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Member, Beacon International Group, Ltd.
LONDON--Lloyd's of London Chairman Sax Riley urged members of the Assn. of Lloyd's Members to ignore the direction of the ALM's leadership and to vote for proposed reforms of the market.
In a speech at the ALM Autumn Conference in London on Friday, Mr. Riley told the group of individual Lloyd's investors that the package of reforms drawn up by the Chairman's Strategy Group would enable the market to achieve consistent profitability for all of its members.
"Now is not the time for protest votes and disunity. Now is the time to seize the moment and vote to implement the solutions we have devised, and for which there is already broad support," he said.
Lloyd's members will vote on the reform package on Sept. 12. The proposed reforms would change the structure of the Lloyd's market, including instituting annual accounting and a new regulatory system.
The ALM says it agrees with 90% of the reforms but still urged its members to vote against the package.
"We know we have to change. The world knows we have to change. Now is not the time to demonstrate an unwillingness to change," Mr. Riley said.