Global specialist market Lloyd’s announced the appointment of a longtime insurance industry veteran as regional director for its Western US region.
Richard Magrath will be based in Los Angeles with responsibility for market development activities in California, Oregon, Washington, Arizona, New Mexico, Nevada, Colorado, Idaho, Utah, Wyoming, Montana, Alaska and Hawaii.
Magrath has more than 30 years of experience in the global property/casualty sector, and has worked out of London, Riyadh,
Hartford, Minneapolis, Atlanta and New York. Prior to joining Lloyd’s he was founder and CEO of technology and analytics service Global Legal.
The Lloyd’s US divisions were set up to “reinforce Lloyd’s commitment to its distribution partners,” according to a company statement. Working in the western US, Magrath will be particularly concerned with overseeing specialty lines coverages addressing natural catastrophes.
“My first priority will be to introduce myself to the many Lloyd’s stakeholders in the western US, including brokers, MGAs, MGUs and the universities whose risk management programs and preparing the next generation of industry professionals,” Magrath said.
“As a member of the Lloyd’s Global Markets team, I’m a local resource focused on ensuring that Lloyd’s is understood and accessible to everyone with a current or potential future relationship with the market.”
Hank Watkins, President of Lloyd’s North America, greeted the appointment with enthusiasm.
“We are excited to have Rich in place and leading Lloyd’s market development efforts in the western US. His industry experience, which includes multi-faceted roles with a global broker, has enabled a smooth transition to Lloyd’s in the US,” Watkins said.
“Rich’s arrival is an important next step in an ongoing process of ensuring that our activities on behalf of the managing agents and London-based brokers support their continued success in Lloyd’s largest market.”
Lloyd’s has more than 200 coverholders in the western US region.
