Market Services

Market Services is headed by Steven Robertson.  Its focus includes the provision of services to Lloyd's and the market more generally, although the majority of work is for members and members' agents. As Lloyd's evolves, the challenge for Market Services is to provide high quality services at a price that is recognised by its customers as good value for money.

Market Services is made up of the following areas:

Finance and Control
Headed by: Nikki Hopper
Finance and Control is made up of the following:

  • Risk and Control
    Responsibility: To review the work of Market Services in accordance with Financial Services Authority (FSA) guidelines to ensure the accuracy of the underlying records.  Risk and process management and the control of departmental expenses.



Tax & Distribution
Headed by: Christine Allcott
Tax and Distribution is made up of the following teams:
  • Tax Operations
    Responsibility: To produce tax information to enable the filing of tax returns in the United States, Canada and Singapore ensuring that tax is paid when due. Additionally, file tax return in Illinois and ensure that data is compiled to file US returns, Federal Excise tax return for Lloyd's market.  Collection from market and payment to IRS of amounts due. Tax Operations has a further responsibility for producing tax advice to enable members to comply with their UK tax obligations and to claim double tax relief. Information is also produced to assist certain overseas members with their tax obligations.  Also act as US Qualifying Intermediary for Lloyd's syndicates.

  • Distribution, Auction and Stamp
    Responsibility: Distribution has five main responsibilities:
    - Collection, consolidation and publication of members' annual syndicate results.
    - Ensuring the accurate allocation of underwriting profits and losses to members and the subsequent releases of any surpluses in accordance with the members' instructions via their members' agent.
    - Action requests from members' agents for FAL and Central Fund drawdowns together with the receipt of new money payments to fund member losses.
    - The payment of losses to syndicates and other creditors.
    - Maintenance of syndicate stamp data and responsibility for the annual auction process.


Asset Management
Headed by: Mark Baker 
Asset Management is made up of the following teams:

  • Voluntary Corporate Actions and Compliance
    Responsibility: Deals with all elective corporate actions, including rights issues, take-overs, scrip dividends and related issues on holdings within Funds at Lloyd's for individual and corporate members.

 

  • Mandatory Corporate Action Events
    Responsibility: Deals with mandatory events including bonus issues, redemptions and mergers as well as National Savings maturities and receipt of income for individual and corporate members.  Additionally, it produces the annual consolidated tax vouchers for international securities.

 

  • Trade & Settlement

      Responsibility: Deals with matching and settlement of FAL trades in the
      worldwide markets. Additionally any movements of stocks and shares into and
      out of FAL are completed by this team as well as acceptability assessments.

  •  Policyholder and Market Assistance

       Responsibility: Handling enquiries and complaints from Lloyd's policyholders
       and their insurers, providing statistical information, data extracts and reports
       to internal and external customers.


Strategic Planning & Support
Headed by: Karen Oliver
Strategic Planning & Support is made up of the following:

  • Strategic Planning
    Responsibility: The day to day planning and management of key strategic projects affecting Market Services, as well as operational analytical support to the Project and Business team.  The day to day management of the Market Services custody system, TAROT, as well as manging core central support task for Market Services and the maintenance of the Market Returns Helpdesk.

 

  • Operational Support

      Responsibility: Manages Market Services income and for the maintenance
      of standing information data including the Register of Members.  Additionally   
      the team is responsible for Forms of Appointments for individual members to
      appoint a Stockbroker to buy and sell securities.


Lloyd's Members' Agency Services (LMAS) and Membership
Headed by: Paul Box - Managing Director, LMAS
LMAS and Membership is made up of the following teams:

  • LMAS
    Responsibility: The Lloyd's run-off members agent.  It provides administrative assistance and support to individual and corporate members, no longer actively underwriting, in all aspects of their open and run-off underwriting, including syndicate monitoring, underwriting results distribution and FAL monitoring.  Also specialising in Deceased members estate administration.


  • Membership Arrangements
    Responsibility: Focusses on membership issues such as the election of new limited liability members and FAL movements, including handling interavailable assets.

  • Direct Corporate Participants
    Responsibility: Provides coming-into-line, distribution, covenant and charge, FAL management and general membership services for Direct Corporate Participants. It is also responsible for the production of the capital test and FAL valuations statements for all members.



Centrewrite Limited
Headed by: Alice Gac - Underwriting Director
Responsibility: Offers value for money products to members of Lloyd's who wish to leave Lloyd's or protect their estate against unlimited liability should they die.

Last updated on 14 Jan 2010