Jon Hancock and his PMD team recognised with Insurance Insider award
Jon Hancock, Performance Management Director, wins the Outstanding Contributor in Risk award at The Insurance Insider Honours.
The award highlights his team’s leadership to get the market’s performance back on track.
Congratulations to Jon and his team for being recognised for their hard work driving improved performance against a backdrop of global uncertainty and challenging market conditions in 2018.
The Performance Management Department (PMD) is focused on delivering a first-class underwriting result at Lloyd’s. That means getting the right price for the right risk in this competitive market.
The approach taken by the team throughout last year’s planning process has shown clear signs of progress.
- We have removed £4bn of underperforming business from the market
- 2019 business plans also contained £7bn of new and innovative business, including cyber, sharing economy and parametric covers.
- We have seen consistent, positive rate momentum across the market for the first time since 2012.
We strengthened our financial position in part because of this work. This was reflected by Standard & Poor’s (S&P) affirmed Lloyd’s financial strength rating of A+ and revising its outlook of us from negative to stable. Fitch Ratings gave us a AA- (very strong) rating; and A.M. Best gave us an A (excellent) rating.
Improving the performance of the market is just one of the vital pillars of our bold new vision for the Future at Lloyd’s. Our focus is on:
- Delivering higher quality risk protection for our customers
- Simplifying access to the market
- Lowering costs of doing business at Lloyd’s.