New role for Lloyd’s Canada president

Lloyd’s Canada president and attorney-in-fact Marc Lipman has been appointed president of Lloyd’s Americas, effective Sept. 1.

Lipman, former chief operating officer of AIG Canada, joined Lloyd’s Canada in June 2020. “Under his leadership, Lloyd’s Canadian business has been reinforced with a strong governance foundation, including a robust risk framework and the implementation of IFRS 17,” Lloyd’s said in an Apr. 11 press release.

Dawn Miller has been appointed chief commercial officer of Lloyd’s and CEO of Lloyd’s Americas. Hank Watkins, regional director and president of Lloyd’s Americas, will be leaving Lloyd’s after 15 years to pursue other opportunities at the end of this year, the insurance marketplace says.

“The Americas represent over 60% of our market’s total premium and as we look to increase our presence, it is vital that we have the right people on the ground to deliver our ambitions,” Lloyd’s CEO John Neal says in the release.

“The appointment of Dawn and Marc to their new roles will strengthen our position to offer current and new stakeholders the best underwriting and investment platform in the world. I would like to thank Hank for his invaluable work over the last 15 years at Lloyd’s.”

Lipman was also one of four executives speaking at the Insurance Institute’s GTA 2024 CIP Society Symposium’s Up Close and Personal session on Apr. 11. When asked about the announcement, Lipman suggested it was a recognition from Lloyds’ leadership of the importance of the marketplace in the Americas — Canada, the United States and Latin America.

The Americas now constitute 62% of all Lloyd’s business, with the U.S. representing the largest market, followed by Canada and Latin America. “It’s not incorrect to say Lloyd’s is a North American insurance [market] based in London now,” Lipman says.

According to Canadian Underwriter’s 2023 Stats Guide, Lloyd’s was in second place (after Intact) for total business by net premiums written (NPW). In 2022, Lloyd’s market share was 9.06%, representing nearly $6.09 billion in NPW, up 13.75% from more than $5.35 billion in 2021.

 

Career development

During the CIP Symposium’s Up Close and Personal session, Lipman and other executives discussed career development and planning as well as lessons learned throughout their careers. Lipman says he was asked what was the turning point that brought him to where he is today.

“I think people today are much more career-planning, career-progression focused than when I was early in life,” Lipman says. “And that’s a great thing — People think about it…and more importantly, map out what skill sets they have today and what they’d like to acquire over the short, mid-term, long-term.”

Looking back on his career, Lipman says leave room for what he calls serendipity.

“You have to leave room for the fact that some of the most important events and molding in your career will come utterly from events out of your control,” he says. “Recognize, in particular, bad times [and] crises as opportunities for great personal career growth.

“Never let a crisis go to waste,” Lipman says. “Put your hand up, jump in. You do everything you can, you go out of your comfort zone…Whether you’re successful or not, those around you will remember you as someone who’s there fighting, helping and moving the cause.”

Another executive, Greg Irvine, president of underwriting solutions at Navacord, agrees, saying “when the going gets tough, seek a battlefield promotion.

“You show your value to your employer when you stick it out in a [bad] time and you do a good job and manage the crises,” Irvine says. “You’re probably going to be a better leader in your career if you’ve gone through a couple crises, and either you’ve had to retain staff that don’t want to work there [or] you’ve got to keep customers that don’t want to buy insurance.”