Introduction to the role
What is the difference between war and armed conflict? Did an error cause a system failure, or was it a cyber-attack? How, when and where should an insured asset be valued? The answers to these questions could be critical in determining whether losses arising from an event are insured or not; it will depend on the language used in insurance policies.
The LMA has a vacancy for an executive to join the Underwriting Team in a role focussing on wordings. The LMA supports the Lloyd’s market by producing over 100 model wordings per year, across a huge range of subject areas, including cyber, terrorism & political violence, property, energy, casualty and specialty products.
Working with underwriters, lawyers and the LMA’s team of market professionals, the successful candidate will quickly gain expertise in analysing, researching, editing and drafting wordings. Training and development will be provided; alongside coaching from colleagues, the successful candidate will be involved in live market projects to review and produce model wordings, building technical expertise, knowledge and drafting skills.
Introduction to the Lloyd’s Market Association
The Lloyd’s Market Association (LMA) exists at the very heart of Lloyd’s, a world-leading global marketplace for complex risk where solutions to challenges are delivered every day. All 55 Lloyd’s managing agencies, with a total market stamp capacity of approximately £52.6bn in 2024, and all Lloyd’s members’ agents, are members of the LMA.
We represent our members’ interests to organisations including governments, regulators, and the market’s central supporting body, the Corporation of Lloyd’s. We provide professional and technical expertise in areas ranging from model policy wordings to the implementation of innovative technologies. We connect with our members to identify and resolve issues facing the market, and work in partnership with Lloyd’s and the other market associations to influence initiatives and outcomes. We operate the market’s most comprehensive technical education service, the LMA Academy.
Job Purpose
The Executive, Technical Underwriting, will be responsible for representing and promoting the interests of the LMA Members and other key stakeholders across the underwriting team’s key activities and other business areas as required, focussed on wordings production and review; a key function of the LMA’s Underwriting team.
Key Accountabilities
To provide technical support to the LMA committees/business panels/working groups (which will include attendance at some of the underwriting committees), focussing the drafting and review of LMA model wordings and providing guidance, identifying and promoting solutions and ensuring effective execution of actions.
* To provide effective support to the LMA Wordings Committee & Wordings Forum:
* Providing technical support re the drafting and review of LMA model wordings;
* Arranging/administering meetings of the Wordings Committee and associated Working Groups;
* Responding to technical enquiries from Members (and others) in a timely and appropriate manner;
* Undertaking specific Market and/or internal LMA projects and research work as required;
* Providing technical support for the Lloyd’s Wordings Repository, including the wordings held on the LWR;
* Represent the LMA at meetings and on external groups in such a way as to promote the policies and reputation of the LMA and in the interests of its Members.
* Listen to and demonstrate understanding of our Members views, building on this to identify solutions, influence outcomes and develop consensus.
* Maintain current knowledge of initiatives and developments within the LMA, Corporation of Lloyd’s and other key areas of the Market. Seek opportunities to support and promote projects internally and externally to the advantage of the LMA Membership.
* Communicate confidently and effectively to LMA Members, and other key stakeholders, giving guidance on initiatives and developments and ensuring that the LMA’s reputation for expertise and as a recognised partner in the Wordings arena is reinforced.
* Assist with the promotion of the LMA, its brand, and the key wordings activities that it is leading or supporting, identifying PR opportunities (providing input into newsletters, press releases, board reports and the LMA website) and present to colleagues, members and others.
* Finally, and in addition to the above key accountabilities, you may be required to undertake other duties from time to time as the LMA may reasonably require.
Person Specification
Education and Qualifications
Essential: The role requires individuals of graduate/A-level calibre.
Desirable: Degree in English or Law, insurance or legal qualifications or training.
General skills / Qualities
Essential: A real interest in language, grammar and the meaning of words. Sharp eye for detail and able to review and suggest corrections to wordings documents. Facility to understand potentially complex scenarios and find wording solutions.
Desirable: Graduate-level written and spoken English. Competent communication, presentation and IT skills.
Experience
Essential: None
Desirable: Some experience of insurance or legal work. An understanding of Contract Law and how it relates to Insurance contracts and knowledge of UK regulation within the insurance industry.