Lloyd’s of London said today that the Chief Financial Officer of the insurance and reinsurance market John Parry will be departing next year, as he steps down from a position where he has been instrumental in helping Lloyd’s open up to alternative capital and ILS.
Parry has been the financial lead on-watch over the development of the insurance-linked securities (ILS) market and the initial entry of alternative sources of reinsurance capital into Lloyd’s.
During his time at the market and since 2014 as CFO, Parry has overseen the establishment of the first ILS capital backed syndicate by Nephila Capital, numerous special purpose syndicates that have ceded risk through to institutional investors, the setting up of fund’s at Lloyd’s by ILS specialist investors such as Securis, as well as other initiatives.
Most recently, Parry has taken the Lloyd’s market to the ILS fund-world in a roadshow for a concept deal, that suggests Lloyd’s may engage more meaningfully with ILS capital in future, perhaps even making it part of the market’s capital stack.
Parry’s roadshow discussed as much as $1 billion of capital support for the Lloyd’s market that could come from ILS players, with a structure akin to a catastrophe bond but based on covering the whole of the market.
In just a few years, Lloyd’s has shifted from a market where alternative capital was discussed as temporary and even cited as a negative influence on reinsurance, to a market where alternative capital is now recognised as a necessary component of its future and Parry has been part of the team leading that change in perception.
Parry joined Lloyd’s in 2001 and worked his way through roles overseeing solvency, reporting and syndicate finances, to the CFO position which he took on in late 2014.
Inga Beale, Chief Executive Officer at Lloyd’s, commented on the news of Parry’s departure, “During his 17 years at Lloyd’s, John has made an exceptional contribution to Lloyd’s Corporation and market. In a period of unparalleled change in the insurance industry, his knowledge, experience and great commitment to the Lloyd’s market have earned him the respect of all those who work with him. I have very much enjoyed working with John and value the support he has given me. I wish him every success in the future.”
John Parry, Chief Financial Officer at Lloyd’s, added, “I have thoroughly enjoyed my time with Lloyd’s and working for this great market. I have though decided that now is the right time to leave and look for new challenges. My passion for Lloyd’s is undimmed and I am keen to ensure a smooth transition.”
Lloyd’s has begun the search for a replacement for Parry and his departure date will be announced in due course.