Brexit will not threaten London’s prized global insurance crown, the new deputy chair of Lloyd’s said today.
Hiscox chairman Robert Childs was unveiled this morning as the replacement for Paul Jardine, taking up the position immediately.
Speaking to City A.M. he downplayed the impact of Britain’s exit from the EU, saying it will have a structural rather than a strategic consequences.
“Yes it [Brexit] is important, we have to take it seriously,” he said.
But it doesn’t threaten the long term strategy of the Lloyd’s market or the London market.
His comments echoed those made by outgoing Lloyd’s chair John Nelson in March. He said Brexit and the setting up of a new EU base will not have “significant impact” on the way Lloyd’s operates.
Childs’ appointment follows in the footsteps of insurance grandee Robert Hiscox who was deputy chair between 1993 and 1995. Hiscox is credited with being one of a number of execs to have helped save Lloyd’s from the brink of collapse during that time.
Despite currently facing a challenging marketplace, Childs said he was confident Lloyd’s has the necessary facets to deal with the situation.
He said: “In a cyclical business you have to be able to manage all parts of the cycle and we’re certainly not in the up part right now.
The thing about evolution is that Lloyd’s has been around since the 17th century. So you could say it has proved it knows how to evolve. And the survivors in evolution are those that have the ability to change, to be nimble. Lloyd’s has changed over the years.
He continued: “Lloyd’s has adapted to its environment. I’m looking forward to it, as deputy chairman to continue to evolve.”
Childs’ selection follows the appointment earlier this year of Bruce Carnegie-Brown as Nelson’s successor.
“This is an excellent appointment both for the Council and the market," said Carnegie-Brown.
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