LONDON MARKET REFORM PROGRAMME GETS STRONG RESPONSE

About 60% of the Lloyd’s market by written premium and 30% of the company market by business through the London Processing Centre have signed up to implement a London market reform programme published in November. The LMP2001 steering group also noted that 77% of brokers by premium income including Marsh, Aon, Willis, JLT and Heath Lambert had signed up to the programme. By signing a letter of intent, organisations indicate their willingness to speed up processes in the London market and improve the market’s performance against a number of key measures, including premium and claims payment, claims processing and policy production. Steward McCulloch, one of the two LMP2001 steering group joint chairmen, said that “we are delighted with the response so far. These latest sign-up figures confirm we are well on course to achieve a critical mass of support within the market by the end of March”. He added that “we continue to talk to a large number of organisations and know that many more will be signing up shortly. This process will be helped by the publication of the so-called coloured books — the detailed practitioner guides to the LMP2001 process — which are due out later this month”.