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These commitments arise from Lloyd's 1996 Reconstruction and Renewal plan and the related Declaration of Names' Rights, Lloyd's 1997 Statement on Future Direction and the 1998 exchange of letters between Lloyd's Council and the ALM.
Consultation and best advice
As a Name at Lloyd's you operate as an underwriting business with an average turnover of around £1,000,000 a year. That level of business needs protection and a trade association to look after your interests.
Although totally independent, the ALM is formally consulted by Lloyd's on all issues affecting Names, producing carefully considered responses. Much of the expertise resides in-house, but the ALM also retains top professional advisers to ensure the best possible quality of legal and tax advice, which is then made available to all members via the Association's regular publications. Over the years the ALM has submitted detailed papers to Lloyd's on all major issues, including:
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Governance and regulation |
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Transfers of underwriting capacity - auctions, minority buyouts etc. |
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Changes to members agents agreements |
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Obligations of managing agents |
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Risk-based capital |
As part of the consultation process, the ALM has also developed close working relationships with members agents and with certain managing agents, and lobbies on behalf of members to other parties such as the Government and the Financial Services Authority.
The ALM is run by an elected board of underwriting Names, with 9 out of 10 elected by our members and the other 1 co-opted. Full details are to be found on our ‘People’ page. |
