London ILS task force meets with U.K. Treasury
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The task force established to help the U.K. government find ways to attract insurance-linked securities business to London has had its first meeting with the U.K. Treasury and will be looking at ways to make the United Kingdom more attractive to investors.
Assembled by the London Market Group — a marketwide body that aims to modernize the London insurance market — the task force “will be looking at potential changes to the tax, regulatory and company law regimes that could make the United Kingdom a more attractive domicile for ILS business and managers,” the group said in a statement Monday.
The task force met officially with the U.K. Treasury for the first time on Friday.
The task force’s initial aim is to produce a series of recommendations to be included in Chancellor of the Exchequer George Osborne’s autumn budget statement.
In his March budget statement, Mr. Osborne said the government would examine ways to make the United Kingdom an ILS center.
The LMG also announced the current members of the task force.
They are: Malcolm Newman, managing director of the London hub of Paris-based reinsurer Scor S.E., who chairs the task force; Christopher Croft, head of the LMG Secretariat; Michael Wade, the crown representative for insurance at the U.K. government’s Cabinet Office; Des Potter, head of GC Securities for the Europe, Middle East and Africa region; Chris Parry, managing director at Aon Benfield Securities in London; Paresh Thakrar, chief operating officer of Hiscox Re, a unit of Hiscox Ltd.; Rob Procter, founder of Securis Investment Partners L.L.P. in London; Joanna Buckenham, a consultant working at Lloyd’s of London; and Dave Matcham, CEO of the International Underwriting Association.
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