Lloyd’s of London has announced this morning that the Director of Performance Management at the insurance and reinsurance market, Tom Bolt, is to leave the Corporation in mid-2016 following nearly seven years of service.
Bolt was appointed to his role at Lloyd’s in September 2009, and has served as a member of Lloyd’s Executive Team. Responsible for the commercial oversight of the Lloyd’s insurance and reinsurance market, Bolt also worked with individual syndicates to improve the market’s overall performance.
As a result, Bolt has been involved in initiatives to make the Lloyd’s market more welcoming to insurance-linked securities (ILS) fund managers and third-party reinsurance capital from the capital markets.
Thanks to this work, Lloyd’s now has a number of ILS fund manager backed syndicates, a number of third-party and ILS capitalised special purpose syndicates and is working with the London Market Group on initiatives to make London into a hub for ILS and alternative reinsurance capital, with Lloyd’s set to play a central role in structures such as the pending transformer legislation.
In his time at Lloyd’s Bolt led the introduction of a Minimum Standard framework for managing agents, delivered the Claims Transformation Programme helping to significantly improve the speed of claims payments and oversaw improvements that have underpinned growth in Delegated Authority distribution network.
Inga Beale, Chief Executive Officer at Lloyd’s, commented; “Tom has made an outstanding contribution to the strength and success of the Lloyd’s market as it is today. He is respected and admired in the market, working closely with the underwriting community to ensure that the Lloyd’s market can flourish in what have been challenging times. I have enjoyed working alongside Tom immensely and wish him every success in the future.”
Tom Bolt, Director of Performance Management, added; “Working at Lloyd’s has been a highlight of my career, and the decision to leave a difficult one. I have enjoyed working alongside the market and my team at Lloyd’s, and proud of what we have achieved together. However the time is now right for me to hand over the reins and explore new opportunities.”
Lloyd’s is starting the process to find a successor to Bolt immediately.
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