25 March 2014News

LMG seeks to halt London’s global decline

London Market Group chairman, Steve Hearn, says that he intends to arrest the London market’s global decline and explore those levers that will sustain and grow the capital’s influence in the global insurance marketplace.

Talking to senior London figures, Hearn says that the LMG’s focus will be on those issues that are damaging London’s competitive position and efforts to strengthen the market’s international offering.

Hearn says that the LMG intends to take a lead coordinating a “common voice” for the market that will strengthen market dealings with the government and regulators.

He also sees it leading initiatives to “develop and promote diversity” within the London market and initiating research in order to see how London can better serve its customer base.

Hearn says that while the LMG will lead these initiatives, he is looking for help from market participants regarding what London could be doing better in serving the global re/insurance market.

Despite suggestions that London's position is continuing to slip, Bermuda participants are still heavily involved in the market. Its specialty capabilities and global licensing capabilities means it remains an attractive option for Island players looking to develop an increasingly global footprint.