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Tim recently spoke to AM Best about the challenges and opportunities for underwriters in the wake of Lloyd’s tougher line on profitability
“Underwriters have become much more diligent about who they deal with, the products and the appetite”
It’s hard to escape the clamour surrounding Lloyd’s attempts to boost the profitability of its market. Key to this has been their focus on the worst-performing 10 percent of syndicates and their business lines. The effects of Lloyd’s performance management directorate are being felt far and wide, and as Tim James explained to AM Best journalist Bob O’Connor at the recent MGAA annual conference, opportunities are also here for the taking. Earlier at the conference, Lloyd’s CEO John Neal had repeated his warnings to loss-making syndicates that they had to produce “credible business plans to bring them to back to profitability”.
During the interview Tim explained that whilst market conditions are tough, this very fact is bringing opportunities to him and his team. Others, he said, who were perhaps more focused on volume and top-line growth, are feeling the effects of Lime Street’s gaze more keenly.
Maintaining underwriting profitability, for carriers and other stakeholders, is key to maintaining and indeed building a competitive edge, explained Tim. Being selective about capital providers and the brokers we deal with is key to growing a sustainable long-term business, he added.
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