Insurance Jottings

Lloyd’s to merge Council and Franchise Board

Lloyd’s has announced its decision to merge the Council of Lloyd’s and the Franchise Board, effective from the 1st June 2020, after receiving widespread support from across the market.


The news follows five months of consultation across the Lloyd’s market, with more than 90% supporting the proposal to merge the board into the council and create a single governing body for the Corporation of Lloyd’s and the Lloyd’s marketplace, said Lloyd’s in a statement.


The new council will include 15 members, comprising six nominated members, six members elected by the market, and three executives.


Lloyd’s Nominations & Governance Committee is working with the Chairman Bruce Carnegie-Brown to identify the best combination of members from among the existing independent members of council and board to continue as nominated members of the new council, Lloyd’s continued.


The Lloyd’s market will be invited to participate in an election in April/May 2020 for the market representative members of the council.


Through the Future at Lloyd’s project “we are building a new market that is innovative and responsive to the needs of its customers,” Mr Carnegie-Brown said in a statement.


“To do this effectively we need to make our governance structures as efficient as possible. By creating a single governing council, Lloyd’s will combine robust and accountable governance with the ability to make swift decisions when necessary.”


He thanked the Lloyd’s Market Association (LMA), the Association of Lloyd’s Members (ALM), the High Premium Group (HPG) and Lloyd’s Members Agents for their participation with the process.


Delek Group completes sale of Israel-based insurance firm

Israeli exploration and production conglomerate Delek Group has completed the sale of its 32.5 percent stake in Israel-based insurance company The Phoenix Holdings Ltd to the Centerbridge and Gallatin Point Capital investment funds.


Davies acquires Thornton Group in Ireland

Operations management, consulting and digital solutions provider Davies has acquired Thornton Group.


Based in Dublin, Thornton is a multi-line claims adjusting and third-party administration (TPA) business specialising in property, casualty, energy, marine and engineering and jewellery claims.


Operating from three locations across the Republic of Ireland and Northern Ireland, Thornton provides end-to-end claims solutions to insurers, brokers, MGAs and corporates.


Samsung completes US$150 million Canopius investment

Korea’s largest non-life insurer, Samsung Fire & Marine Insurance (SFMI), has completed its investment in Canopius for a stake worth $150mn, as the top-five Lloyd’s insurer targets international growth.


Aon to redomicile parent company from UK to Ireland

Broking giant Aon is to move the jurisdiction of the firm’s parent company from the United Kingdom to Ireland in order to remain in the European Union following Brexit