Business Environment

Creating an environment for innovation

Progress

We are working with the UK Government and regulators to ensure that the business environment in the London Market provides the right incentives for growth and innovation.

In particular, we have been actively involved with the Treasury, exploring ways to bring Insurance Linked Security (ILS) business to the UK. In the Autumn statement in November 2016, the Chancellor of the Exchequer announced the publication of the draft ILS regulations for consultation. The LMG taskforce played an active role in this consultation process and, in the autumn of 2017, draft legislation was laid before Parliament. On the 29th November the new UK ILS regulations (both tax and non-tax) were approved by Parliament in a unanimous vote by the Delegated Legislation Committee and the regulations came into force on Monday 4th December 2017.

The work of the LMG ILS Taskforce was referenced a number of times during debates in Parliament and having this now passed as legislation is a major achievement for all involved.

In addition, we are working with the Treasury, Department for Exiting the EU and the Department for International Trade to support EU exit negotiations and identify opportunities for growth in international trade. The second LMG Brexit publication LMG Proposals for a future trading relationship between the EU and UK  was published on the 29th November and has received wide and positive coverage across all media.

More widely, we regularly meet with parliamentarians, civil servants and other bodies including, the Corporation of London and City Hall, to ensure they better understand London market's key priorities.

Latest Content

Electronic placement goes live with Accident & Health

The board of PPL Ltd announced that the Accident & Health classes of business went live on the platform on Monday 16th April. To read the full press release, please click here

London Market creates permanent body to manage market services

The London Market Group announced today the launch of London Insurance Market Operations & Strategic Sourcing (LIMOSS) led by Managing Director, Patrick Molineux.

Read the full press release here

London Market announces new chair

The London Market Group (LMG) today announced the appointment of Andrew Horton, CEO of Beazley as its new Chair with effect from 4 May 2018. Read the full press release here

PPL TO APPOINT NEW CHAIR WITH ADOPTION THE KEY PRIORITY

Read the full press release here 

Response from chairman Nicolas Aubert to Brexit Transition Announcement

Read in full 

CLAIMS TRANSFORMATION PRIORITISED IN LM TOM

The London Market Group has announced that claims transformation will become a focus for the Target Operating Model (TOM) in 2018. Read more here

PPL Come of age with one of the largest transactions at Lloyd's

Read the full press release here 

Happy 1st Birthday @LIL

Today London Insurance Life turns 1 read more here

Structured Data Capture now live for all classes of business

Full Story

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