Lloyd’s, the renowned global hub for insurance and reinsurance, has made significant announcements regarding its council membership. In response to an impending vacancy, the organization has named Alexander Baugh as an independent nominated member of the Lloyd’s council, pending regulatory approval. Alongside this, Baugh will take on the crucial positions of chair of Lloyd’s risk committee and member of Lloyd’s audit committee.
This appointment comes as a result of the planned departure of Neil Maidment, who is set to step down from the Lloyd’s council at the end of this month. Maidment has served for nine years on the council, as well as on the former franchise board. Baugh brings with him an impressive three – decade career at AIG. During his time there, he held a variety of leadership positions both in the United States and across the international stage. Until 2022, he served as the global chief underwriting officer for liability and financial lines. Prior to that, he had an 18 – month tenure as the president of AIG’s North America business. Additionally, Baugh was part of the general insurance leadership team and served on the board of Ascot for five years.
Bruce Carnegie – Brown, the chairman of Lloyd’s, expressed his enthusiasm for Baugh’s appointment. He noted, “Alexander brings deep risk experience from his time at AIG, both as chief risk officer but also later in his career as global underwriting officer and CEO for North America. He also has a deep connection with Lloyd’s, having worked in the London market for 12 years. He has maintained this connection through AIG’s two Lloyd’s syndicates through Ascot’s board when it was owned by AIG.”
Simultaneously, Lloyd’s recently revealed that its chief executive officer, John Neal, is set to depart this year. Neal has led the marketplace for over six years. During his tenure, he was instrumental in driving digital innovation and cultural transformation at Lloyd’s, positioning the company for long – term success. He also played a key role in enhancing the company’s profitability and upgrading its financial strength ratings. Neal was at the helm during challenging times, including Brexit, the COVID – 19 pandemic, inflationary pressures, and geopolitical uncertainties. After leaving Lloyd’s, Neal is expected to assume dual roles at Aon as the global CEO of reinsurance and global chairman of climate solutions, though the exact timing of these moves remains undetermined.
In a statement, Brown said, “I look forward to welcoming Alexander to the Council of Lloyd’s and thank Neil for his significant contribution to the governance of Lloyd’s over so many years.” These changes mark an important transition period for Lloyd’s as it continues to navigate the complex landscape of the insurance and reinsurance industry.
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