The group tasked with making “the UK a more attractive domicile “ for insurance linked securities (ILS) does not include representatives from the firms responsible for measuring their risk, although a representative said that group may consider including catastrophe modelers at a later time.
The ILS Task Force of the London Market Group (LMG) held their first meeting last week, with members of the reinsurance, brokerage, ILS trading and UK government at the table.
A representative of the said in a response to an email inquiry that that the panel is representative of task force’s “current membership.”
“We approached a number of firms across the market and asked them to nominate experts to join the task force,” said Christopher Croft, Head of LMG Secretariat. “We are exploring the issues that inhibit ILS business from domiciling here and may add further expertise to the group in due course.”
The task force was created following a March speech by George Osborne, Chancellor of the Exchequer, where he said London needed to “develop a new competitive corporate and tax structure for allowing insurance linked securities to be domiciled in the UK.”
Other members of the task force include representatives of Guy Carpenter, Aon Securities, Hiscox, Securis and Lloyds of London.”
“In part, our research showed, this is because we are losing our reputation for innovation,” said Malcom Newman, CEO of Scor’s Paris/London Hub. “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.”
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