Events & Seminars

The Future of Delegated Authority What’s ChangingBelow is an invite to a broker specific webinar (2 dates available) we have arranged with Lloyd’s for LIIBA members.

The webinar is available to any personnel within broking firms and will cover work completed on the DA Programme to date, provide information about how all the workstreams are progressing towards implementation and how the DA Programme fits with the Future at Lloyd’s initiatives.

The date and times of the hour long sessions are:

1. Tuesday 16^th June at 10am or
2. Thursday 18^th at 1.30pm

Paul Brady and other senior level personnel associated with the DA Programme will be presenting.

We strongly encourage as many people as possible sign up for one of the above sessions, so please feel free to pass on internally to colleagues.

To book a place please click the link within the invite below, which will direct you to a booking form where you can select which session you wish to attend.

After registering, Lloyd’s will forward a confirmation email which contains the calendar invite. Adding the calendar will also confirm the dial in details.

London Matters III report launch

Tuesday, 19^th May, live webinar from 10.00-11.00am.

Hear from London Market senior personnel as well as The Rt Hon. John Glen MP, Economic Secretary to the Treasury and Charles Bowman, The Rt Hon. the Lord Mayor of the City of London.

London Matters III provides a snapshot of the London Market between 2015 and 2018, giving data on its overall size, breakdowns by class of business and geographical sources. For the first time it looks at who invests in London and the carriers that operate here.

To register for this live webinar please click here.

Please note that the webinar will start at 10am sharp.

Rachel Crocker

Senior Project Manager, London Market Group (LMG)

6th Floor | 1 Lime Street | London EC3M 7HA

Direct: +44 (0)20 7327 5949

Email : rachel.crocker@LMG.london

Personally I have always enjoyed a disinfectant daquiri, so its no wonder I haven’t got Covid-19

Part VII heaven

A host of things to tell you about on everyone’s favourite subject.  It is just too exciting.

Firstly, an apology.  From Lloyd’s.  It sent out the attached letters to coverholders this week without telling us or you.  Now I know what you are thinking: “that is what they always do and then we tell them not to and then they do the exact same thing again”.  And you would be right.  But at least this time it was apparently a mistake and the person responsible been very decent about it and has phoned up to apologise.  So I think we will let them off this time.  And you have the letters now.

This happened after we had already been asked to tell you the following.

• A warm up email to selected brokers was sent this week regarding the Match and Attach process.
• As of April 27, selected brokers will be receiving three emails that require their action in order to start the Match and Attach process. Please note these emails will not be coming from standard Lloyd’s email addresses.
• We have identified a small number of brokers with outstanding contact details and are in the process of obtaining them. We may come to you if we have further difficulties as discussed.
• Warm up emails to introduce Part VII to Coverholders in the EEA and UK A are being sent out this week.
• The team is working on the Coverholder guide and will be sending it for feedback no later than April 27

Jackie then queried the highlighted bit and we got the following, very special, answer

Thank you for your email. Not all brokers will be required to execute a Match and Attach exercise (isn’t that the sort of thing that happens on Tinder?),  only those Brokers who, from the list of in-scope transferring policies hold the majority (c.80%) of the qualifying policyholders (Ahh.  I see). All other Lloyd’s brokers, and retail brokers where they have been identified as owing the policyholder relationship (I suspect they mean owning, unless something pretty kinky has been going on), they will need to follow the Notification Instructions process (these instructions will be sent out in May).

This is also included on page 7 of the FAQ document (crikey, how many pages are there??) in case you receive queries from Brokers.

Don’t try and pretend you didn’t love all that

Alan Bordereau

More news from the virtual Lime St.  An extract from an email LMA has sent to TPA’s (nice to see the A family maintaining contact during lockdown) as follows.

Secondly, I just want to make sure you are all aware of the markets expectation regarding bordereau submission. The requirement here is for separate loss runs/bordereaux for Covid-19 losses, so that in addition to the regular claims bordereau, you also submit a second bordereau for Covid-19 losses (i.e. those you have been coding as CORO). This will allow the market greater visibility on exposure.

Pret a Danger

News that the world’s most ubiquitous sanger and coffee emporiums are on the ropes.  Facing the prospect of being latte on their rental payments, Pret a Manger have gone cappuccino in hand to the banks.  After all, it would be a shame if they went from flat white to flat broke in a matter of weeks.  Let us hope the moneylenders do not say america-no.

But whatever the outcome, we do need to face the prospect that, once we return from lockdown, there may only be as few as seven purveyors of creamy tuna and cucumber baguettes within a 10 metre radius of our offices rather than the standard 15.  Will we cope?

Michel Oh bummer

Remember Brexit?  Still going on apparently.  Although, to be fair, it could be a repeat.  Yes, it must be.  I have definitely seen this one before.

Michel Barnier has today rounded up the latest round of negotiations over our future relationship with EU by criticising UK team for being inflexible.  Again.  He really needs a new scriptwriter.  But, regardless of the tedium, these do not sound like talks that are going to produce much of an outcome by the end of the year.  Which means they are even less likely to reveal some ingenious new approach to market access for insurance intermediaries.  So crack on with those reverse branches.

And I thought you liked me

They say it takes a crisis to find out who your friends truly are.  And that is definitely going to be the case if Nicola Sturgeon goes through with her plans for extended bubbles.  Because what happens if you ring Mike and invite him to join your bubble, but Mike says he can’t because he has already agreed to join Dave’s bubble.  And you didn’t even know Dave had a bubble let alone that he was inviting people into it because he certainly didn’t invite you when you spoke to him half an hour ago.  You would be crushed.  This is only going to end in tears.  It worse then divvying up your friends when you split up with someone.

Also, my friend Linus is a bubble.  So how is that going to work?

Meanies world cup

As it is a Friday, I thought we would have a bit of a contest.  And so I bring you the final of the not entering into the spirit of it world cup.  Votes please for which of the following is further from the zeitgeist.

Janet Street-Porter’s criticism of NHS workers having any fun; or

The woman who didn’t turn out to clap and then had the temerity to complain when an upstanding citizen called her out for it

In reality the run away winner is one of our neighbours who said: “have you heard this new Michael Ball single?  It’s terrible.  There is someone mumbling along in the background”.  And tbf, I have some sympathy for the JSP position.  My friend Degsy (who is really called Andy) is a knee surgeon.  They are only doing emergency operations at the moment and so he is spending significant amounts of time twiddling his thumbs.  And yet he still insisted we clap him when we met for a virtual pint on Sunday.

Have good weekends.  I am off to eat some dishwasher salt.  Donald says it is good for you.

CH Warm up email_1404 v1.6 EU Coverholders

CH Warm up email_1404 v1.8 UK Coverholders

LIIBA 8/2020   

 SEMINAR – Non-Financial Misconduct

We have arranged for Ernst & Young to give a presentation to members on Non-Financial Misconduct following the FCA Dear CEO letter, sent in January 2020. Brokers should be aware that the FCA will be expecting brokers to demonstrate they have adequate systems and controls in place to identify where non-financial misconduct has occurred and the means they have to address such transgressions.

The following areas will be covering:

• What is non-financial-misconduct and what are the regulatory expectations?
  • An overview of the regulation of non-financial misconduct and the journey that lead to the most recent ‘Dear CEO’
  • The FCA’s expectation of fundamental changes/improvements in firms’ culture driven by leadership
• What is culture and why is it important?
  • The key facets of the broader culture agenda
  • The importance of purpose in driving effective organisational culture
  • The financial and non-financial benefits of an effective organisational culture (including financial performance, employee engagement, risk and compliance)
• An approach to evaluating your culture
  • Key considerations and aligning your operating model and operating environment
  • EY’s three-fold approach to measuring culture – perception based, data and MI based, research based
• How do we deliver effective cultural change?
  • An illustrative culture change journey
  • Overcoming challenges of changing culture
  • Key priorities for immediate consideration

Presentations will take place on:

Wednesday 1^st April at 2.30pm

AND

Thursday 2^nd April at 9.30am

Presentations will take place at our offices, 2^nd floor, 78 Leadenhall Street, EC3A 3DH, and should last no more than 1 hour including a Q&A session.

All places will be allocated strictly on a first come first served basis with two places being allocated per organisation. If you wish to attend please contact Sophia.Lane@liiba.co.uk giving the name of your proposed attendees and your preferred date.

Geraldine Wright