Investment - Articles - LMG/HMT ILS task force holds first official meeting

 The group will be looking at potential changes to the tax, regulatory and company law regimes that could make the UK a more attractive domicile for ILS business and managers. The initial aim is to produce a series of recommendations that could be included in the Chancellor’s Autumn Statement later this year.

  

 Malcom Newman, CEO of SCOR's Paris/London Hub, who is sponsoring the work on behalf of London Market Group (LMG) said:

 “Our research – London Matters – highlighted the extent to which London’s role as the global centre of excellence for specialty insurance is under question. In part, our research showed, this is because we are losing our reputation for innovation. ILS is very much the innovative end of our industry. It is vital for London’s future therefore that we ensure that the expertise surrounding these vehicles is attracted to be part of our unique cluster. We are delighted that the government is joining us in this work. We need to do all we can to ensure we have the right business environment in the UK to allow ILS to prosper here.”

  

 Harriett Baldwin, Economic Secretary to the Treasury and City Minister, said:

 “The Government recognises the vital contribution the London Insurance Market makes to UK GDP and to our export strength. The Government will do what it can to support growth in this area of our economy. We look forward to working with the London Market to develop a regulatory and tax structure which will achieve this.”

  

 Current membership of the task force is:
 Malcolm Newman Scor Chair

 Christopher Croft LMG Secretariat Secretary

 Michael Wade Crown Representative, Insurance Government

 Des Potter Guy Carpenter Broker

 Chris Parry Aon Benfield Broker

 Paresh Thakrar Hiscox Insurer

 Rob Procter Securis Fund Manager

 Joanna Buckenham Lloyd’s Association

 Dave Matcham International Underwriting

  

 The following attend meetings as observers:
 Lee O’Rourke HM Treasury

 Michael Stark HM Treasury

 Alison Walters FCA Ishtiaq Faiz PRA

  

 The group is advised by PwC and Clifford Chance.