The LMA is to comprise the Underwriters Association, the Non-marine Association, the Aviation Underwriters’ Association and the Underwriting Agents’ Association and will represent the interests of the businesses and their underwriters operating at Lloyd’s.
The four organisations are to retain their identity and continue to perform the same technical work.
However all their activities will be conducted under the new LMA framework, which will include unified representation on matters of strategic importance, while a new CEO will manage a combined secretariat, providing services to all four bodies.
LMA chairman Stephen Catlin said the timing of the merger was very important as Lloyd’s faced market losses for the last three years.
He said the new initiative would ‘enable the market to prosper in the future’, improve market service standards and would ‘influence the future capital structure of Lloyd’s’.
The LMA was also welcomed by Lloyd’s chairman Sax Riley who said ‘having the market speak with one voice will be of great help’ in ensuring that Lloyd’s developed in a manner consistent with businesses in the underwriting market.
He concluded by saying: ‘Working together with the LMA will enhance our ability to seize the opportunities that lie ahead.’
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