Former Lloyd’s chairman David Rowland dies
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Sir David Rowland, the former chairman of Lloyd’s of London who led the market from the brink of collapse in the 1990s, has died at the age of 85.
“Sir David was chairman of Lloyd’s between 1993 and 1997 and, as many of you will remember, he played a critical role in safeguarding the future of the Lloyd’s market through perhaps its most difficult period,” said Chairman Bruce Carnegie-Brown in a market bulletin issued Monday.
“Under his stewardship, Lloyd’s was able to confront and address the losses it was facing and put in place many of the necessary structural changes that still underpin the market, ensuring it remained on a firm footing,” said Mr. Carnegie-Brown in the note.
Appointed as the first full-time chairman of Lloyds in 1992, Mr. Rowland took on the role when Lloyd’s was on the brink of collapse in the wake of huge marine, natural catastrophe, pollution and asbestos-related losses.
He joined Lloyd’s from brokerage Sedgwick Ltd., and led the process known as Reconstruction and Renewal that rescued the market.
The plan placed a limitation on the liability borne by Names, which were individual investors in the Lloyd’s market, and saw the setup of Equitas Ltd., the runoff reinsurer that took on Lloyd’s pre-1993 liabilities. It also included the introduction of corporate capital to Lloyd’s.
From 1990 to 1994, the overall assets at Lloyd’s increased from £17.9 billion to £27.3 billion, a reflection of the market’s confidence in Mr. Rowland’s vision, according to the market note.
He was awarded a Gold Medal for Services to Lloyd’s in 1996. The medal has been awarded just 17 times since it was first struck in 1919, according to the note.
“We would like to express our sympathy and send our condolences to Sir David’s family. We would also like to acknowledge the debt of gratitude that we at the Corporation and as a market owe to him,” said Mr. Carnegie-Brown.
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