The Market Reform Group has changed its name to the London Market Group and expanded its remit. The LMG will in future look to extend its activities beyond process change to discussions where a cross market view, or some collaborative action, might be beneficial.
Barnabas Hurst-Bannister, chairman of LMG, said: “MRG has been instrumental in delivering the substantial change we have seen over the last few years that has enhanced London’s position in the global marketplace.
“Whilst we remain absolutely committed to delivering the Finish What We’ve Started programme – and further efficiency improvements beyond this – the need for fundamental ‘reform’ has passed and we should reflect this in our name.
“The wider remit will ensure that we build appropriate consensus around any issue that affects the competitiveness of our market. This will ensure that London remains at the forefront of the global insurance industry.”
Jonathan Palmer-Brown, chairman of the London and International Insurance Brokers Association, said: “LMG can help continue London’s progress and ensure its ongoing pre-eminence in the global insurance industry. This is the right move to ensure that we do not lose momentum and continue to deliver improvement to our clients.”
Richard Ward, chief executive of Lloyd’s added: “The industry faces a range of issues that must be tackled as a market, issues that go beyond just reform. LMG is precisely the right vehicle to build on the achievements we have delivered to date, and deal with the future challenges.”
