Lloyd's Chairman Acknowledges Underwriters' Commitment To Japan

The commitment of participating underwriters in developing and marketing the products of Lloyd's Japan was acknowledged by the company's chairman, Richard Keeling, at the first annual general meeting of the company. He told the AGM that Lloyd's underwriters had spent more than 200 working days in Japan last year improving their understanding of the market and working with local office colleagues to establish the new venture.

The office was officially opened in Tokyo in March 1997. The opening was made possible by the liberalization of Japan's insurance laws and the issuing of licenses to Lloyd's underwriters to write direct policies for certain classes of non-life insurance. Twenty managing agents and 38 syndicates form the core of Lloyd's Japan.

At the meeting, London-based managing director of Lloyd's Japan, Jason Light, announced the company would be seeking to appoint a Tokyo-based, chief operating officer during 1998.

Describing himself as the company's "midwife," Mr Light said, "Once our new appointee is in place in Tokyo, my primary task of establishing and launching the company will have been successfully delivered and I shall step down from my position as managing director in London."

Richard Keeling honored Mr. Light's efforts, saying, "Jason Light has done a superb job co-ordinating one of the most important market entry initiatives Lloyd's has ever undertaken. Quite rightly, as the company moves on from launch our center of gravity should move to Tokyo to provide full support to Lloyd's Japan, President Kunihiko Sasamoto and his team."

Richard Keeling also announced that Mr Sasamoto had been appointed joint deputy chairman of the company with Mark Brockbank.