Following much work solution building, and latterly applying significant pressure to Lloyd’s and Deloitte, we are now planning to change the focus of our work in order to put pressure on the programme to answer questions, provide challenge, deliver on time and keep the managing agent community informed.

The LIC/Lloyd’s/Deloitte project has now been renamed Project Clock.

The Project Clock team has set up a Managing Agents Working Group, with eight members plus two LMA co-chairs, to do the heavy lifting work with them going forward. We believe this is the right structure for the project. For information they have also established a Brokers Working Group.

We therefore propose to change the LMA Working Group to a Forum, for the transfer of information and progress on the project back and forth. Cadence of the meetings will run fortnightly. Lloyd’s Steering Committee meets weekly on a Tuesday lunchtime, so the Forum meeting will be an opportunity to receive information ‘hot off the press’. As well as managing agents’ participation, the Forum will include a member of the Steering Committee, the Project Clock team and Lloyd’s at every meeting.

On your behalf, the LMA and Working Group Chairs will meet fortnightly on alternate weeks with Lloyd’s and the Project Clock team to ensure that the project pace is rigorously monitored. We will report back any major concerns.

If you would like your managing agency to be represented at the Forum, please contact steve.morrell@lmalloyds.com to be added to the invitations.

The most recent meeting was held on the 13 April, and below are the current outstanding actions that we are working through:

• The Project Clock team to produce draft oversight/controls and secondment agreements for review by the managing agents working group then Forum members before being discussed with the Belgian regulators.
• The Project Clock team to confirm whether central processing can continue if booked at Head Office, or whether monies cannot “hit” the UK.
• The Project Clock team HR, and tax specialists to present on implications for individual underwriters at a future Forum meeting.
• The Project Clock team to take on feedback from the Forum on whether to re-consider progressing option 4b whilst pursuing option1.
• The Project Clock team to reconsider timeline for managing agent decision making due to possible need for Board approval.
• The Project Clock team to provide more information on the underwriter charging structure at the Forum meeting on 27 April.
• The Project Clock team to continue to provide market updates on a fortnightly basis.
• LMA to provide a market communication, focused on action points, following each Forum meeting.
• Forum members to provide any feedback on the activities list to Jane Hayes.
• Jane Hayes/Patrick Davison/Rob Myers/Rhic Webb/Henry Withinshaw to go through activities list and finalise with The Project Clock team.

The LMA Lloyd’s Europe Operating Model Forum will send regular updates following Forum meetings.

For further information, please contact Jane at Jane.Hayes@lmalloyds.com or Rob at Rob.Myers@lmalloyds.com.

Jane Hayes
Underwriting Director