June 1, 2020 by Greg Meckbach
Marc Lipman, former chief operating officer of American International Group (AIG) Canada, is the new president of Lloyd’s Canada.
Lipman (pictured, above) replaces Lisa Duval, who had served as Lloyd’s Canada’s attorney in fact and chief agent, on an interim basis since October 2019. Duval is returning to Lloyd’s International Regulatory Affairs in London, the Corporation of Lloyd’s said Monday.
Lipman joined AIG Canada in 2006 as vice president, general counsel and corporate secretary. Before that, he worked for Scotiabank in international banking, mergers and acquisition and project finance law. Lipman is a frequent speaker at industry conferences such as Connected Insurance Canada and Executive Forum.
Lloyd’s ranked fourth in Canada (after Intact, Aviva and Desjardins) among P&C insurers by net premiums written in 2018, according to Canadian Underwriter’s 2019 statistical guide.
Canada is the third largest market for Lloyd’s after the United States and Britain. The Corporation of Lloyd’s is not an insurance carrier but oversees the market.
In Canada, Lloyd’s has an “attorney-in-fact” business model to ensure that Lloyd’s business is considered by the federal Office of the Superintendent of Financial Institutions as being a risk insured in Canada and is licenced by the relevant province or territory.
Sean Murphy was Lloyd’s Canada’s attorney in fact from 2012 until October 2019, when Duval stepped in.
In Canada, Lloyd’s led both the liability and aircraft markets in 2018, as reported in the Canadian Underwriter’s 2019 Statistical Guide. Lloyd’s had 23% of the Canadian liability market and 27% of the aircraft market.
Lipman “brings to Lloyd’s a wealth of industry experience and a deep understanding of the Canadian (re)insurance sector,” the Corporation of Lloyd’s said Monday. He has a masters of laws degree from the London School of Economics and a bachelor of laws from Osgoode Hall Law School in Toronto.
“As we continue working to grow our presence across the Americas region, [Lipman’s] extensive experience in Canada will be invaluable,” Hank Watkins, New York City-based boss, regional director, and president of Lloyd’s Americas, said in a release. Lipman now reports to Watkins.
“Our immediate focus continues to be providing our many stakeholders with the support they expect from Lloyd’s through these challenging times,” Watkins said. “Going forward, in partnership with our colleagues around the world, [Lipman] will also be focused on advancing the Future at Lloyd’s strategy and helping to serve the businesses and entrepreneurs that drive the Canadian economy.”
Worldwide, the Lloyd’s market reported Mar. 26 that its gross written premiums in 2019 were £35.9 billion, up slightly from £35.5 billion in 2018. This was due in large part to price increases because several syndicates exited or severely curbed their risk appetites in poor performing lines. The British pound closed Friday at CDN$1.70.
Lloyd’s reported a combined ratio of 102.1% in 2019, a 2.4-point improvement from 104.5% in 2018. Lloyd’s had an investment return of £3.5-billion in 2019, so its market profit was about £2 billion.
COVID-19 related losses for Lloyd’s are estimated to be “in the range” of $3 billion to $4.3 billion, the Corporation of Lloyd’s announced May 14. The American dollar closed Friday at CDN$1.38.
Photo courtesy of Lloyd’s