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Peter Allen

Peter Allen. Head of Commercial Development. Funds at Lloyd’s. Funds at Lloyd’s. Other Personal Wealth. Central Fund. Lloyd’s chain of security. corporate members. individual members. end 2000 $m. Premiums Trust Funds. Premiums Trust Funds. $15,953. $10, 986. $318. $485*.

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Peter Allen

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  1. Peter Allen Head of Commercial Development

  2. Funds at Lloyd’s Funds at Lloyd’s Other Personal Wealth Central Fund Lloyd’s chain of security corporate members individual members end 2000 $m Premiums Trust Funds Premiums Trust Funds $15,953 $10, 986 $318 $485* * an insurance protection as well as an additional callable component is also available

  3. Lloyd’s risk based capital • Applies to all syndicates • Seeks to ensure that each syndicate is • adequately capitalised for the risks it • underwrites • 15 realistic disaster scenarios (RDS)

  4. ServiceCompanies BUSINESS FLOW CAPITAL PROVISION Lloyd’s today MEMBERS CLIENTS 130Lloyd’s Brokers 56ManagingAgents Reinsureds 895Corporates (including 777 conversions) 5Members’ Agents Commercial IntermediariesCorrespondentsCoverholders 2,852Individuals 108Syndicates Personal

  5. New Service Standards • Recognised need for improved service • London Market initiative - LMP 2001 - • Clarified responsibilities for policy wordings • Streamlining of the claims process • Greater emphasis on the market’s regulatory • powers.

  6. Access/distribution • As of Jan 2001 access to Lloyd’s moved to • a commercial basis • Well defined and rigorous standards; • concentration on quality rather than • quantity • 36 applications for accreditation received • to date; around 300 expressions of • interest • 11 new brokers accredited, including 2 US (International Space Brokers and the Hanleigh Group)

  7. Raising Standards • Focus on last quartile • some underwriters ejected • tighter management of franchise

  8. Peter Allen Head of Commercial Development

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