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Member, Beacon International Group, Ltd.
DUBLIN, Ireland-Insurers and reinsurers in the London company market must work together to present an image to the world that distinguishes them from Lloyd's of London, the head of the companies' trade association said.
Philip Marcell, chairman of the London Insurance & Reinsurance Market Assn., said during LIRMA's biennial seminar earlier this month in Dublin that "The company market must project a powerful brand image so that the London market is not inextricably linked to Lloyd's."
London market companies frequently have taken a back seat to Lloyd's in global recognition, but for some time they have been concerned that massive financial losses at Lloyd's and bitter but mostly ended litigation by Lloyd's names have tainted the entire London insurance and reinsurance community.
One way LIRMA is trying to strengthen the position of the company market is through closer cooperation with the Institute of London Underwriters, a similar association that represents marine insurers, Mr. Marcell said.
The two organizations are surveying their members, which together represent about 150 companies, on areas where they could cooperate more closely, he said.
LIRMA's Trade Association Synergies Committee is examining the issue and is due to report in midsummer, Mr. Marcell added.