Insurance Market To Back Reform
The International Underwriting Association, Lloyd's and the Lloyd's Insurance Brokers' Committee have unveiled a jointly agreed program to reform business processes in the London insurance market. More than 350 organizations that form the market - insurance and reinsurance companies, Lloyd's syndicates and brokers - will now be asked to sign up to a document indicating support for the principles of the program. The report, London Market Principles 2001 (LMP2001), is based on a consultation document published in May, amended to accommodate the extensive feedback received. Ownership of the reforms extends widely across the market, with the common aim to improve customer service, speed up the way the market operates, and create long-term cost savings.
Pelling Joins HSBC Marine Division
Paul Pelling has been appointed a director of the Marine Division of Lloyd's insurance broker HSBC Insurance Brokers Limited. Paul has twenty years' experience of marine insurance broking, most recently as an Executive Director of the Marine Division of Aon Group. Prior to that he spent six years as an executive director and head of P&I at Willis Faber, and ten years with the Sedgwick Group, rising to the position of Director of Marine & Cargo. Pelling joins a diverse and expanding Marine Division at HSBC, which covers all areas of the industry, including hull and machinery, cargo, war risks, loss of hire and liability. Peter Ahlas, Chief Executive of the Marine, Cargo & Aviation Divisions at HSBC Insurance Brokers, says, "We are delighted that Paul has joined us.
