LINE Edition 101 - Darwin report goes public (30th January 2012)

LINE – a newsletter for the London Insurance Market Editor: Roger Foord Edition: 101 Past issues can be found at: www.rogerfoord.com/33 24 Lime Street, London EC3M 7HS Mobile: 07710-479070 e-mail: roger@rogerfoord.com web: www.rogerfoord.com 30th January 2012 LINE – 101st Edition ********************************************************************* In this issue: * New members * Darwin reports, but is it a proper Charlie! * Year of disasters *Market reform -2011 average year * A message on messages! * Lloyd’s worried about lack of EU regulation. They should be cheering! * Solvency II – more delay means more to pay! Also watch the goal posts! * Lloyd’s disaster recovery plans – work from the coffee bars! * Portraits all round * Lloyd’s disappears behind the scaffolding * Job Spot …. and finally ************************************************************************* Thank you to everybody who came to the annual charity of the year breakfast on January 18th.We had a bit of a squeeze but 85 was the most we have achieved and the charity ‘FacingtheWorld’ will receive around £250. I was reminded that I mentioned events in 2012, but failed to mention the Queen’s silver jubilee. Sorry about that, my mistake. *********************************************************************************** Welcome to new members: Phil Branch of AJG; Pascal Lehmann of Swiss re; Dennis Saunders of Insurance-IT-Recruitment; Darren Belcher of Total Objects; Rupert Thomas of Insurance-Synergy; Victoria Jandrell and Thomas Peel of Sutherland Global; Harpreet Julka of SCS-Emea; Paul Buckle of Eurobase: Jens Mueller; Yvonne Bouman of Beazley; Caroline Sinclair of Catz Consulting; Kevin Bowdler of XL Group; Tim Yorke of Apexbc; John Nolan of Aon; Richard Garnett; John Byers; Karen Morris of Alienation Digital; Louise O’Hara of Amellior; Eric Sauter of Wilson Elser; Sunil Nanik ;Victoria Jandrell of Sutherland Global; Jo Orr of Amlin ************************************************************************************* Darwin hits the streets The Darwin report set up to look at processes in the London market has come up with its findings. Basically it thinks that a significant restructuring of the London market's back office is needed that could end Xchanging Ins-Sure Services (XIS) in its current guise. XIS is the claims and premiums processing joint venture with UK outsourcing firm Xchanging that was formed in 2000 and runs technology solution as developed over twenty years ago. At its heart, it proposes a new operating model, namely a single body that contracts with all the Lloyd's managing agencies and with London market (re)insurers.The body would then be charged with overseeing three core functions, namely business process services, application and development and infrastructure and hosting.To move to this new model, Darwin effectively recommends two approaches; either a "big bang" style revolution or a more incremental, evolutionary approach.According to sources, the cost of these two approaches was recently estimated at around £100mn for the more piecemeal route and at up to £150mn for a more significant jump.But some figures close to the proposal point out that these forecasts are likely to increase once the cost of companies' own implementation and compliance costs are added.However, another source points out that the estimates are a little misleading because (re)insurers and brokers operating in the London market will still incur significant costs simply to maintain and update their legacy systems even if nothing is done. Richard Ward, the Lloyd’s CEO is looking closer at market "modernisation" initiatives following the arrival of the market's new chairman, John Nelson, in October 2011, who has evidently told him it is his problem. The market does have back office systems which have been around for over thirty years, particularly in the company and broker markets. To have survived this long must say something about their strengths but all good things must come to an end. Changing common systems for 400 brokers and underwriters is not going to be easy especially as the business end of the London market do not probably see that there is a need. “If it ain’t broker” and all that. Still at the end of the day Dr Ward was not employed for his insurance acumen so he will see that he has achieved nothing if it doesn’t come from his technology and change skills. We will see. *************************************************************************************** 2011 an unhappy year for thousands around the globe The world went mad with its weather and natural disasters. The London market took a large brunt of the problems in Christchurch, with two earthquakes, Japan with the tsunami and more recently the very expensive floods in Thailand. Lloyd’s and London will of course survive but some companies are already feeling the pain and looking for new buyers. At least global warming did not come in for too much stick from these events. ************************************************************************************ Market Reform The market reformers go into 2012 with a new chairman Stephen Riley of Global-Aero. His amusing predecessor was chairman of Travelers, evidently one of the worst performing syndicates for ‘e’ claims and ‘e’ endorsements. Nothing like a good old dose of ‘do as I say, but not as I do’. Personally I think that 2011 was rather unexceptional for market change. Nothing like what was promised. The big issue from 2010 was the onward move towards electronic endorsements, which has not happened and was heavily criticised for its clunky unhelpful system for underwriters. The figures are difficult to find (although I would suspect that IBM’s top management are not expecting their share options to go up because of their involvement in TMEL!) but it is apparent that the whole scheme has been treading water in 2011. My personal view is that somebody has to admit that the Exchange (TMEL) is not the answer and that brokers do not want to be the providers of central market systems in London. The Darwin project (above) is supposed to come up with some ideas for the future of the market but the answer is staring the market in the face and it is to ring fence the central bureau services, currently provided by Xchanging, for central accounting, 'e' claims and the market repository, and pass ownership back to a mutually run non-profit body for London. They then need to put in place a new ‘e’ endorsements system, based on the claims system Class. Will this happen? Probably not as it makes too much sense! *********************************************************************************** Messaging volumes The big success story, evidently, is the Ruschliken project which is enabling global brokers and carriers to electronically exchange Acord messages for their non-Lloyd’s business. All I hear is thousands of messages from Acord, so presumably it must be true. The TMEL system for validating Acord messages to provide ‘e’ endorsements is also supposed to be going ‘great guns’ but again the lack of actual numbers, especially increases in 2011, leaves one a bit suspicious. Ri3K now owned by Qatarlyst, and a possible alternative to TMEL, is still Aon’s preferred ‘e’ platform and underwriters in London are being approached to expand their use into other classes of business. The fact that Marsh appear to planning to join the Ri3K model means that the London Exchange might not be the best model for the future and if Willis’ also join up then there could be volume problems for TMEL. Against all of this Xchanging volumes in 2011 reached over 30 million again, apart from those messages being used for the central repository. ************************************************************************************** Lloyd’s worried about EU and London While just about everybody in the UK is happy that the UK and especially the city ,has been defended by the Prime Minister, Lloyd’s seem to see some dark days ahead if the UK is outside of the EU regulatory regime. I would say good riddance to the EU bureaucrats and unelected decision makers who have far too much say over our lives. Lloyd’s is self-regulated and should have the main objective of ensuring that its role in insurance is above all others. Not a difficult job because the world already knows this. The ridiculous Solvency II and its mounting costs (Lloyd’s have a whole floor of people working on it) is only going to create a level playing field. We all know that this means the best (London) go down and the slackers go up. How Lloyd’s did not see this and persuade the government to ring fence the London market for Solvency II seems bizarre. The chairman at the time, Lord Levene, supposedly had his finger on the political pulse but it got away! *********************************************************************************** Solvency II –delayed again until 2015 The recent announcement that Solvency ll is again delayed raises a few issues. Firstly will it ever happen? Secondly why did it happen and why did Lloyd’s get sucked into it? Thirdly with the Lloyd’s market’s costs already hitting the half a billion cost, the delay will mean on-going expenditure for the consultants involved paid for by insurers. Fourthly while the cost might carry on regardless, there is almost certainly likely to be some more manoeuvrings and the goal posts will be changed so even more cost. At the same time other European countries are probably still contemplating what to do and when to start. At least London has the Lloyd’s management to help it! *********************************************************************************** Lloyd’s Emergency Trading Protocol (LETP) Lloyd’s has a new initiative for Placing and Claims Handling in an emergency. Basically in circumstances where it is not possible to access the Underwriting Room and / or for staff of some managing agents, Lloyd’s brokers, Lloyd’s and / or Xchanging to access their offices, Lloyd’s has put in place these protocols to supplement face to face and electronic trading that can take place elsewhere to ensure that all necessary insurance and reinsurance can continue to be placed (or existing cover extended); and time critical aspects of claims handling and determination can be undertaken remotely from home using ECF or email. Evidently the Council of Lloyd’s expects all participants in the Lloyd’s market to work together to ensure that disruption caused by the emergency is minimised through the use of these protocols.” I can save them time on all of this as there are never any great time problems in the market and if offices are in any way closed down the brokers and underwriters make their own arrangements. This usually involves coffee bars and other socially acceptable meeting places. It did happen at the time of the terrorist bomb in St Mary Axe twenty years ago *********************************************************************************** Sir David Rowland, gets pictorial recognition When Lord Levene finally left the chairmanship of the Lloyd’s market he managed to get not just a gold medal, but he arranged for his own portrait to be painted. This was an old tradition but had faded away in the last century. However, as he forced the hand of the market it has a genuinely good result in that Sir David Rowland, who saved Lloyd’s in the dark days of 1980/90’s is now being painted for posterity and hopefully pole position in the Lloyd’s Old Library. *********************************************************************************** Lloyd’s goes scaffolding mad! The £7 million project to put new ‘see through’ windows into the Lloyd’s building has had a spectacular effect on the façade. There are probably a thousand miles of poles clinging to the side of the building. Because of its actual design of pipes around the outside anyway, there is now the bizarre concept of pipes outside of the pipes. All of this just to allow the public to see in (nothing happening until 11.00 in the morning of course and don’t expect to see too many people at lunchtime!) and also to save on lighting and heating in the future. A lot of electricity bills in £7million! All done by the Olympics and Golden Jubilee hopefully. ************************************************************************************** Job Spot I get many requests for insurance/technology types. Jobs such as Business Analysts/Project Managers, usually with London insurance market knowledge and skills. If you think you fit the bill and want a change then I am very happy to help you meet the right people. ************************************************************************************** ....and finally it has been noted by some of my friends in the London market that I occasionally get a mention in the Telegraph’s ‘business city diary’. Usually with a bit of Lloyd’s light hearted gossipy news. This raised some eyebrows as I was recently called an ‘insurance expert’. I accept the good humoured banter on this, but have to say in my defence that it is all relative to others in the market who think they are experts. Anyway have a good 2012 and thank you for reading my thoughts on the ever exciting London insurance market. Please feel free to pass onto colleagues or interested friends, Best wishes Roger, www.rogerfoord.com 07710479070

LINE Edition 101 - Darwin report goes public (30th January 2012)

LINE Edition 101 - Darwin report goes public (30th January 2012)

LINE – a newsletter for the London Insurance Market Editor: Roger Foord Edition: 101 Past issues can be found at: www.rogerfoord.com/33 24 Lime Street, London EC3M 7HS Mobile: 07710-479070 e-mail: roger@rogerfoord.com web: www.rogerfoord.com 30th January 2012 LINE – 101st Edition ********************************************************************* In this issue: * New members * Darwin reports, but is it a proper Charlie! * Year of disasters *Market reform -2011 average year * A message on messages! * Lloyd’s worried about lack of EU regulation. They should be cheering! * Solvency II – more delay means more to pay! Also watch the goal posts! * Lloyd’s disaster recovery plans – work from the coffee bars! * Portraits all round * Lloyd’s disappears behind the scaffolding * Job Spot …. and finally ************************************************************************* Thank you to everybody who came to the annual charity of the year breakfast on January 18th.We had a bit of a squeeze but 85 was the most we have achieved and the charity ‘FacingtheWorld’ will receive around £250. I was reminded that I mentioned events in 2012, but failed to mention the Queen’s silver jubilee. Sorry about that, my mistake. *********************************************************************************** Welcome to new members: Phil Branch of AJG; Pascal Lehmann of Swiss re; Dennis Saunders of Insurance-IT-Recruitment; Darren Belcher of Total Objects; Rupert Thomas of Insurance-Synergy; Victoria Jandrell and Thomas Peel of Sutherland Global; Harpreet Julka of SCS-Emea; Paul Buckle of Eurobase: Jens Mueller; Yvonne Bouman of Beazley; Caroline Sinclair of Catz Consulting; Kevin Bowdler of XL Group; Tim Yorke of Apexbc; John Nolan of Aon; Richard Garnett; John Byers; Karen Morris of Alienation Digital; Louise O’Hara of Amellior; Eric Sauter of Wilson Elser; Sunil Nanik ;Victoria Jandrell of Sutherland Global; Jo Orr of Amlin ************************************************************************************* Darwin hits the streets The Darwin report set up to look at processes in the London market has come up with its findings. Basically it thinks that a significant restructuring of the London market's back office is needed that could end Xchanging Ins-Sure Services (XIS) in its current guise. XIS is the claims and premiums processing joint venture with UK outsourcing firm Xchanging that was formed in 2000 and runs technology solution as developed over twenty years ago. At its heart, it proposes a new operating model, namely a single body that contracts with all the Lloyd's managing agencies and with London market (re)insurers.The body would then be charged with overseeing three core functions, namely business process services, application and development and infrastructure and hosting.To move to this new model, Darwin effectively recommends two approaches; either a "big bang" style revolution or a more incremental, evolutionary approach.According to sources, the cost of these two approaches was recently estimated at around £100mn for the more piecemeal route and at up to £150mn for a more significant jump.But some figures close to the proposal point out that these forecasts are likely to increase once the cost of companies' own implementation and compliance costs are added.However, another source points out that the estimates are a little misleading because (re)insurers and brokers operating in the London market will still incur significant costs simply to maintain and update their legacy systems even if nothing is done. Richard Ward, the Lloyd’s CEO is looking closer at market "modernisation" initiatives following the arrival of the market's new chairman, John Nelson, in October 2011, who has evidently told him it is his problem. The market does have back office systems which have been around for over thirty years, particularly in the company and broker markets. To have survived this long must say something about their strengths but all good things must come to an end. Changing common systems for 400 brokers and underwriters is not going to be easy especially as the business end of the London market do not probably see that there is a need. “If it ain’t broker” and all that. Still at the end of the day Dr Ward was not employed for his insurance acumen so he will see that he has achieved nothing if it doesn’t come from his technology and change skills. We will see. *************************************************************************************** 2011 an unhappy year for thousands around the globe The world went mad with its weather and natural disasters. The London market took a large brunt of the problems in Christchurch, with two earthquakes, Japan with the tsunami and more recently the very expensive floods in Thailand. Lloyd’s and London will of course survive but some companies are already feeling the pain and looking for new buyers. At least global warming did not come in for too much stick from these events. ************************************************************************************ Market Reform The market reformers go into 2012 with a new chairman Stephen Riley of Global-Aero. His amusing predecessor was chairman of Travelers, evidently one of the worst performing syndicates for ‘e’ claims and ‘e’ endorsements. Nothing like a good old dose of ‘do as I say, but not as I do’. Personally I think that 2011 was rather unexceptional for market change. Nothing like what was promised. The big issue from 2010 was the onward move towards electronic endorsements, which has not happened and was heavily criticised for its clunky unhelpful system for underwriters. The figures are difficult to find (although I would suspect that IBM’s top management are not expecting their share options to go up because of their involvement in TMEL!) but it is apparent that the whole scheme has been treading water in 2011. My personal view is that somebody has to admit that the Exchange (TMEL) is not the answer and that brokers do not want to be the providers of central market systems in London. The Darwin project (above) is supposed to come up with some ideas for the future of the market but the answer is staring the market in the face and it is to ring fence the central bureau services, currently provided by Xchanging, for central accounting, 'e' claims and the market repository, and pass ownership back to a mutually run non-profit body for London. They then need to put in place a new ‘e’ endorsements system, based on the claims system Class. Will this happen? Probably not as it makes too much sense! *********************************************************************************** Messaging volumes The big success story, evidently, is the Ruschliken project which is enabling global brokers and carriers to electronically exchange Acord messages for their non-Lloyd’s business. All I hear is thousands of messages from Acord, so presumably it must be true. The TMEL system for validating Acord messages to provide ‘e’ endorsements is also supposed to be going ‘great guns’ but again the lack of actual numbers, especially increases in 2011, leaves one a bit suspicious. Ri3K now owned by Qatarlyst, and a possible alternative to TMEL, is still Aon’s preferred ‘e’ platform and underwriters in London are being approached to expand their use into other classes of business. The fact that Marsh appear to planning to join the Ri3K model means that the London Exchange might not be the best model for the future and if Willis’ also join up then there could be volume problems for TMEL. Against all of this Xchanging volumes in 2011 reached over 30 million again, apart from those messages being used for the central repository. ************************************************************************************** Lloyd’s worried about EU and London While just about everybody in the UK is happy that the UK and especially the city ,has been defended by the Prime Minister, Lloyd’s seem to see some dark days ahead if the UK is outside of the EU regulatory regime. I would say good riddance to the EU bureaucrats and unelected decision makers who have far too much say over our lives. Lloyd’s is self-regulated and should have the main objective of ensuring that its role in insurance is above all others. Not a difficult job because the world already knows this. The ridiculous Solvency II and its mounting costs (Lloyd’s have a whole floor of people working on it) is only going to create a level playing field. We all know that this means the best (London) go down and the slackers go up. How Lloyd’s did not see this and persuade the government to ring fence the London market for Solvency II seems bizarre. The chairman at the time, Lord Levene, supposedly had his finger on the political pulse but it got away! *********************************************************************************** Solvency II –delayed again until 2015 The recent announcement that Solvency ll is again delayed raises a few issues. Firstly will it ever happen? Secondly why did it happen and why did Lloyd’s get sucked into it? Thirdly with the Lloyd’s market’s costs already hitting the half a billion cost, the delay will mean on-going expenditure for the consultants involved paid for by insurers. Fourthly while the cost might carry on regardless, there is almost certainly likely to be some more manoeuvrings and the goal posts will be changed so even more cost. At the same time other European countries are probably still contemplating what to do and when to start. At least London has the Lloyd’s management to help it! *********************************************************************************** Lloyd’s Emergency Trading Protocol (LETP) Lloyd’s has a new initiative for Placing and Claims Handling in an emergency. Basically in circumstances where it is not possible to access the Underwriting Room and / or for staff of some managing agents, Lloyd’s brokers, Lloyd’s and / or Xchanging to access their offices, Lloyd’s has put in place these protocols to supplement face to face and electronic trading that can take place elsewhere to ensure that all necessary insurance and reinsurance can continue to be placed (or existing cover extended); and time critical aspects of claims handling and determination can be undertaken remotely from home using ECF or email. Evidently the Council of Lloyd’s expects all participants in the Lloyd’s market to work together to ensure that disruption caused by the emergency is minimised through the use of these protocols.” I can save them time on all of this as there are never any great time problems in the market and if offices are in any way closed down the brokers and underwriters make their own arrangements. This usually involves coffee bars and other socially acceptable meeting places. It did happen at the time of the terrorist bomb in St Mary Axe twenty years ago *********************************************************************************** Sir David Rowland, gets pictorial recognition When Lord Levene finally left the chairmanship of the Lloyd’s market he managed to get not just a gold medal, but he arranged for his own portrait to be painted. This was an old tradition but had faded away in the last century. However, as he forced the hand of the market it has a genuinely good result in that Sir David Rowland, who saved Lloyd’s in the dark days of 1980/90’s is now being painted for posterity and hopefully pole position in the Lloyd’s Old Library. *********************************************************************************** Lloyd’s goes scaffolding mad! The £7 million project to put new ‘see through’ windows into the Lloyd’s building has had a spectacular effect on the façade. There are probably a thousand miles of poles clinging to the side of the building. Because of its actual design of pipes around the outside anyway, there is now the bizarre concept of pipes outside of the pipes. All of this just to allow the public to see in (nothing happening until 11.00 in the morning of course and don’t expect to see too many people at lunchtime!) and also to save on lighting and heating in the future. A lot of electricity bills in £7million! All done by the Olympics and Golden Jubilee hopefully. ************************************************************************************** Job Spot I get many requests for insurance/technology types. Jobs such as Business Analysts/Project Managers, usually with London insurance market knowledge and skills. If you think you fit the bill and want a change then I am very happy to help you meet the right people. ************************************************************************************** ....and finally it has been noted by some of my friends in the London market that I occasionally get a mention in the Telegraph’s ‘business city diary’. Usually with a bit of Lloyd’s light hearted gossipy news. This raised some eyebrows as I was recently called an ‘insurance expert’. I accept the good humoured banter on this, but have to say in my defence that it is all relative to others in the market who think they are experts. Anyway have a good 2012 and thank you for reading my thoughts on the ever exciting London insurance market. Please feel free to pass onto colleagues or interested friends, Best wishes Roger, www.rogerfoord.com 07710479070

LINE – a newsletter for the London Insurance Market Editor: Roger Foord Edition: 101 Past issues can be found at: www.rogerfoord.com/33 24 Lime Street, London EC3M 7HS Mobile: 07710-479070 e-mail: roger@rogerfoord.com web: www.rogerfoord.com 30th January 2012 LINE – 101st Edition ********************************************************************* In this issue: * New members * Darwin reports, but is it a proper Charlie! * Year of disasters *Market reform -2011 average year * A message on messages! * Lloyd’s worried about lack of EU regulation. They should be cheering! * Solvency II – more delay means more to pay! Also watch the goal posts! * Lloyd’s disaster recovery plans – work from the coffee bars! * Portraits all round * Lloyd’s disappears behind the scaffolding * Job Spot …. and finally ************************************************************************* Thank you to everybody who came to the annual charity of the year breakfast on January 18th.We had a bit of a squeeze but 85 was the most we have achieved and the charity ‘FacingtheWorld’ will receive around £250. I was reminded that I mentioned events in 2012, but failed to mention the Queen’s silver jubilee. Sorry about that, my mistake. *********************************************************************************** Welcome to new members: Phil Branch of AJG; Pascal Lehmann of Swiss re; Dennis Saunders of Insurance-IT-Recruitment; Darren Belcher of Total Objects; Rupert Thomas of Insurance-Synergy; Victoria Jandrell and Thomas Peel of Sutherland Global; Harpreet Julka of SCS-Emea; Paul Buckle of Eurobase: Jens Mueller; Yvonne Bouman of Beazley; Caroline Sinclair of Catz Consulting; Kevin Bowdler of XL Group; Tim Yorke of Apexbc; John Nolan of Aon; Richard Garnett; John Byers; Karen Morris of Alienation Digital; Louise O’Hara of Amellior; Eric Sauter of Wilson Elser; Sunil Nanik ;Victoria Jandrell of Sutherland Global; Jo Orr of Amlin ************************************************************************************* Darwin hits the streets The Darwin report set up to look at processes in the London market has come up with its findings. Basically it thinks that a significant restructuring of the London market's back office is needed that could end Xchanging Ins-Sure Services (XIS) in its current guise. XIS is the claims and premiums processing joint venture with UK outsourcing firm Xchanging that was formed in 2000 and runs technology solution as developed over twenty years ago. At its heart, it proposes a new operating model, namely a single body that contracts with all the Lloyd's managing agencies and with London market (re)insurers.The body would then be charged with overseeing three core functions, namely business process services, application and development and infrastructure and hosting.To move to this new model, Darwin effectively recommends two approaches; either a "big bang" style revolution or a more incremental, evolutionary approach.According to sources, the cost of these two approaches was recently estimated at around £100mn for the more piecemeal route and at up to £150mn for a more significant jump.But some figures close to the proposal point out that these forecasts are likely to increase once the cost of companies' own implementation and compliance costs are added.However, another source points out that the estimates are a little misleading because (re)insurers and brokers operating in the London market will still incur significant costs simply to maintain and update their legacy systems even if nothing is done. Richard Ward, the Lloyd’s CEO is looking closer at market "modernisation" initiatives following the arrival of the market's new chairman, John Nelson, in October 2011, who has evidently told him it is his problem. The market does have back office systems which have been around for over thirty years, particularly in the company and broker markets. To have survived this long must say something about their strengths but all good things must come to an end. Changing common systems for 400 brokers and underwriters is not going to be easy especially as the business end of the London market do not probably see that there is a need. “If it ain’t broker” and all that. Still at the end of the day Dr Ward was not employed for his insurance acumen so he will see that he has achieved nothing if it doesn’t come from his technology and change skills. We will see. *************************************************************************************** 2011 an unhappy year for thousands around the globe The world went mad with its weather and natural disasters. The London market took a large brunt of the problems in Christchurch, with two earthquakes, Japan with the tsunami and more recently the very expensive floods in Thailand. Lloyd’s and London will of course survive but some companies are already feeling the pain and looking for new buyers. At least global warming did not come in for too much stick from these events. ************************************************************************************ Market Reform The market reformers go into 2012 with a new chairman Stephen Riley of Global-Aero. His amusing predecessor was chairman of Travelers, evidently one of the worst performing syndicates for ‘e’ claims and ‘e’ endorsements. Nothing like a good old dose of ‘do as I say, but not as I do’. Personally I think that 2011 was rather unexceptional for market change. Nothing like what was promised. The big issue from 2010 was the onward move towards electronic endorsements, which has not happened and was heavily criticised for its clunky unhelpful system for underwriters. The figures are difficult to find (although I would suspect that IBM’s top management are not expecting their share options to go up because of their involvement in TMEL!) but it is apparent that the whole scheme has been treading water in 2011. My personal view is that somebody has to admit that the Exchange (TMEL) is not the answer and that brokers do not want to be the providers of central market systems in London. The Darwin project (above) is supposed to come up with some ideas for the future of the market but the answer is staring the market in the face and it is to ring fence the central bureau services, currently provided by Xchanging, for central accounting, 'e' claims and the market repository, and pass ownership back to a mutually run non-profit body for London. They then need to put in place a new ‘e’ endorsements system, based on the claims system Class. Will this happen? Probably not as it makes too much sense! *********************************************************************************** Messaging volumes The big success story, evidently, is the Ruschliken project which is enabling global brokers and carriers to electronically exchange Acord messages for their non-Lloyd’s business. All I hear is thousands of messages from Acord, so presumably it must be true. The TMEL system for validating Acord messages to provide ‘e’ endorsements is also supposed to be going ‘great guns’ but again the lack of actual numbers, especially increases in 2011, leaves one a bit suspicious. Ri3K now owned by Qatarlyst, and a possible alternative to TMEL, is still Aon’s preferred ‘e’ platform and underwriters in London are being approached to expand their use into other classes of business. The fact that Marsh appear to planning to join the Ri3K model means that the London Exchange might not be the best model for the future and if Willis’ also join up then there could be volume problems for TMEL. Against all of this Xchanging volumes in 2011 reached over 30 million again, apart from those messages being used for the central repository. ************************************************************************************** Lloyd’s worried about EU and London While just about everybody in the UK is happy that the UK and especially the city ,has been defended by the Prime Minister, Lloyd’s seem to see some dark days ahead if the UK is outside of the EU regulatory regime. I would say good riddance to the EU bureaucrats and unelected decision makers who have far too much say over our lives. Lloyd’s is self-regulated and should have the main objective of ensuring that its role in insurance is above all others. Not a difficult job because the world already knows this. The ridiculous Solvency II and its mounting costs (Lloyd’s have a whole floor of people working on it) is only going to create a level playing field. We all know that this means the best (London) go down and the slackers go up. How Lloyd’s did not see this and persuade the government to ring fence the London market for Solvency II seems bizarre. The chairman at the time, Lord Levene, supposedly had his finger on the political pulse but it got away! *********************************************************************************** Solvency II –delayed again until 2015 The recent announcement that Solvency ll is again delayed raises a few issues. Firstly will it ever happen? Secondly why did it happen and why did Lloyd’s get sucked into it? Thirdly with the Lloyd’s market’s costs already hitting the half a billion cost, the delay will mean on-going expenditure for the consultants involved paid for by insurers. Fourthly while the cost might carry on regardless, there is almost certainly likely to be some more manoeuvrings and the goal posts will be changed so even more cost. At the same time other European countries are probably still contemplating what to do and when to start. At least London has the Lloyd’s management to help it! *********************************************************************************** Lloyd’s Emergency Trading Protocol (LETP) Lloyd’s has a new initiative for Placing and Claims Handling in an emergency. Basically in circumstances where it is not possible to access the Underwriting Room and / or for staff of some managing agents, Lloyd’s brokers, Lloyd’s and / or Xchanging to access their offices, Lloyd’s has put in place these protocols to supplement face to face and electronic trading that can take place elsewhere to ensure that all necessary insurance and reinsurance can continue to be placed (or existing cover extended); and time critical aspects of claims handling and determination can be undertaken remotely from home using ECF or email. Evidently the Council of Lloyd’s expects all participants in the Lloyd’s market to work together to ensure that disruption caused by the emergency is minimised through the use of these protocols.” I can save them time on all of this as there are never any great time problems in the market and if offices are in any way closed down the brokers and underwriters make their own arrangements. This usually involves coffee bars and other socially acceptable meeting places. It did happen at the time of the terrorist bomb in St Mary Axe twenty years ago *********************************************************************************** Sir David Rowland, gets pictorial recognition When Lord Levene finally left the chairmanship of the Lloyd’s market he managed to get not just a gold medal, but he arranged for his own portrait to be painted. This was an old tradition but had faded away in the last century. However, as he forced the hand of the market it has a genuinely good result in that Sir David Rowland, who saved Lloyd’s in the dark days of 1980/90’s is now being painted for posterity and hopefully pole position in the Lloyd’s Old Library. *********************************************************************************** Lloyd’s goes scaffolding mad! The £7 million project to put new ‘see through’ windows into the Lloyd’s building has had a spectacular effect on the façade. There are probably a thousand miles of poles clinging to the side of the building. Because of its actual design of pipes around the outside anyway, there is now the bizarre concept of pipes outside of the pipes. All of this just to allow the public to see in (nothing happening until 11.00 in the morning of course and don’t expect to see too many people at lunchtime!) and also to save on lighting and heating in the future. A lot of electricity bills in £7million! All done by the Olympics and Golden Jubilee hopefully. ************************************************************************************** Job Spot I get many requests for insurance/technology types. Jobs such as Business Analysts/Project Managers, usually with London insurance market knowledge and skills. If you think you fit the bill and want a change then I am very happy to help you meet the right people. ************************************************************************************** ....and finally it has been noted by some of my friends in the London market that I occasionally get a mention in the Telegraph’s ‘business city diary’. Usually with a bit of Lloyd’s light hearted gossipy news. This raised some eyebrows as I was recently called an ‘insurance expert’. I accept the good humoured banter on this, but have to say in my defence that it is all relative to others in the market who think they are experts. Anyway have a good 2012 and thank you for reading my thoughts on the ever exciting London insurance market. Please feel free to pass onto colleagues or interested friends, Best wishes Roger, www.rogerfoord.com 07710479070

LINE Edition 101 - Darwin report goes public (30th January 2012)

LINE – a newsletter for the London Insurance Market Editor: Roger Foord Edition: 101 Past issues can be found at: www.rogerfoord.com/33 24 Lime Street, London EC3M 7HS Mobile: 07710-479070 e-mail: roger@rogerfoord.com web: www.rogerfoord.com 30th January 2012 LINE – 101st Edition ********************************************************************* In this issue: * New members * Darwin reports, but is it a proper Charlie! * Year of disasters *Market reform -2011 average year * A message on messages! * Lloyd’s worried about lack of EU regulation. They should be cheering! * Solvency II – more delay means more to pay! Also watch the goal posts! * Lloyd’s disaster recovery plans – work from the coffee bars! * Portraits all round * Lloyd’s disappears behind the scaffolding * Job Spot …. and finally ************************************************************************* Thank you to everybody who came to the annual charity of the year breakfast on January 18th.We had a bit of a squeeze but 85 was the most we have achieved and the charity ‘FacingtheWorld’ will receive around £250. I was reminded that I mentioned events in 2012, but failed to mention the Queen’s silver jubilee. Sorry about that, my mistake. *********************************************************************************** Welcome to new members: Phil Branch of AJG; Pascal Lehmann of Swiss re; Dennis Saunders of Insurance-IT-Recruitment; Darren Belcher of Total Objects; Rupert Thomas of Insurance-Synergy; Victoria Jandrell and Thomas Peel of Sutherland Global; Harpreet Julka of SCS-Emea; Paul Buckle of Eurobase: Jens Mueller; Yvonne Bouman of Beazley; Caroline Sinclair of Catz Consulting; Kevin Bowdler of XL Group; Tim Yorke of Apexbc; John Nolan of Aon; Richard Garnett; John Byers; Karen Morris of Alienation Digital; Louise O’Hara of Amellior; Eric Sauter of Wilson Elser; Sunil Nanik ;Victoria Jandrell of Sutherland Global; Jo Orr of Amlin ************************************************************************************* Darwin hits the streets The Darwin report set up to look at processes in the London market has come up with its findings. Basically it thinks that a significant restructuring of the London market's back office is needed that could end Xchanging Ins-Sure Services (XIS) in its current guise. XIS is the claims and premiums processing joint venture with UK outsourcing firm Xchanging that was formed in 2000 and runs technology solution as developed over twenty years ago. At its heart, it proposes a new operating model, namely a single body that contracts with all the Lloyd's managing agencies and with London market (re)insurers.The body would then be charged with overseeing three core functions, namely business process services, application and development and infrastructure and hosting.To move to this new model, Darwin effectively recommends two approaches; either a "big bang" style revolution or a more incremental, evolutionary approach.According to sources, the cost of these two approaches was recently estimated at around £100mn for the more piecemeal route and at up to £150mn for a more significant jump.But some figures close to the proposal point out that these forecasts are likely to increase once the cost of companies' own implementation and compliance costs are added.However, another source points out that the estimates are a little misleading because (re)insurers and brokers operating in the London market will still incur significant costs simply to maintain and update their legacy systems even if nothing is done. Richard Ward, the Lloyd’s CEO is looking closer at market "modernisation" initiatives following the arrival of the market's new chairman, John Nelson, in October 2011, who has evidently told him it is his problem. The market does have back office systems which have been around for over thirty years, particularly in the company and broker markets. To have survived this long must say something about their strengths but all good things must come to an end. Changing common systems for 400 brokers and underwriters is not going to be easy especially as the business end of the London market do not probably see that there is a need. “If it ain’t broker” and all that. Still at the end of the day Dr Ward was not employed for his insurance acumen so he will see that he has achieved nothing if it doesn’t come from his technology and change skills. We will see. *************************************************************************************** 2011 an unhappy year for thousands around the globe The world went mad with its weather and natural disasters. The London market took a large brunt of the problems in Christchurch, with two earthquakes, Japan with the tsunami and more recently the very expensive floods in Thailand. Lloyd’s and London will of course survive but some companies are already feeling the pain and looking for new buyers. At least global warming did not come in for too much stick from these events. ************************************************************************************ Market Reform The market reformers go into 2012 with a new chairman Stephen Riley of Global-Aero. His amusing predecessor was chairman of Travelers, evidently one of the worst performing syndicates for ‘e’ claims and ‘e’ endorsements. Nothing like a good old dose of ‘do as I say, but not as I do’. Personally I think that 2011 was rather unexceptional for market change. Nothing like what was promised. The big issue from 2010 was the onward move towards electronic endorsements, which has not happened and was heavily criticised for its clunky unhelpful system for underwriters. The figures are difficult to find (although I would suspect that IBM’s top management are not expecting their share options to go up because of their involvement in TMEL!) but it is apparent that the whole scheme has been treading water in 2011. My personal view is that somebody has to admit that the Exchange (TMEL) is not the answer and that brokers do not want to be the providers of central market systems in London. The Darwin project (above) is supposed to come up with some ideas for the future of the market but the answer is staring the market in the face and it is to ring fence the central bureau services, currently provided by Xchanging, for central accounting, 'e' claims and the market repository, and pass ownership back to a mutually run non-profit body for London. They then need to put in place a new ‘e’ endorsements system, based on the claims system Class. Will this happen? Probably not as it makes too much sense! *********************************************************************************** Messaging volumes The big success story, evidently, is the Ruschliken project which is enabling global brokers and carriers to electronically exchange Acord messages for their non-Lloyd’s business. All I hear is thousands of messages from Acord, so presumably it must be true. The TMEL system for validating Acord messages to provide ‘e’ endorsements is also supposed to be going ‘great guns’ but again the lack of actual numbers, especially increases in 2011, leaves one a bit suspicious. Ri3K now owned by Qatarlyst, and a possible alternative to TMEL, is still Aon’s preferred ‘e’ platform and underwriters in London are being approached to expand their use into other classes of business. The fact that Marsh appear to planning to join the Ri3K model means that the London Exchange might not be the best model for the future and if Willis’ also join up then there could be volume problems for TMEL. Against all of this Xchanging volumes in 2011 reached over 30 million again, apart from those messages being used for the central repository. ************************************************************************************** Lloyd’s worried about EU and London While just about everybody in the UK is happy that the UK and especially the city ,has been defended by the Prime Minister, Lloyd’s seem to see some dark days ahead if the UK is outside of the EU regulatory regime. I would say good riddance to the EU bureaucrats and unelected decision makers who have far too much say over our lives. Lloyd’s is self-regulated and should have the main objective of ensuring that its role in insurance is above all others. Not a difficult job because the world already knows this. The ridiculous Solvency II and its mounting costs (Lloyd’s have a whole floor of people working on it) is only going to create a level playing field. We all know that this means the best (London) go down and the slackers go up. How Lloyd’s did not see this and persuade the government to ring fence the London market for Solvency II seems bizarre. The chairman at the time, Lord Levene, supposedly had his finger on the political pulse but it got away! *********************************************************************************** Solvency II –delayed again until 2015 The recent announcement that Solvency ll is again delayed raises a few issues. Firstly will it ever happen? Secondly why did it happen and why did Lloyd’s get sucked into it? Thirdly with the Lloyd’s market’s costs already hitting the half a billion cost, the delay will mean on-going expenditure for the consultants involved paid for by insurers. Fourthly while the cost might carry on regardless, there is almost certainly likely to be some more manoeuvrings and the goal posts will be changed so even more cost. At the same time other European countries are probably still contemplating what to do and when to start. At least London has the Lloyd’s management to help it! *********************************************************************************** Lloyd’s Emergency Trading Protocol (LETP) Lloyd’s has a new initiative for Placing and Claims Handling in an emergency. Basically in circumstances where it is not possible to access the Underwriting Room and / or for staff of some managing agents, Lloyd’s brokers, Lloyd’s and / or Xchanging to access their offices, Lloyd’s has put in place these protocols to supplement face to face and electronic trading that can take place elsewhere to ensure that all necessary insurance and reinsurance can continue to be placed (or existing cover extended); and time critical aspects of claims handling and determination can be undertaken remotely from home using ECF or email. Evidently the Council of Lloyd’s expects all participants in the Lloyd’s market to work together to ensure that disruption caused by the emergency is minimised through the use of these protocols.” I can save them time on all of this as there are never any great time problems in the market and if offices are in any way closed down the brokers and underwriters make their own arrangements. This usually involves coffee bars and other socially acceptable meeting places. It did happen at the time of the terrorist bomb in St Mary Axe twenty years ago *********************************************************************************** Sir David Rowland, gets pictorial recognition When Lord Levene finally left the chairmanship of the Lloyd’s market he managed to get not just a gold medal, but he arranged for his own portrait to be painted. This was an old tradition but had faded away in the last century. However, as he forced the hand of the market it has a genuinely good result in that Sir David Rowland, who saved Lloyd’s in the dark days of 1980/90’s is now being painted for posterity and hopefully pole position in the Lloyd’s Old Library. *********************************************************************************** Lloyd’s goes scaffolding mad! The £7 million project to put new ‘see through’ windows into the Lloyd’s building has had a spectacular effect on the façade. There are probably a thousand miles of poles clinging to the side of the building. Because of its actual design of pipes around the outside anyway, there is now the bizarre concept of pipes outside of the pipes. All of this just to allow the public to see in (nothing happening until 11.00 in the morning of course and don’t expect to see too many people at lunchtime!) and also to save on lighting and heating in the future. A lot of electricity bills in £7million! All done by the Olympics and Golden Jubilee hopefully. ************************************************************************************** Job Spot I get many requests for insurance/technology types. Jobs such as Business Analysts/Project Managers, usually with London insurance market knowledge and skills. If you think you fit the bill and want a change then I am very happy to help you meet the right people. ************************************************************************************** ....and finally it has been noted by some of my friends in the London market that I occasionally get a mention in the Telegraph’s ‘business city diary’. Usually with a bit of Lloyd’s light hearted gossipy news. This raised some eyebrows as I was recently called an ‘insurance expert’. I accept the good humoured banter on this, but have to say in my defence that it is all relative to others in the market who think they are experts. Anyway have a good 2012 and thank you for reading my thoughts on the ever exciting London insurance market. Please feel free to pass onto colleagues or interested friends, Best wishes Roger, www.rogerfoord.com 07710479070

LINE – a newsletter for the London Insurance Market Editor: Roger Foord Edition: 101 Past issues can be found at: www.rogerfoord.com/33 24 Lime Street, London EC3M 7HS Mobile: 07710-479070 e-mail: roger@rogerfoord.com web: www.rogerfoord.com 30th January 2012 LINE – 101st Edition ********************************************************************* In this issue: * New members * Darwin reports, but is it a proper Charlie! * Year of disasters *Market reform -2011 average year * A message on messages! * Lloyd’s worried about lack of EU regulation. They should be cheering! * Solvency II – more delay means more to pay! Also watch the goal posts! * Lloyd’s disaster recovery plans – work from the coffee bars! * Portraits all round * Lloyd’s disappears behind the scaffolding * Job Spot …. and finally ************************************************************************* Thank you to everybody who came to the annual charity of the year breakfast on January 18th.We had a bit of a squeeze but 85 was the most we have achieved and the charity ‘FacingtheWorld’ will receive around £250. I was reminded that I mentioned events in 2012, but failed to mention the Queen’s silver jubilee. Sorry about that, my mistake. *********************************************************************************** Welcome to new members: Phil Branch of AJG; Pascal Lehmann of Swiss re; Dennis Saunders of Insurance-IT-Recruitment; Darren Belcher of Total Objects; Rupert Thomas of Insurance-Synergy; Victoria Jandrell and Thomas Peel of Sutherland Global; Harpreet Julka of SCS-Emea; Paul Buckle of Eurobase: Jens Mueller; Yvonne Bouman of Beazley; Caroline Sinclair of Catz Consulting; Kevin Bowdler of XL Group; Tim Yorke of Apexbc; John Nolan of Aon; Richard Garnett; John Byers; Karen Morris of Alienation Digital; Louise O’Hara of Amellior; Eric Sauter of Wilson Elser; Sunil Nanik ;Victoria Jandrell of Sutherland Global; Jo Orr of Amlin ************************************************************************************* Darwin hits the streets The Darwin report set up to look at processes in the London market has come up with its findings. Basically it thinks that a significant restructuring of the London market's back office is needed that could end Xchanging Ins-Sure Services (XIS) in its current guise. XIS is the claims and premiums processing joint venture with UK outsourcing firm Xchanging that was formed in 2000 and runs technology solution as developed over twenty years ago. At its heart, it proposes a new operating model, namely a single body that contracts with all the Lloyd's managing agencies and with London market (re)insurers.The body would then be charged with overseeing three core functions, namely business process services, application and development and infrastructure and hosting.To move to this new model, Darwin effectively recommends two approaches; either a "big bang" style revolution or a more incremental, evolutionary approach.According to sources, the cost of these two approaches was recently estimated at around £100mn for the more piecemeal route and at up to £150mn for a more significant jump.But some figures close to the proposal point out that these forecasts are likely to increase once the cost of companies' own implementation and compliance costs are added.However, another source points out that the estimates are a little misleading because (re)insurers and brokers operating in the London market will still incur significant costs simply to maintain and update their legacy systems even if nothing is done. Richard Ward, the Lloyd’s CEO is looking closer at market "modernisation" initiatives following the arrival of the market's new chairman, John Nelson, in October 2011, who has evidently told him it is his problem. The market does have back office systems which have been around for over thirty years, particularly in the company and broker markets. To have survived this long must say something about their strengths but all good things must come to an end. Changing common systems for 400 brokers and underwriters is not going to be easy especially as the business end of the London market do not probably see that there is a need. “If it ain’t broker” and all that. Still at the end of the day Dr Ward was not employed for his insurance acumen so he will see that he has achieved nothing if it doesn’t come from his technology and change skills. We will see. *************************************************************************************** 2011 an unhappy year for thousands around the globe The world went mad with its weather and natural disasters. The London market took a large brunt of the problems in Christchurch, with two earthquakes, Japan with the tsunami and more recently the very expensive floods in Thailand. Lloyd’s and London will of course survive but some companies are already feeling the pain and looking for new buyers. At least global warming did not come in for too much stick from these events. ************************************************************************************ Market Reform The market reformers go into 2012 with a new chairman Stephen Riley of Global-Aero. His amusing predecessor was chairman of Travelers, evidently one of the worst performing syndicates for ‘e’ claims and ‘e’ endorsements. Nothing like a good old dose of ‘do as I say, but not as I do’. Personally I think that 2011 was rather unexceptional for market change. Nothing like what was promised. The big issue from 2010 was the onward move towards electronic endorsements, which has not happened and was heavily criticised for its clunky unhelpful system for underwriters. The figures are difficult to find (although I would suspect that IBM’s top management are not expecting their share options to go up because of their involvement in TMEL!) but it is apparent that the whole scheme has been treading water in 2011. My personal view is that somebody has to admit that the Exchange (TMEL) is not the answer and that brokers do not want to be the providers of central market systems in London. The Darwin project (above) is supposed to come up with some ideas for the future of the market but the answer is staring the market in the face and it is to ring fence the central bureau services, currently provided by Xchanging, for central accounting, 'e' claims and the market repository, and pass ownership back to a mutually run non-profit body for London. They then need to put in place a new ‘e’ endorsements system, based on the claims system Class. Will this happen? Probably not as it makes too much sense! *********************************************************************************** Messaging volumes The big success story, evidently, is the Ruschliken project which is enabling global brokers and carriers to electronically exchange Acord messages for their non-Lloyd’s business. All I hear is thousands of messages from Acord, so presumably it must be true. The TMEL system for validating Acord messages to provide ‘e’ endorsements is also supposed to be going ‘great guns’ but again the lack of actual numbers, especially increases in 2011, leaves one a bit suspicious. Ri3K now owned by Qatarlyst, and a possible alternative to TMEL, is still Aon’s preferred ‘e’ platform and underwriters in London are being approached to expand their use into other classes of business. The fact that Marsh appear to planning to join the Ri3K model means that the London Exchange might not be the best model for the future and if Willis’ also join up then there could be volume problems for TMEL. Against all of this Xchanging volumes in 2011 reached over 30 million again, apart from those messages being used for the central repository. ************************************************************************************** Lloyd’s worried about EU and London While just about everybody in the UK is happy that the UK and especially the city ,has been defended by the Prime Minister, Lloyd’s seem to see some dark days ahead if the UK is outside of the EU regulatory regime. I would say good riddance to the EU bureaucrats and unelected decision makers who have far too much say over our lives. Lloyd’s is self-regulated and should have the main objective of ensuring that its role in insurance is above all others. Not a difficult job because the world already knows this. The ridiculous Solvency II and its mounting costs (Lloyd’s have a whole floor of people working on it) is only going to create a level playing field. We all know that this means the best (London) go down and the slackers go up. How Lloyd’s did not see this and persuade the government to ring fence the London market for Solvency II seems bizarre. The chairman at the time, Lord Levene, supposedly had his finger on the political pulse but it got away! *********************************************************************************** Solvency II –delayed again until 2015 The recent announcement that Solvency ll is again delayed raises a few issues. Firstly will it ever happen? Secondly why did it happen and why did Lloyd’s get sucked into it? Thirdly with the Lloyd’s market’s costs already hitting the half a billion cost, the delay will mean on-going expenditure for the consultants involved paid for by insurers. Fourthly while the cost might carry on regardless, there is almost certainly likely to be some more manoeuvrings and the goal posts will be changed so even more cost. At the same time other European countries are probably still contemplating what to do and when to start. At least London has the Lloyd’s management to help it! *********************************************************************************** Lloyd’s Emergency Trading Protocol (LETP) Lloyd’s has a new initiative for Placing and Claims Handling in an emergency. Basically in circumstances where it is not possible to access the Underwriting Room and / or for staff of some managing agents, Lloyd’s brokers, Lloyd’s and / or Xchanging to access their offices, Lloyd’s has put in place these protocols to supplement face to face and electronic trading that can take place elsewhere to ensure that all necessary insurance and reinsurance can continue to be placed (or existing cover extended); and time critical aspects of claims handling and determination can be undertaken remotely from home using ECF or email. Evidently the Council of Lloyd’s expects all participants in the Lloyd’s market to work together to ensure that disruption caused by the emergency is minimised through the use of these protocols.” I can save them time on all of this as there are never any great time problems in the market and if offices are in any way closed down the brokers and underwriters make their own arrangements. This usually involves coffee bars and other socially acceptable meeting places. It did happen at the time of the terrorist bomb in St Mary Axe twenty years ago *********************************************************************************** Sir David Rowland, gets pictorial recognition When Lord Levene finally left the chairmanship of the Lloyd’s market he managed to get not just a gold medal, but he arranged for his own portrait to be painted. This was an old tradition but had faded away in the last century. However, as he forced the hand of the market it has a genuinely good result in that Sir David Rowland, who saved Lloyd’s in the dark days of 1980/90’s is now being painted for posterity and hopefully pole position in the Lloyd’s Old Library. *********************************************************************************** Lloyd’s goes scaffolding mad! The £7 million project to put new ‘see through’ windows into the Lloyd’s building has had a spectacular effect on the façade. There are probably a thousand miles of poles clinging to the side of the building. Because of its actual design of pipes around the outside anyway, there is now the bizarre concept of pipes outside of the pipes. All of this just to allow the public to see in (nothing happening until 11.00 in the morning of course and don’t expect to see too many people at lunchtime!) and also to save on lighting and heating in the future. A lot of electricity bills in £7million! All done by the Olympics and Golden Jubilee hopefully. ************************************************************************************** Job Spot I get many requests for insurance/technology types. Jobs such as Business Analysts/Project Managers, usually with London insurance market knowledge and skills. If you think you fit the bill and want a change then I am very happy to help you meet the right people. ************************************************************************************** ....and finally it has been noted by some of my friends in the London market that I occasionally get a mention in the Telegraph’s ‘business city diary’. Usually with a bit of Lloyd’s light hearted gossipy news. This raised some eyebrows as I was recently called an ‘insurance expert’. I accept the good humoured banter on this, but have to say in my defence that it is all relative to others in the market who think they are experts. Anyway have a good 2012 and thank you for reading my thoughts on the ever exciting London insurance market. Please feel free to pass onto colleagues or interested friends, Best wishes Roger, www.rogerfoord.com 07710479070

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