The Lloyd’s Market Association (LMA) and the International Underwriting Association (IUA) have announced the results of the recent election for the Joint Power Generation Committee (JPGC), with six individuals elected to serve a three-year term.
The newly elected committee members include Carl Bennett of CNA Hardy, Peter Cranston of AIG, Rebecca Friel of Travelers, Mark Pettersen of Argenta, Alex Priestley of Lancashire, and Lindsay Waller of MS Amlin.
According to the LMA and IUA, these individuals will contribute expertise and experience to the committee’s work on emerging risks and market developments.
The JPGC was established in 2013 to serve as a representative body for professionals underwriting power generation risks within the London insurance market. It comprises 18 elected members, with six positions up for election each year.
With members serving three-year terms, the committee ensures representation from both Lloyd's and the London market communities, maintaining a minimum of five panel members from each sector.
In the coming year, the JPGC plans to focus on several priorities, including addressing the challenges posed by ageing infrastructure and obsolete equipment. The committee intends to evaluate the impact of obsolescence on underwriting and risk management, review potential coverage gaps, and explore strategies to assess the insurability of older assets.
The JPGC also plans to consider risk mitigation strategies associated with outdated technology in the power generation sector.
Read More: LMA CEO aims to grow US presence this year
The committee will also support the transition to renewable energy by working with stakeholders to understand the evolving risk landscape and changing coverage needs. The JPGC plans to provide guidance to underwriters on risks associated with renewable energy projects, supply chain vulnerabilities, and evolving regulatory frameworks affecting the sector.
In addition, the JPGC will monitor technological developments in power generation, including fusion energy and other emerging sources. The committee’s work will involve assessing how new technologies may impact underwriting and risk management practices, with the goal of ensuring the market is prepared to respond to future changes in the energy landscape.
The IUA, which represents companies in London providing international and wholesale insurance and reinsurance, has also announced its sponsorship of two Chartered Insurance Institute (CII) Marine unit prizes.
Beginning this year, the IUA will sponsor prizes for the M90 – Cargo and Goods in Transit Insurances unit and the M98 – Marine Hull and Associated Liabilities unit. These prizes will be awarded as part of the CII’s annual prize giving ceremony.
The IUA has a longstanding relationship with the CII, having sponsored prizes for CII qualifications since 1999, including the CII Diploma in Insurance prize. The M90 and M98 prizes will be awarded to the candidates who achieve the highest overall scores for each unit, with all candidates who complete the units automatically entered consideration.
The CII awards a total of 34 qualification prizes each year, supported by sponsorship from a range of insurance and financial services organisations, including the IUA.
What are your thoughts on this story? Please feel free to share your comments below.
