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An Interview with Lloyd’s of London CEO Richard Ward

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Richard Ward joined Lloyd's of London as chief executive in April of 2006, succeeding Nick Prettejohn. His experience was not in the insurance industry, although he had a great deal of experience in the financial community. He spent 10 years reorganizing the international petroleum exchange (IPE) in London, from an outmoded organization, one which use to do most of its dealings on a trading floor and paper, to one that is today known as the ICE - completely electronic. He was picked as the successor to Prettejohn to take over some initiatives at Lloyd's of London that were in dire need of an expert hand, which he has certainly given to that organization. In the four years that Richard has been there, he has been instrumental in installing electronic processing for most of the back office work, he has been instrumental in instituting market form initiatives, which means most of that is done electronically, and he has been responsible for overseeing the Franchise Board which is now the governing authority at Lloyd's.

All of this has been done with the usual problems that the insurance industry has; hurricanes, typhoons and other economic losses. Lloyd's has come through with flying colors. Just prior to the interview that you are about to hear, they announced that they had made a profit for the year 2009 of approximately 3.9 billion pounds, that is over 5 billion dollars. It is also the most profit that Lloyd's has ever earned.

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