The programme is designed for underwriters and brokers from all business classes. Previous experience with US business, whilst helpful, is not mandatory. Typically, delegates will have been working within the insurance sector with around five years.
The United States is Lloyd’s biggest market, accounting for 40% of premium income. Lloyd’s enjoys an excellent reputation among US clients; its long-standing experience, risk mitigation expertise and first-class claims service distinguish it from competing markets.
The ability to access business, understand transactional intricacies and forge meaningful relationships with brokers, risk managers and coverholders are all central to Lloyd’s retaining and building market share.
For the last two decades, Terry Hayday from Optimum Consultants, has run a study tour programme with the Katie School of Insurance and Risk Management in Chicago. In 2018, the LMA Academy has taken over the programme and redeveloped it whilst continuing to include academic input from the Katie School faculty. This redesigned programme provides valuable first-hand experience of transacting (re)insurance business in the US. Those who attend the programme will have the opportunity to:
-gain an overview of the US insurance market with presentations from Lloyd’s and a local coverholder
-contribute to panel discussions with (re)insurer and broker experts exploring how US business is transacted, including an overview of current market terms and conditions, the trading environment, capital issues and market trends and challenges
-gain an insight into the intricacies of the US litigation system, with presentations on the US legal process, bad faith, subrogation issues and current legal ‘hot topics’
-hear current cutting edge thinking from Katie School of Insurance and Risk Management faculty members and contribute own thoughts and ideas
-participate in site visits to companies of interest and significance, not normally accessible to delegates, including an ‘InsurTech’ afternoon and a tour of United Airlines Network Operations Centre
-actively participate in a competitive and engaging team-based exercise to learn how a P&C insurer is run.
Delegates will greatly benefit from this immersive and practical learning experience in the heart of a major US insurance hub. The programme also offers delegates the opportunity to build meaningful networks and lasting relationships with local experts and market peers.