London Market updates vision and workstreams for the next stage of development28.02.19
February 28, 2019 – the London Market Group (LMG) unveiled its revised mission and announced two new workstreams at its Market Forum today.
Andrew Horton, Chair of the LMG, said: “The LMG first laid out its vision and action plan in 2015 following the publication of the original London Matters report. That report responded to a particular set of circumstances and market needs. So, when I was asked to be Chair it seemed a good moment to take a step back and ask ourselves to what extent our original remit was still relevant for the market today, and to debate what it is that the London Market is trying to achieve, and how the LMG should be helping to support that vision.
Vision for the London Market
To be the leading client-centric global provider of specialist commercial (re)insurance knowledge and solutions.
Role of LMG in realising London Market’s Vision
Assist the London Market to dynamically assess (re)insurance risks, leveraging knowledge and thought leadership to develop innovative solutions that support clients and insurance markets in the UK and overseas, ensuring that these are delivered within an efficient operating environment.
“We have evolved what came before, adding a sharper focus on client need, a more dynamic response to change, an emphasis on knowledge as well as solutions and a clearer expression of London’s place in the global insurance market.
“To that end we have introduced two new workstreams – one focusing on clients and the other on knowledge. In the first case, we recognise that every broker and underwriter invests significantly in understanding their clients wants and needs. We have no desire to replicate that work. The Board feels that there is value for the whole market in getting a wider perspective – literally seeing a bigger picture. This workstream will partner with trade bodies and associations to build a collective view from groups of stakeholders on the issues that matter to them. This work will be led by Sheila Cameron, CEO of the Lloyd’s Market Association.
“We have also created a new workstream to focus on insight and outlook that will be led by Dave Matcham, CEO of the International Underwriting Association.
“The aim is to curate knowledge and intelligence from in and outside the market to generate original thinking on issues of collective interest. By commissioning research, or partnering with academic institutions or think tanks, we can leverage the tremendous intellectual capital that is an inherent part of being a leading global centre. We want to deliver multi-faceted thinking that helps to stimulate debate around common problems and collective solutions.”