Jon Hancock, the Lloyd’s of London insurance and reinsurance market’s Performance Management Director is to step down in 2020 with no replacement for his position currently named.
His role will be a tough one to fill in the market, given the wide-ranging expertise required to deliver on performance in a market that has faced so much pressure in recent years and is now set to undergo so much change over the next few years.
Hancock, who held the Performance Management Director position since late 2016, has played an integral role at Lloyd’s in a number of areas of relevance to the insurance-linked securities (ILS) market, not least the approval and growth of ILS backed syndicates, the launch of new special purpose syndicates backed with third-party capital and the planning surrounding the Future at Lloyd’s strategy, as the insurance and reinsurance marketplace attempts to ready itself for the coming years.
Now Lloyd’s has an opportunity to bring more capital into the market in a variety of ways, as demonstrated through ILS focused initiatives over the years and laid out in the Blueprint One. But performance of the market is going to be absolutely key to these ILS efforts, if investor confidence is to be sustained.
Hancock has decided to step down from his role this year, leaving Lloyd’s some time to arrange a replacement for what is understood to be an expanding role of great importance as the Future at Lloyd’s develops and rolls out.
Performance managing syndicates led to the notorious Decile 10 initiative and ongoing performance related assessment of syndicates has led to changes, shuttering of syndicates and some companies choosing to exit the market, as they find Lloyd’s an inefficient place to invest and deploy capital.
There’s a lot of work to do for whoever fills Hancock’s position, as performance has to be at the heart of absolutely everything Lloyd’s delivers through its Blueprints.
Part of performance is also efficiency, of course, as the cost of entering into insurance and reinsurance business at Lloyd’s remains high and efforts to reduce this will naturally help performance metrics improve.
Jon Hancock commented on his impending departure, “Working with the Lloyd’s market has been a personal and career highlight. I have enjoyed my time here and I am proud of what my team and the market have achieved: the foundations have been set for the Lloyd’s market to return to world class underwriting performance and the Future at Lloyd’s sets out a compelling strategic vision. As I enter my fourth year at Lloyd’s it feels like the right time to pass on the baton and explore new opportunities.”
John Neal, Lloyd’s Chief Executive Officer, added, “Jon’s leadership in performance is without parallel, and his sponsorship of Blueprint One was critical in the production of a future strategy for the Lloyd’s market. His will be big boots to fill and so I am delighted that we will have him for a while longer.
“Performance is not just a strategic priority for us, but underpins everything that we are seeking to achieve through the Future at Lloyd’s. Jon has put in place firm foundations on which we will build over the years ahead. On a personal level, it has been a privilege to get to know and to work with Jon and I am grateful for his continuing support.”