Jon Hancock to be Lloyd’s Director of Performance Management
Lloyd’s has announced that Jon Hancock, Managing Director UK Commercial and Global Broker Relationship Director for RSA, will become the new Director, Performance Management, on 1 December 2016. This is the role formerly undertaken by Tom Bolt (who left at the end of May to rejoin Berkshire Hathaway), and currently filled on an interim basis by Theresa Froehlich.
Lloyd’s announced today that Tom Bolt will be leaving Lloyd’s in mid-2016, by when he will have been its Performance Management Director for almost seven years. Lloyd’s will start the search process to find his replacement immediately.
The ALM is extremely grateful to Tom for his excellent work in helping most Lloyd’s syndicates to continue to achieve outstanding returns over the past few years, and also for his careful monitoring of, and support for, well managed new syndicates, especially where some of the capacity is offered to third party capital.
One of our members received an e-mail today (the text of which can be found below) purporting to come from an employee of the USA’s Internal Revenue Service (IRS). This was an illegal attempt to obtain information by requesting him to enter personal details onto a Form W-8BEN. Forms W-8BEN would normally only come to you from your stockbroker or from Lloyd’s, not from the IRS itself. If you receive such an e-mail, you should destroy it immediately, without opening any attachment.
The ALM was warned a few months ago that HMRC was insisting that Lloyd’s should eliminate a loophole which had enabled Names who had resigned from Lloyd’s on the closure of their unlimited underwriting to have their Special Reserve Funds (SRF) released, but to defer paying the tax thereon by retaining inter-available funds in their unlimited liability Lloyd’s Deposit. As a result, Lloyd’s intended to require the ending of inter-available funds within two years from when the last unlimited open year had closed.
Under the Lloyd’s Act 1982 and Lloyd’s byelaws, the register of members of Lloyd’s is split between Working Members and External Members and the External category is then further divided into Individuals and Corporates. The distinction between Individual External Members (IEMs) and Corporates was introduced following the Pen Kent review of 1998 and was designed to group together, for purposes of voting in Council elections, those members whose interests are most closely aligned.
A high-level delegation from the ALM – including a former Conservative Leader of the House of Lords and the ALM’s Deputy Chairman, Sir Adam Ridley, a former Special Adviser to two Chancellors of the Exchequer – has won a useful and potentially important victory in exchanges with Whitehall.