: “Due to COVID-19 lockdown restrictions, we were unable to hold a full contested election process in April as was originally planned. Instead, we rolled over existing members of the council and retained Karen Green and Dominick Hoare as special advisors to the council until full elections can be held.
“We aim to do this as soon as reasonably practicable, and before the end of 2020.”