Key Issues

Lloyd's Council Election 2016

21 December, 2016

LLOYD'S COUNCIL ELECTIONS

ALM director, Jeffery Barratt, has been elected to Lloyd's Council unopposed.

Jon Hancock to be Lloyd's Director of Performance Management

13 September, 2016

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.

The Future of Private Capital at Lloyd's - Clark/Harman Review

21 July, 2016

The following invitation is being sent and is intended for Members Agents, Managing Agents and interested market bodies.

 

The Future of Private Capital at Lloyd’s

A presentation by Chris Harman and Ian Clark

1 August, Lloyd’s Old Library at 11.30

 

Tom Bolt to Depart Mid-2016

3 December, 2015

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.

Beware Changing to Bank Guarantees/Letters of Credit

28 September, 2015

Members should note that the Finance Act 2013 introduced a provision that may limit inheritance tax Business Property Relief (“BPR”) on Lloyd’s assets in certain circumstances.

Fraudulent e-mails

13 July, 2015

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.

ALM Overcomes Threat to Bank Guarantees

31 October, 2014

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.

ALM Secures Votes for Disenfranchised Names

31 October, 2014

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. 

ALM Wins Treasury Pledge Over Loss Cap Review

28 February, 2014

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.

ALM Lobbying in 2013

16 September, 2013

What happens behind the scenes at the ALM? Here Chairman Alan Lovell summarises some of the Association’s lobbying activities aimed at supporting Names’ interests.

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