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Luck expected to head Lloyd’s reform group

Implementing reform: Fiona Luck, a veteran of the Bermuda insurance industry, will head the group overseeing culture change at Lloyd’s (File photograph)

Bermuda insurance industry veteran Fiona Luck is expected to be confirmed today as chairwoman of an independent advisory group set up by Lloyd’s of London to ensure that sweeping reforms to its culture are carried out.

The Sunday Times reports that Ms Luck and the other members of the independent advisory group will be expected to hold Lloyd’s chief executive John Neal to account over the pace and success of the overhaul.

Today’s announcements come six months after a report by Bloomberg Businessweek revealed that Lloyd’s had a toxic workplace culture with a “deep-seated culture of sexual harassment” ranging from “inappropriate remarks, to unwanted touching to sexual assault”. The report also revealed a culture of bullying at the institution.

Lloyd’s, which has operated an insurance market for more than 300 years, is also expected to announce a campaign aimed at the market’s 45,000 underwriters, brokers and Lloyd’s staff to encourage them to speak up about bullying, The Sunday Times reports.

As well, Lloyd’s is expected to announce standards of conduct setting out behavioural rules for companies and individuals, the breach of which may result in bans or fines.

Today’s announcement is expected to reveal the results of a cultural survey of Lloyd’s conducted by the independent Banking Standards Board.

Ms Luck, a member of Lloyd’s franchise board since February 2018, has more than 25 years’ experience in insurance and reinsurance.

She has been a non-executive director of financial regulator, the Bermuda Monetary Authority, since 2013. Previously, she was non-executive director at Catlin Holdings Ltd and Allied World Holdings Ltd and, before that, spent a decade at XL Capital Ltd, in a variety of senior roles including chief of staff to the CEO and executive vice-president responsible for strategy, global HR, IT and corporate social responsibility.

Ms Luck also worked for the Ace Group, now known as Chubb, between 1996 and 1999, and was president and CEO of Marsh and McLennan’s Bermuda operation between 1992 and 1996.