The LMA: Making the Market a Better Place
The Lloyd’s Market Association (LMA) exists to make the market a better place and in so doing, maintain the Lloyd’s market’s position as the pre-eminent leader in specialty and commercial risk. We represent, support and champion our members – managing agents and members’ agents, bringing the market together to solve shared challenges, build technical excellence and shape the future of the Lloyd’s market.
We create value for our members through five core pillars: Technical Expertise, Technical Training, Advocacy, Digitalisation and Culture.
1. Technical expertise
What we do
We provide deep professional and technical expertise across all core disciplines within the Lloyd’s market: underwriting, claims, exposure management, actuarial, delegated authority, operations, legal, regulatory, finance, risk technology and HR. Our teams develop model policy wordings, offer specialist insight and help to deliver practical solutions that enable managing and members’ agents to thrive.
How we do it
- Create, publish and maintain model wordings across specialist areas.
- Work closely with managing agents to identify and resolve technical challenges and interpret regulatory and operational requirements, bringing together groups of subject-matter experts to develop practical, market-wide solutions.
- Influence Lloyd’s and other market bodies to implement technical initiatives and ensure they deliver value for members.
- Bring together representatives from across the Lloyd’s market through committees and groups to debate pertinent issues and drive market-leading projects.
- We host an extensive programme of in-person, virtual and hybrid events and briefings throughout the year in direct response to external events or crises and member demand.
Our impact in action
- Helped to resolve market issues raised through the committee matrix; more than 4,000 individuals from member firms engage in 70+ LMA committees.
- Published 120 model wordings in 2025. New clauses included:
- Two profit commission clauses suitable for use in binding authority agreements, designed to reduce the risk of claw-back payments.
- The General Sanctions Financial Crime Documentation Clause (LMA5670), developed to enhance the ability of (re)insurers and brokers to comply with evolving sanctions and financial crime regulations, providing insurers and brokers with an added layer of protection to help ‘future-proof’ contracts.
- Two Defective Title, Restitution and Repatriation clauses for use with museum clients.
- A suite of Brazilian Reinsurance Endorsements designed to address areas of uncertainty and mitigate potential risks under Brazil’s new Insurance Act, which introduces significant changes to contract management in the country.
- Two Consumer Contingency Event Cancellation wordings.
- UK Consumer Personal Accident Group Policy wording (KA Form), which provides improved clarity for customers and is aligned to the FCA’s Consumer Duty guidance.
- Delivered 60+ market events in 2025, including Subscription Market Brokerage: Lessons from the Past and Guidance for the Future, 10 Years of the Insurance Act, the Underwriting Talent Summit, the Claims Awards and Underwriting the Transition roundtables. See the bottom of this page for a full list.
- Our experts regularly participate in third-party speaking engagements, including the Insurance Insider’s London Market Conference, FT Global Insurance Summit, Insurtech Insights Europe, IUMI’s annual conference, the SUSTAIN Festival, Exponential Risk London, International Association of Claims Professionals European Conference, Loss Executives Association conference, London Market Claims Conference and TINtech’s London Market conferences.
- Published market-leading thought leadership and research reports on topics including lead/follow in the Lloyd’s and London market, Lloyd’s market results analysis, systemic cyber risk, artificial intelligence (AI) and trade credit claims.
- Developed and launched the first-of-its-kind International Bodily Injury Index.
- Shaped and published refreshed Cyber Realistic Disaster Scenarios.
- Launched a new LMA website offering an improved user experience.
- Provided authoritative technical commentary to the media during the hostilities in the Middle East, ensuring accurate representation of the availability of war insurance for insureds in the marine and aviation sectors; we reduced misinformation and supported members during a fast‑moving geopolitical crisis.
How you can get involved
Members can engage with our technical expertise work in a variety of ways:
- Access and use LMA resources, including model wordings, thought leadership and technical guidance, and provide feedback to help keep these materials relevant and effective.
- Join an LMA committee or working group to help shape market direction, contribute specialist insight and collaborate with peers on emerging issues.
- Participate in consultations on model wordings, regulatory challenges and proposed market initiatives to ensure outputs reflect the needs of managing agents.
- Submit technical questions or emerging issues for consideration through the committee matrix, enabling us to prioritise topics that matter most to members.
- Attend our events, briefings and forums to stay informed, share perspectives and influence discussion across the Lloyd’s market.
- Collaborate with LMA teams on specific projects or technical initiatives where your expertise can help develop practical, market-wide solutions.
2. Technical training
What we do
As the only dedicated Lloyd’s market technical education provider, our award-winning LMA Academy builds market capability and technical knowledge through structured learning and specialist courses that support both new and experienced practitioners.
How we do it
- Across four functional Academies (Underwriting, Claims, Finance, Risk and Actuarial, and Operations) and our Early Talent Academy, we deliver training to fill technical skills gaps through facilitators with deep Lloyd’s market experience, supported by interactions with senior market practitioners.
- Provide exclusive learning opportunities for LMA members, enabling peer exchange, cross-functional collaboration and networking across the Lloyd’s market.
- Offer a dedicated online Virtual Academy, giving members flexible access to 600+ modules and on-demand learning at any time.
- Use a variety of blended delivery formats to suit different audiences, including in-person workshops, live online sessions, e-learning modules and gamified content.
- Conduct ongoing training needs analysis with members to ensure the curriculum reflects both current and emerging skills requirements, with L&D specialists available to advise on the right programmes for specific employee groups.
Our impact in action
- Six new LMA Academy programmes launched in 2025, including Python, Data for Early Talent, Defining Artificial Intelligence and Automation, Contingency Underwriting, Fine Art and Specie Underwriting, and Claims Operations.
- Introduced the Early Talent Kickstarter Programme, an immersive four-week development programme for early-career professionals.
- Embedded sustainability micro-training into selected 2026 programmes.
- Delivered 67 training events to 1,181 delegates, totalling 12,580 hours of training across the Lloyd’s market in 2025.
- Designed and launched a new simulation-based claims ecosystem to support hands-on learning.
- Brought clarity by publishing a visual overview of early talent attraction initiatives and technical and non-technical training opportunities available across the Lloyd’s and London (re)insurance market.
What delegates say
95% of delegates agreed the course they attended met their expectations and 88% of delegates agreed the course was relevant to their role.
Claims Essentials
“Thoroughly enjoyed this course, I met so many new people in the market and learnt so much. I’m going to miss this on future Mondays.”
Underwriting Essentials
“The trainer was enthusiastic and very knowledgeable. It was clear that they were very experienced at facilitating as they explained the material and made it understandable for everyone.”
Early Talent Kickstarter Induction Programme
“Just want to further reinforce how good I think the programme was, both how it was run and the information taught to us.”
Commercial Acumen for Underwriters
“Very informative course – engaging and very enlightening. Brought subjects I didn’t know I should know and has greatly improved my awareness.”
Introduction to Lloyd’s and London Market Insurance
“I am going to recommend that the rest of my team/new joiners take this course. It was super helpful to contextualise the work I do.”
Operations Management Business Simulation
“Super applicable to my role and I will absolutely be able to apply the learnings to my work.”
Cyber Insurance Programme
“Really impressed by the breadth of cyber elements covered by this course and the depth of the knowledge of the presenters. The course was facilitated very effectively by the LMA.”
Financial Statements for IFRS 17 Reporting
“Another well thought out and well delivered LMA Academy course. Very comfortable asking questions and discussing as a group which is helpful.”
Business Interruption Contract Wordings
“Very informative, engaging and met lots of great peers in the market.”
Working in the Lloyd’s Market for Professionals
“Really fantastic content and trainers, thank you for a very interesting and interactive training session.”
How you can get involved
Members can engage with the LMA Academy and enhance their technical knowledge or share technical expertise in several ways:
- Provide feedback on programmes and learning experiences, enabling us to evaluate the value-add of the training to your business, improve delivery formats and ensure our training remains relevant, engaging and impactful.
- Enrol on LMA programmes to build specialist technical capability across underwriting, claims, operations, risk, finance, legal, regulatory and on emerging topics such as AI.
- Leverage the LMA Virtual Academy for flexible access to on-demand learning, enabling continuous development across geographically dispersed teams.
- Participate in training needs analysis by sharing your organisational technical capability skills gaps, future skills requirements and organisational priorities, helping us refine and evolve the LMA Academy curriculum.
- Nominate subject-matter experts to contribute to programme design, speak at LMA Academy programmes to support Q&A sessions.
3. Advocacy
What we do
We represent and advocate for managing agents and members’ agents across the Lloyd’s ecosystem, the wider London market and UK/overseas regulatory environments. Through this work, we ensure members’ perspectives shape the reporting, regulatory and legal frameworks they operate within.
How we do it
- Ensure members’ perspectives shape market strategy, policy and operations.
- Submit formal responses to consultations and regulatory developments, ensuring members’ positions are clearly articulated.
- Engage proactively to influence policy and secure better outcomes through collective representation.
- Champion proportionate, competitive and effective regulation that supports a competitive specialty insurance market.
Our impact in action
- Played a central role in representing managing agents’ needs for the Velonetic re-platforming work in 2025:
- The Exit Plan agreement was issued to all managing agents, enabling Velonetic to progress its work in 2025.
- Started negotiations for the renewal of the FERN central services contract, which expires at the end of 2026. This will require material outsourcing notification (MON) for the regulator and will involve vendors, customer panels, signing co-ordination and legal reviews.
- Clearly defined the needs for testing and customer engagement – for example, notification timelines for resource allocation agreed with Velonetic and the need for quality assurance, leading to improvements in testing application and maturity.
- A full data copy was reviewed and approved to allow a copy of heritage data to be transferred to the new Velonetic re-platforming environments. This allowed for data profiling and informed the ongoing software development work.
- Velonetic central services pricing negotiations concluded successfully, securing a 10% gross reduction in Velonetic message-processing fees in 2026 for managing agents – an £80m annual contract for the Lloyd’s market.
- Pressed for a clearer Lloyd’s data strategy as part of the Lloyd’s strategy announced in 2026.
- Advocated for simplification of Lloyd’s reporting, including QMA (financial statement returns), QMB (performance data) and Solvency UK implementation, resulting in the first full set of iXBRL tagged financial statements with notes successfully supported and submitted.
- Engaged extensively with Lloyd’s Insurance Company (LIC) in Paris and Brussels, including EIOPA, Insurance Europe and the Global Federation of Insurance Associations on maintaining access to global markets.
- Deepened relationships with Lloyd’s Europe, Lloyd’s US, as well as US excess and surplus lines state associations to ensure members’ interests are represented.
- Launched a new monthly legal and regulatory horizon scanning report which reaches 3,000 individuals covering the UK and key markets starting with the US and EU.
- Played a pivotal role in shaping and delivering LIC’s Funds Withheld model, successfully securing full adoption across all managing agents.
- Lobbied European and UK regulators on changes to their definition of ‘consumer’ as part of a broader drive towards a competitive regulatory framework for specialty insurance.
- Issued guidance for members explaining how to implement the FCA’s Policy Statement on simplifying the insurance rules.
- Lobbied the FCA extensively, in collaboration with other trade bodies, on delivering a balanced outcome to new rules on non-financial misconduct which is operationally deliverable for members and aligned with existing employment law.
- Worked with Lloyd’s to remove the historical two-stage complaints process.
- Worked closely with Lloyd’s to secure agreement on annual change cycles for Principles for Business Oversight, supporting smoother transitions for managing agents.
- Initiated a pilot with Lloyd’s for a three‑year business planning model, laying the groundwork for a move toward continuous oversight.
- Reviewed 244 consultations and submitted 66 responses on behalf of members in 2025. Our challenge resulted in several important changes, including:
- FCA pull-back on approach to Name and Shame and Non-Financial Misconduct.
- Reduction in the scope of the Consumer Duty and widening of ‘Bespoke’ definition.
- Removal of Lloyd’s two-stage complaints process.
- Managing agents excluded from solvent exit planning.
- Commercial business excluded from the Financial Ombudsman Service levy.
How you can get involved
Members can play an active role in shaping the LMA’s advocacy agenda and strengthening the market’s collective voice:
- Share emerging regulatory or operational challenges with the LMA so we can represent your views early and effectively in discussions with Lloyd’s, regulators and policymakers.
- Participate in consultations by contributing insights and perspectives that help us articulate clear, evidence‑based responses on behalf of the market.
- Join relevant LMA committees or working groups to help shape positions on market reforms, regulatory developments, reporting requirements and cross‑market change programmes.
- Engage with our horizon scanning outputs, including the monthly Legal & Regulatory Radar, and provide feedback on areas where additional analysis or engagement would be valuable.
- Collaborate with LMA teams on implementation planning or testing needs for major market programmes such as the re-platforming of the legacy technology estate, ensuring solutions work in practice for managing agents.
- Flag international regulatory issues affecting cross-border business, enabling us to coordinate with Lloyd’s Europe, Lloyd’s US and global associations on your behalf.
- Attend LMA events, forums and briefings to hear the latest updates, raise questions directly and shape our advocacy priorities.
4. Operations and digitalisation
What we do
We support the market’s digital transformation, ensuring digital change delivers value, reduces cost where possible and equips managing agents to operate with greater consistency, clarity and efficiency.
How we do it
- Represent managing agents in major market modernisation programmes at all stages from inception to testing.
- Provide technical and operational guidance on digital processes and standards via the London Market Group’s Data Council.
- Support member adoption of new data, process and technology frameworks, in line with global standards such as ACORD.
Our impact in action
- Treaty Core Data Record and Claims CDR were published; the Claims CDR is now out for consultation. The consultation work for delegated authorities concludes in Q2 2026.
- A cross-market coalition was established, bringing together brokers, managing agents, the company market and Lloyd’s to test and implement CDRs in specific use cases to help guide the ‘how to’ of adoption and implementation.
- Created 400+ revised computable binding authority wordings, with publication of final wordings and the data information model scheduled for 2026.
- Agreed the initial question set for streamlined compliance with Lloyd’s, with ongoing reviews to simplify and implement using a central system. This approach is designed to drive simplicity and apply ‘ask once, share with many’ principles for coverholder compliance work.
- Working with Lloyd’s and the regulators, we supported the April 2025 go-live and benchmarking for operational resilience across the market. We are also leading shared vendor testing for market participants.
- Our finance, operations and underwriting teams ensured that Broker Premium Processing Performance MI was put to work in a purposeful way, engaging managing agents who use Tier 2 services to identify emerging trends, pressure points and improvement opportunities across the market.
“On this Broker Premium Processing dashboard, you’ve been a fantastic help getting us airtime and delivery of a system that will definitely help the market – not just with cashflow but also identifying bottlenecks and rework within brokers.”
How you can get involved
Members can actively support and shape the market’s digital transformation by engaging in several ways:
- Help embrace change across the market, working with vendors and distribution partners to ensure consistency of standards to enable low/no touch processing.
- Take part in CDR testing and implementation, sharing real use‑cases, operational insights and feedback to help refine data standards and ensure they work in practice.
- Join cross‑market working groups and forums focused on digital adoption, enabling you to collaborate with peers, influence prioritisation and shape practical implementation guidance.
- Engage with LMA briefings and quarterly updates to stay informed on market modernisation programmes, regulatory expectations and digital standards.
- Provide feedback on computable binding authority wordings, helping us refine digital contract components and ensure alignment with underwriting, claims and delegated authority processes.
- Share operational challenges or adoption barriers so we can represent your needs in market‑wide discussions and help secure solutions that reduce cost and complexity.
- Participate in digital capability-building activities, including workshops, demonstrations and knowledge‑sharing sessions designed to support successful adoption across your organisation.
- Collaborate with us on specific digital initiatives, such as streamlined compliance, operational resilience or vendor testing, where your firm’s expertise can help shape practical outcomes.
5. Culture
What we do
We support the development of an inclusive and high-performing market culture, helping firms strengthen their people practices and build environments where talent can thrive.
How we do it
- Support the market to build their own culture that is inclusive and consistent in which everyone is respected and valued.
- Provide a common framework through the LMA Charter to enable individuals to feel respected, equal and comfortable in sharing their opinions, while continuing to encourage innovation and change of views in pursuit of market improvement through the LMA committees, groups, panels, forums and LMA Academy.
Our impact in action
- Supported the market in progressing Lloyd’s executive director targets, particularly for female underwriters.
- Spotlighted the declining senior female pipeline in Underwriting through a dedicated video series featuring female leaders, targeted media articles and events exploring the issue, including our sell-out Underwriting Talent Summit – and provided firms with practical actions to help strengthen their pipelines.
- Attracted 2,500 prospective entrants into the claims talent pipeline through developing online job simulations, significantly widening market reach by advertising through the LMG’s London Insurance Life campaign. We launched a video series profiling professionals sharing their journeys, perspectives and advice for those considering a career in claims.
- Delivered a six-part series of non-financial misconduct awareness workshops with the IUA and LIIBA.
- Through our Legal Trainee Wordings Scheme, we develop future market specialists and strengthen the pipeline of qualified, market-ready solicitors with strong technical skills in wordings.
How you can get involved
Members can help strengthen and shape market culture by engaging in the following ways:
- Share culture-related challenges or opportunities so we can convene relevant groups and represent member needs in market-wide conversations.
- Participate in and champion culture and inclusion initiatives, such as the LMA’s Underwriting Talent Summit, that support best‑practice sharing and collective learning.
- Nominate leaders and subject matter experts to contribute to discussions, speak at events or participate in campaigns that spotlight lived experience and promote diverse talent.
- Leverage LMA resources, such as practical strategies, video content and insights, to support your internal talent programmes and strengthen pipelines across all disciplines.
- Collaborate with the LMA on emerging priorities, including market-wide efforts on early‑career development and the strengthening of professional pathways.
- Review recommended actions highlighted from the Lloyd’s Culture Dashboard, combining data from their biannual Culture survey of market employees and their annual Market Policies and Practices (MP&P) survey of market firms.
