The ALM board’s firm belief is that the unique strengths of the Lloyd’s market are best preserved and enhanced if it maintains its diversity, mutuality and regenerative capacity; and it can best do that if underwriting opportunities remain sufficiently accessible to private venture capital. The board’s main objectives are:
The Role Played and Services Provided by the ALM
As a Name at Lloyd’s you operate as an underwriting business with a substantial turnover. You need a trade association to look after your interests. Although totally independent, the ALM is formally consulted by Lloyd’s on all material 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, tax and other professional advice, as and when necessary, which is then made available to all members via its regular publications. Over the years the ALM has submitted detailed papers to Lloyd’s on all major issues, including:
- Governance and regulation
- Transfers of underwriting capacity – auctions, minority buyouts etc.
- Changes to members agents agreements
- Obligations of managing agents
- 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 HM Treasury, HM Revenue & Customs, the Prudential Regulation Authority and the Financial Conduct Authority. The ALM is run by a board of underwriting Names, with 9 out of 12 elected by our members and the other 3 co-opted. Full details are to be found on our ‘ALM People’ page.