Notice of Intention to Archive (Canadian personal accident) on 30 October 2026
8th October 2026
The wordings in the below table were identified in Project Spring Clean as no longer in use in the market. We therefore intend to archive them.
Please check if any of the wordings listed are still in use. If any should remain active, please email underwritinglma@lmalloyds.comby close of play on Friday 23 October 2026.
Personal Accident wordings to be archived
Reference
Title
Effective Date
Territory/Jurisdiction
LSW1541
Conditions
01 July 2005
Canada
LSW1541-16
Conditions
01 July 2005
Canada
NMA2728
Lloyd’s Personal Accident Policy (K Canada)
16 July 1998
Canada
NMA2730
Lloyd’s Personal Accident Schedule (K Canada)
16 July 1998
Canada
NMA2731
Lloyd’s Personal Accident Policy (K(A) Canada)
16 July 1998
Canada
NMA2733
Lloyd’s Personal Accident Schedule (K(A) Canada)
16 July 1998
Canada
NMA2733A
Lloyd’s Personal Accident Insurance (Scale of Benefits) (K(A) Canada)
The LMA recently hosted the second of three sessions on the risk and resilience of data centres.
Delivered by the Uptime Institute, this session took attendees through the technology and IT challenges surrounding data centre risks, with a particular focus on:
Core IT infrastructure within the data centre: servers, storage and networking
The impact of AI (part two): GPU infrastructure, increased power consumption, AI models, scale laws and advanced cooling requirements
Cooling technologies
Power generation and distribution
Power use and grid interaction
Emerging technologies and future market forecasts, challenges, imperative
Data centre build and operational costs: IT v M&E.
Welcome to the Q3 update, highlighting key activities and developments within the operations areas relevant to our market.
Summer flies by and I hope you all had a chance to grab a break and reset.
The key focus at the moment is the Velonetic central contracts – please do take a moment to familiarise yourself and ensure your teams are engaged, as this critical contract underpins the central processing of all of our collective messaging and money movements. For an idea of scale, you can refer to Velonetic’s published stats.
I hope the update below reflects areas you are interested in, provides useful information to help fill in some gaps, prompts follow-ups, and reminds us that many of the challenges and opportunities are shared. If there is something you would like to see covered, please do reach out to me at joe.brace@lmalloyds.com.
Velonetic – Central Processing Subscription Agreement (CPSA also known as FERN 3)
The contract of services for Velonetic is being renewed and updated from FERN 2 to the CPSA (FERN 3). The updated contract includes provisions for Operational Resilience and AI and combines the two existing agreements into a single contract. A full briefing and supporting documents are available on the LMA website: Beginner’s Guide to FERN 3: Velonetic’s Central Processing Subscription Agreement.
Multiple parties have been involved in the process to date, including:
LMA Board
LMA Operations Committee including a customer panel for review
IUA, LIIBA, Lloyd’s and Velonetic
External legal advice via Clifford Chance.
A Senior Management Function for the Chief Operations Officer (SMF24) briefing note was shared with the market in July 2026 and is also included within the briefing linked above.
The CPSA contract was released on 30 September 2026, as well as the MON. These are available on Velonetic’s Knowledge Repository (KR). If you are not registered or are experiencing any technical or access issues, contact veloneticknowledgerep@dxc.com.
Summary communications have been sent to COOs, regulatory committees and legal committees. Multiple briefing sessions have also been held, but should you require any further information, contact me or Ray Koh (Legal Counsel).
The actions required by your organisations now are:
October 2026 – Review documentation and raise queries for the MON and CPSA.
By November 2026, SMF24 needs to opt in to the collective MON – this is at managing agent level, not legal entity level and is to demonstrate to the PRA that Lloyd’s has authority to submit the collective MON. This will be co-ordinated by the LMA and Lloyd’s.
Mid-November – Lloyd’s will submit the formal collective MON, which is expected to take approximately six weeks to reach a state of “no more questions” (approval).
Q1 2027 – Your organisation will need to sign the CPSA at legal entity level. This will be co-ordinated by Velonetic. Depending on the individual managing agent’s governance arrangements, this may include consideration by the executive committee, risk committee and/or board.
The LMG’s Data Council – data standards and more
I’ve taken over as chair of the Data Council with effect from September and will be building on the great work, led by Sheila, over the last few years.
We continue to work with the wider community, including the IUA, LIIBA, LMG, brokers, carriers, vendors, Lloyd’s, ACORD and subject matter experts, which will ensure a market-wide view. I’m really pleased to share that we published the final two Core Data Records (CDRs), covering delegated authority and claims, on 01 October (version 3.5, if you’re keeping track). These are all available on LIMOSS’ Market Business Glossary (MBG).
There is also a pre-bind bonus: tagging for the incremental CDRs, showing the maximum number of required data items at each stage of the ACORD standard placing process:
Initial (15* data items) – Categorises the contract type, creates a single reference for multi-party ingestion and tracking, and supports early sanctions identification.
Submission (32* data items) – Expands policyholder information, sets currency, limits and deductibles, and highlights the regulatory location for compliance.
Quote request (64* data items) – Provides full details of addresses and the nature of the insurable interest.
Quote (91* data items) – Adds premium details, claims agreement information and expanded classification data.
Bind (232* max possible data items) – Adds brokerage information, tax and fees, SoVs**, exposure measures and any remaining detail.
*Maximum data items **Schedule of Values (SoV) if required
Data standards are the enabling services we collectively need to adopt to help simplify how we share our data and process business from enquiry to claims payment. We have provided resources to help with case studies for data sharing on the LMG website.
The “coalition of the willing” continues to collaborate and the event held in July helped share some practicalities for data and messaging use cases underpinned by standards – the full write-up is available here.
Broker performance MI dashboard – aged debt empowerment
The Broker MI Dashboard Service, developed with Velonetic, was launched in February. Adoption is going well, but please do look at this service to help your premium collection from brokers. The tier 1 service is available to all managing agents, with a tier 2 service available for those who want more detailed data. Further information is available at velonetic.co.uk/broker-dashboard.
Market-Wide Scenario Exercise and Urgent Settlement Framework
The Market-Wide Scenario Exercise (MWSE) is planned for 11 – 12 November 2026. Briefing packs have been issued.
The Urgent Settlement Framework (USF) will be tested alongside the MWSE for 2026. The current scope of the published USF covers an outage of 10 days which reflects the time to recover Lloyd’s Central Settlement (STFO) services.
There are several change activities underway in the DA space, including:
Computable Binding Authority Agreement (CBAA) The wordings have been refreshed, no small task. In line with DARE, the intention is to enable the wordings and rules to be shared via an information model and set of APIs, leveraging existing contract-building partners. It’s an ambitious project with high complexity and high value.
CBAA model wordings are now available on lmadare.co for a period of market familiarisation.
External legal review of the model wording by Andrew Schutte from Keoghs commenced in mid-July, with the intention of joint instruction by a consortium of London market associations.
The Wording Objects Library (WOL) design was approved in early June and build is now underway as part of LIMOSS’ Market Business Glossary (MBG).
Contract Builder engagement is underway and we have shared the WOL API with them for feedback.
Delegated Authority Streamlined Compliance (DASC) including delegated claims administrators (DCAs)
We continue to work with users, subject matter experts and Lloyd’s to ensure the question sets are appropriate for the use cases across the market. For more details, contact Matt Wood.
Third-Party Risk Management (TPRM)
We are aiming to support centralised due diligence with standardised question sets and document collection on the basis of ‘ask once, share to many’. This will not replace the need to evaluate the due diligence based on your own risk appetite, but it will allow vendors and market participants a one-stop shop for TPRM. With the PRA’s PS7/26 on the horizon for March 2027 as well, this should be a helpful addition to our LIMOSS market services (elective).
This will also provide a good overview of concentration risks at the aggregated level.
The preferred vendor has been selected and we are progressing the business case for support in October.
The Early Talent Kickstarter Programme, designed for those at the early stages of their careers, takes place in October, a programme well worth considering for your early talent team members. Further information is available on the LMA Academy page of our website. Data Essentials takes place on 26 October and AI & Automation Essentials on 28 October. Both are introductory level and a few spaces remain on each.
It’s not only committee members’ views that matter; we also want to hear from managing agents who are not participants but on whose behalf the Board and committees act. If your organisation has a view on any matters we need to hear, please do get in touch.
LMA and IUA launch Joint Healthcare Claims Group to strengthen market expertise
7th October 2026
London, 07 October 2026: The Lloyd’s Market Association (LMA) and the International Underwriting Association (IUA) have launched the Joint Healthcare Claims Group, bringing together specialists from across the Lloyd’s and company markets to address the evolving challenges facing the healthcare market.
The group will provide a dedicated forum for claims practitioners to share expertise, discuss emerging risks and support greater collaboration across the London market.
The creation of the group reflects the increasingly complex environment in which healthcare professionals operate, shaped by changing legal and regulatory landscapes and shifting claims and litigation trends.
The group will be co-chaired by Xanthe Boyle, Chief Claims Officer at Coverys London, and Georgia Billington, Casualty Claims Manager at Dale Underwriting Partners.
Janine Powell, Claims Director at the LMA, said: “Healthcare remains a specialised and continually evolving class of business. By creating a single forum for healthcare claims specialists from across the Lloyd’s and company markets, we can help ensure the London market continues to provide innovative and effective solutions for clients.”
Joe Shaw, Director of Claims at the IUA, said: “This new group provides an opportunity to bring together expertise from both associations, encourage greater collaboration between claims practitioners and support discussion on the issues most important to the sector.”
The Joint Healthcare Claims Group forms part of the LMA’s and IUA’s ongoing commitment to supporting specialist technical expertise, encouraging market engagement and promoting the development of best practice across the London insurance market.
ENDS
Notes to Editors
Media relations contacts
LMA: Carole Porter, Head of Marketing and Communications | +44 20 3307 3947 | Email: carole.porter@lmalloyds.com
The Lloyd’s Market Association (LMA) exists at the very heart of Lloyd’s, a world-leading global marketplace for complex risk where solutions to challenges are delivered every day. 59 Lloyd’s managing agents and members’ agents are members of the LMA.
We represent our members’ interests to organisations including governments, regulators, and the market’s central supporting body, the Corporation of Lloyd’s. We provide professional and technical expertise in areas ranging from model policy wordings to the implementation of innovative technologies. We connect with our members to identify and resolve issues facing the market, and work in partnership with Lloyd’s and the other market associations to influence initiatives and outcomes. We operate the market’s most comprehensive technical education service, the LMA Academy. For more information visit: www.lmalloyds.com.
About the International Underwriting Association (IUA)
The International Underwriting Association of London (IUA) is the representative body for companies in London providing international and wholesale insurance and reinsurance coverage. Its mission statement is to secure an optimal trading environment for London insurance companies. The IUA’s London Company Market Statistics Report shows that overall premium income for the company market in 2023 was £48.432bn. Gross premium written in London totalled £42.995bn while a further £5.437bn was identified as written in other locations but overseen and managed by London operations. For more information visit: www.iua.co.uk.
Replay – Emerging Litigation Forum
5th October 2026
On 01 October, the LMA hosted the Emerging Litigation Forum, which examined the developing litigation and legal landscape in Australia.
In this session, speakers from Sparke Helmore explored:
class actions
PFAS
medical malpractice
filing activities, trends and jurisdiction considerations
emerging risks in tech and AI
expanded ARPC mandate
cyclone and terror reinsurance pools
regulatory considerations
claims
enforcement cases
market risks.
Speakers
Mark Doepel, Partner
Dino Liistro, Partner
Victoria Huntington, Special Counsel
David Kerwin, Partner
Matt Ellis, Partner
Patrick Tuohey, Partner
US GL Plastic Product(s) Exclusion Published
The LMA US General Liability Committee has published a model plastic product(s) exclusion, LMA5713, for use on product liability risks as appropriate.
All LMA model clauses are purely illustrative and are published and distributed for the guidance of Lloyd’s managing agents, brokers and other market participants. All contracting parties are free to agree to different conditions/amend the model clauses as they see fit; the LMA does not protect its intellectual property rights over model clauses. It is for underwriters to decide whether or not any contractual language is acceptable on any given risk. Where the text of an LMA model clause is amended, this should be made clear (as set out in LMA bulletin LMA24-046-DP). Model documents are available on the Lloyd’s Wordings Repository (LWR).
LMA and IUA launch new job simulations to build future talent pipeline in underwriting and operations
London, 05 October 2026: The Lloyd’s Market Association (LMA) and the International Underwriting Association (IUA) have launched two new online job simulations to improve visibility of career opportunities in underwriting and operations, providing students with an immersive, hands-on learning experience.
As part of the London Market Group’s London Insurance Life campaign to make specialty insurance a destination career, the launch builds on the success of the claims job simulations introduced by the LMA and IUA in 2024. These simulations gave aspiring talent an introduction to careers in claims handling and adjustment.
The two simulations were developed with Forage, a workforce readiness platform used by more than ten million people globally. Forage partners with employers to create virtual job simulations that give people opportunities to explore careers, build and apply relevant skills, and better understand the work before they apply for a job. In addition, the simulations connect to the London Market Group’s London Insurance Life platform, giving access to career guides and job opportunities in specialty insurance.
Joe Brace, Operations Director at the LMA,said: “Attracting the next generation is essential to the success of the insurance market. These job simulations provide students with a practical introduction to careers in underwriting and operations, helping them understand the skills required and vital roles these functions play in delivering insurance solutions. By offering real insight into day-to-day responsibilities, we hope to broaden awareness of the diverse and rewarding career opportunities available across the market and encourage more people to consider underwriting and operations as a career destination.”
Tom Hughes, Director of Underwriting at the IUA, said: “In recent months we have seen a number of applicants coming to the London market having previously completed the Forage job simulations for claims handling. The feedback on these courses has been excellent, with students feeling they offer a valuable opportunity to develop skills and learn about our sector. Expanding the selection to include underwriting and operations will undoubtedly help us to attract the professional talent we need to thrive as an industry.”
“Forage job simulations bring career opportunities to life in a way a job description never can,” said Scott Schirmeier, President at Forage’s parent company, EAB. “The job simulations will help the LMA and IUA give aspiring talent a clearer view of careers in underwriting and operations while strengthening the talent pipeline.”
The job simulations are accessible via each programme’s webpage:
About the LMA The Lloyd’s Market Association (LMA) exists at the very heart of Lloyd’s, a world-leading global marketplace for complex risk where solutions to challenges are delivered every day. 59 Lloyd’s managing agents and members’ agents are members of the LMA.
We represent our members’ interests to organisations including governments, regulators, and the market’s central supporting body, the Corporation of Lloyd’s. We provide professional and technical expertise in areas ranging from model policy wordings to the implementation of innovative technologies. We connect with our members to identify and resolve issues facing the market, and work in partnership with Lloyd’s and the other market associations to influence initiatives and outcomes. We operate the market’s most comprehensive technical education service, the LMA Academy. For more information, visit: www.lmalloyds.com.
About the IUA
The International Underwriting Association of London (IUA) is the representative body for companies in London providing international and wholesale insurance and reinsurance coverage. Its mission statement is to secure an optimal trading environment for London insurance companies. The IUA’s London Company Market Statistics Report shows that overall premium income for the company market in 2023 was £48.432bn. Gross premium written in London totalled £42.995bn while a further £5.437bn was identified as written in other locations but overseen and managed by London operations. For more information visit: www.iua.co.uk.
Replay – A Beginner’s Guide to FERN 3: Velonetic’s Central Processing Subscription Agreement (CPSA)
29th September 2026
The LMA has published the recording and slides from A Beginner’s Guide to FERN 3: Velonetic’s Central Processing Subscription Agreement (CPSA).
The webinar provides an introductory overview of FERN 3/CPSA, how it has evolved from FERN 2 and what managing agents can expect from the updated arrangements.
Joe Brace and Ray Koh outline the key steps managing agents will need to take to complete the collective Material Outsourcing Notification and sign-off process for the updated Velonetic contract, as well as the market governance underpinning the service.
The session covered:
the background to FERN 3/CPSA and its development from FERN 2
the timelines and actions required from managing agents
the collective Material Outsourcing Notification and sign-off process
the governance framework supporting the updated arrangements.
