Underwriting Performance Director, Franchise Performance Board

Lloyd's of London

London

HIS ROLE: Named to the marketwide post of underwriting performance director in March 2009, Mr. Bolt succeeds Rolf Tolle as Lloyd's leader of its Franchise Performance Board. Mr. Tolle retired at the end of 2009 after seven years of overseeing Lloyd's syndicates' business plans. Mr. Bolt most recently was managing director of Marlborough Underwriting Agency Ltd. He has more than 25 years of experience in insurance and reinsurance.

WHAT'S AHEAD: As insurers and reinsurers worldwide cope with continuing soft market conditions and an economic downturn hindering investment income, Lloyd's is likely to have a tough time growing its profits. In 2008, Lloyd's pretax profits fell more than 50%, to £1.9 million ($3 million), and the rate of return on the marketplace's conservative investments fell by more than half, to 2.7%. Ensuring strong performance of Lloyd's 92 syndicates in this environment will be difficult.

WHAT TO WATCH: Although he is roundly praised by Lloyd's market executives as an excellent choice to lead the Franchise Performance Board, Mr. Bolt has some large shoes to fill. During his tenure, Mr. Tolle won over skeptics of Lloyd's 2003 initiative to ensure that syndicates stick to their underwriting plans and was credited as a key leader in Lloyd's resurgence. Mr. Bolt's challenge will be to maintain a similar level of collaboration with underwriters and keep Lloyd's on track.