I don’t need to tell you that market conditions are likely to remain difficult in 2012. The world economy is in a strange place. The stability of the financial system remains in question. There is little prospect of investment returns improving for some time, and we have no shortage of capital in the industry.

These economic conditions could mean that the insurance cycle may take more time to turn than in the past – so underwriting discipline remains a central challenge for 2012.

Another challenge which we are all anticipating is the need to achieve implementation of Solvency II by 1 January 2013, regardless of any delays by the European Commission. I know my arrival coincides with the last circuit of what has been a marathon effort by both the market and the Corporation. But we now arrive at the critical point, when we need to make considerable efforts to ensure we achieve successful implementation.

My third immediate priority for 2012 will be equally unsurprising – we need to accelerate progress on market modernisation.

But, as we deal with these immediate challenges, I want to work with the market to identify where we want to be in 2025. I want to build on the strengths I see here at Lloyd’s. Chief amongst them is the culture of loyalty, prudence and integrity which has created the tens of thousands of trusted relationships which are central to the Lloyd’s market. I want to see Lloyd’s extend these relationships and, in the long term, increase its international footprint.

A great deal has already been done to push Lloyd’s out into, for example, Singapore, China and Brazil – but I believe that pulling business in from these countries is as important as pushing Lloyd’s out to them. I was pleased to see the partnership between Catlin and China Re at the end of last year, which brought not just business but also people and capital to the market. I hope that during my tenure as Chairman we will see more investment – not only in China, which I visited last month, but also from other high growth economies. I would also like to see the Lloyd‘s market working more closely with the global distribution networks of the larger brokers. I believe there is more that we can do with the broking community to encourage them to bring business to Lloyd’s.

If we can do these things – and I believe we can – we can make London EC3 into the true worldwide hub for specialist insurance and reinsurance. We are in a strong starting position, but we should not be complacent. Fifty, even twenty years ago, there were few alternatives to Lloyd’s – now there are several and we must work harder than ever to remain the centre of worldwide specialist insurance. We will have to work with Government and regulators to encourage them to create the right infrastructure and regulatory environment to enable us to compete efficiently. I see that as an important part of my job.

There are tremendous opportunities for Lloyd’s over the next decade or two. I look forward to working closely with the Corporation, the market and the brokers to make the very most of them.

John Nelson
Chairman of Lloyd's

For more on this and other articles, visit http://www.lloyds.com/News-and-Insight/News-and-Features/Lloyds-News/Lloyds-News-2012.

Summit Prestige Home Insurance ('Summit') is a specialist division of SRS Underwriting Agency one of Australia's leading Lloyd’s of London Underwriting Agencies with offices in Sydney, Melbourne and Brisbane. 

 At Summit, we know it's been a difficult summer for many so why not let us take some of the stress out of insuring your prestige property.  With an enviable Summer Report Card including: 

✔	SRS Senior Management visting a number of our worst affected clients, once Brisbane flood waters receded.
✔	All flood claims accepted, with most claims finalised or near finalisation.
✔	No claims disputed.

we are justifiably proud of the way we have been able to service our supporting brokers and their clients.  It's what high-value clients expect from their prestige property insurer. 

For more on how the Summit team can assist you and your clients, visit our website at www.summitinsurance.com.au for access to our online quote request together with details of our products and services.

Sue Hutchinson
Underwriting Manager
shutchinson@summitinsurance.com.au
P: (02) 9323 5084

Karen Kearins
Underwriter
kkearins@summitinsurance.com.au
P:  (02) 9323 5085

Peter McKee
Claims Manager
pmckee@summitinsurance.com.au
P:  (02) 9323 5012

 View online: http://secure.promail.com.au/em/message/email/view.php?id=821351&u=10390

The SRS Professional Risks Division is delighted to announce the release of the following products:

ARCHITECTS - Our Architects Professional Indemnity insurance provides tailored and comprehensive civil liability coverage essential to every Architects’ risk management program.

This product incorporates Continuous Cover, Court Attendance and Inquiry Costs, Criminal Prosecution, Defence Costs, broad Joint Venture cover and Unlimited Reinstatements with optional Fidelity coverage. With broad definitions for the Insured, Employees and Claims, this is a market leading product.

Ask us about the Contract Review Service provided in conjunction with this product.

RECRUITMENT SERVICES - The SRS Recruitment Services Professional Liability Insurance Package is a flexible multi-section policy providing the ultimate solution for the recruitment service professional. Select from standalone General Liability, Professional Liability and Management Liability, or the package as a whole.

The product has been developed by the team at SRS who have an extensive background in catering to the specific needs of Recruitment Agencies, Labour-Hire firms, Contractor Management companies and Group Training organisations.

ACCOUNTANTS - The SRS Accountants product has always been highly regarded by brokers and Insureds alike. It is a comprehensive product that caters to a broad range of activities undertaken by evolving Accounting practices. Tailored for regulatory compliance it provides Accounting and Insolvency professionals with the peace of mind to focus on what they do best.

New product features include Automatic Fidelity coverage, Compensatory Orders (Civil Penalties), Court and Inquiry Attendance Costs, Public Relations Costs and Worldwide Legal Action and Territory.

MANAGEMENT LIABILITY - The SRS Management Liability policy provides comprehensive coverage for private companies and not for profit entities across a broad spectrum of occupations. Management Liability can be taken up in conjunction with our SRS Professional Indemnity products, or separately.

DIRECTORS’ & OFFICERS' LIABILITY - In addition to our Management Liability policy, we have now released the SRS Directors’ & Officers’ Liability product which contains comprehensive coverage for the risks associated with operating a company in today’s regulated climate.

SRS Professional Risks Product Suite:

• Accountants
• Architects
• Construction Consultants
• Design & Construct
• Excess of Loss 
• Insurance Brokers
• Miscellaneous
• Real Estate Agents
• Recruitment Services (combined PI/PL/ML)
• Technology (combined PI/PL)
• Management Liability
• Directors’ & Officers’ Liability

SRS Professional Risks has a broad appetite and can accommodate smaller SME risks through to large corporate accounts. Policy coverage is broad and optional extensions may include: Costs Exclusive Limit & Excess, Unlimited Retroactive cover, Additional Reinstatements, Fidelity, and Sub-Contractors, to name but a few.

Claims are handled locally and security is 100% Lloyd’s of London, unless stated otherwise.

Primary Capacity:  $20m
Excess Capacity:  Up to $50m

For information on any of the products or services offered by SRS' Professional Risks Division, please feel free to contact:

Melanie Baird Underwriter P:  (03) 9810 0654 E:  mbaird@srs.com.au	David Rowbotham Underwriter P:  (03) 9810 0657 E:  drowbotham@srs.com.au
Jo Campbell Technical Underwriter P:  (03) 9810 0656 E:  jcampbell@srs.com.au	Shelley Lask Assistant Underwriter P:  (03) 9810 0611 E:  slask@srs.com.au

Pharmaceutical and Medical Devices

SRS has the ability to underwrite Pharmaceutical and Medical devices with 100% Lloyd's security up to a limit of AUD$50M.

SRS’ target markets are (but not limited to): 

• Companies engaged in the manufacturing, wholesaling, or retailing of medical and pharmaceutical products, including companies who are  the importers of (e.g. parallel importers) medical and pharmaceutical products. This would also include product licence holders and contract manufacturers.
• Companies engaged in the manufacturing, distribution or storage of blood or blood related products. This would include products derived from plasma, (including albumin, platelets, immunoglobulin, red blood cells and white blood cells) and anti-coagulant and coagulant factors.
• Companies engaged in manufacturing, wholesaling or retailing of monitoring, investigative equipment and substances (e.g. x-ray equipment, computer tomographs, MRI scanners, gamma knives).
• Companies engaged in the manufacturing, wholesaling or distribution of chemicals that are not pharmaceutical end products, but that are ingredients of pharmaceutical products (including the “active pharmaceutical ingredient” which gives a drug its therapeutic action), or catalysts, used in the manufacture of pharmaceutical products.
• Companies engaged in manufacturing, wholesaling or retailing of any item used in a medical or therapeutic context outside the human body, such as support devices, plasters, dressings, surgical gloves. 

Clinical Trials

SRS is able to provide Clinical Trials cover based on a No Fault Compensation Policy with the added option to include a Legal Expenses Extension.

SRS’ ability to underwrite Clinical Trials includes human volunteer studies, bioequivalence studies and clinical trials of: new drugs, medical devices, treatments, procedures etc. or existing drugs, medical devices, treatments with new uses/indications.

If you wish to receive a quotation from SRS for any of the above classes, proposal forms are available at our website www.srs.com.au.  Alternatively, feel free to contact David Peck on dpeck@srs.com.au or Paul O'Leary on poleary@srs.com.au.

For more visit http://www.lloyds.com/News-and-Insight/News-and-Features/Lloyds-News/Lloyds-News-2010