Lord Levene, Chairman of Lloyd’s, last night hosted the second annual Lloyd’s New York City Dinner, with over 160 representatives from the US and UK insurance and financial services industries in attendance.
While last year New York and London were seen to be in strong competition for the title of the world’s financial capital, the dinner this year focused on how the two cities should work together to address the challenges of the current economic conditions.
HRH the Duke of York, in his role as the UK’s Special Representative for International Trade and Investment, gave the keynote speech at the event, focusing on the strong bond that exists between New York and London.
“London and New York remain the top two global financial centres, it is clear that we are both retaining these positions and showing resilience in the face of this financial storm.
“There is no denying the scale of the challenges that we face. With the undoubted collaboration between the Finance Centres of London and New York and the engagement between the Financial Services Sector, regulators and legislators the future steps to develop and increase our nation’s prosperity through a sound Financial Services system will be achievable,” he said.
Lord Levene, Chairman of Lloyd’s, used his welcoming speech to highlight that the insurance industry is in healthy shape, saying:
“Over the course of the last year, the reputation of the financial services industry has taken a huge battering but I believe that all is not lost. There are a number of sectors that remain vibrant and relatively untarnished by the economic storm that has surrounded them. Insurance is of course one such sector.
“As I am sure you are aware, Lloyd’s has had its own problems in, what is now happily, the distant past. We learnt our lessons and also stuck to what we are good at – focusing on providing specialist insurance and not being lured into the exotic products that have been the downfall of a number of our competitors. At Lloyd’s we went ‘back to basics’ and it is my belief that the financial services industry now needs to do the same.”
Lord Levene also paid tribute to Captain Sullenberger III, the US Airways Flight 1549 pilot who saved 155 passengers and crew after crash landing his plane in to the Hudson River.
Presenting him with the Lloyd’s Medal for Saving Life, Lord Levene said:
“We at Lloyd’s wish to join the distinguished line of those who have recognised him for his exceptional judgement, calmness, bravery and selflessness in the face of such unexpected and terrifying circumstances.”
In 1836, Lloyd’s established a medal to recognise acts of courage at sea. The medal’s title went through various iterations in order to recognise bravery in other spheres. In 1974 it became the Lloyd’s Medal for Saving Life. Gold, silver and bronze medals have always been struck.
The first gold medal was awarded to Captain Edward Evans in 1921, and Captain Sullenberger III is only the second recipient of the gold medal in 173 years.
