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To request more information about the ACORD activities in this location, or to find out how ACORD can help your organization, please use the contacts provided in each section, or email memberservices@acord.org. We look forward to hearing from you.
 London Market
ACORD has been working with the London Market since July 1, 2001 when ACORD took
over the Joint Venture reinsurance and large commercial standards from WISe.
There is a strong appetite currently in the London Market for the adoption of
standards which deliver clear business benefits and meet the aspirations of the
market reform programmes. ACORD is coordinating international standards activities
with the London Market's own plans for reform and systems development.
News
January 2008
ACORD and LMBC Form New ACORD Brokers Committee
ACORD and the London Market Insurance Brokers' Committee (LMBC) have formed the ACORD Brokers Committee to increase communication and interaction between ACORD and medium to small brokers in the London Market.
For many years, ACORD has worked with independent agents in the US through AUGIE (ACORD User-Group Information Exchange) which provides a single voice for US independent agents within the industry and the ACORD standards development process. ACORD and LMBC are now bringing that successful formula to the brokers in London to support standards implementations.
October 2007
2007 ACORD Forum London
The ACORD Forum London, held October 17 and 18 at Gibson Hall, brought together 500 members of the London Market and beyond. The Forum presented a wide array of sessions covering topics impacting both London and the global insurance market. Participants at the Forum gained new insights into current market activities and heard visions for the future from leading industry figures.
A steady stream of attendees came to the event, making many sessions standing room only. The same held true for the sold out exhibit hall which featured live simulcasts from the session room.
Sessions covered a number of pressing issues including the current regulatory landscape, catastrophe exposure reporting, an industry view of the reinsurance and large commercial industry, and the "London Box".
July 2007
Sue Langley, Lloyd's of London, Joins ACORD Board of Directors
Sue Langley, director, Market Operations and North America, Lloyd's of London, has been appointed to the ACORD Board of Directors. She has long been an advocate of ACORD data standards and has spoken frequently on the subject.
July 2007
ACORD Testing & Certification Facility Expands
Building upon the success of its initial rollout, ACORD (www.acord.org) announced the expansion of its Testing and Certification Facility to include test capabilities for ACORD Reinsurance & Large Commercial (RLC) Placing message implementations.
April 2007
Michael Smith, Lloyd's, Comes to ACORD, Assists with UK Initiatives
As of 11 April 2007, Michael Smith, manager, Business Process Reform (Claims and Standards), Lloyd's will be "seconded" (transferred) by Lloyd's to ACORD in support of ACORD's increasing standards activities within the London Market. Smith will be working with ACORD's Roy Laker, assistant vice president, London Market, bringing his expertise and experience to bear on a wide range of initiatives.
April 2007
New ACORD White Paper Examines Standards in International Regulatory Landscape
As the insurance industry continues to globalize, regulatory and reporting requirements are growing as well, making the need for data more crucial than ever. This need is further amplified now that more companies are operating in multiple jurisdictions, needing to not only meet varying reporting requirements but the necessity of creating an overall global "big pictures" of their organization. In a new white paper, The Impact of Standards on the International Regulatory Landscape, ACORD examines the role data standards can play in supporting the flow of information for compliance, reporting, data management, and more.
April 2007
ACORD London Advisory Board Roundtable Meets
Thirty senior business people from among the London insurance market came together this week to hear reports from ACORD on the state of its plans for a variety of initiatives from the Global Placing Document to the new Testing and Certification Facility to the use of the ACORD London Market Roadmap.
February 2007
ACORD Launches Testing and Certification Facility in London
ACORD launched it's new Testing and Certification Facility (TCF) within the London insurance market, making it easier than ever for ACORD members to test implementations and certify messages for ACORD Document Repository Interface (DRI) standard adoption.
The TCF is a "virtual" business partner. London market developers can send ACORD messages to it, have the system validate them, and then have it send back responses indicating acceptance or errors. This live application streamlines the entire process thereby increasing certifications and improving communication between business partners.
September 2006
ACORD Roadmap for London Presented
On September 5, ACORD held an Advisory Board Roundtable (ABR) meeting in London, with some of the key players in the London Market reform program. At this Roundtable meeting, ACORD unveiled the ACORD Roadmap for London, which has been devised in consultation with some of the market's key influencers. The Roadmap is being ratified and assessed by the Roundtable attendees and will be published by ACORD in due course.
Going from strategic to tactical, ACORD also unveiled an Implementation Resource Kit to assist companies with their implementation of ACORD messages. The kit provides best practice advice as well as practical resources for the implementation of the RLC Placing message against the London Phase I Placing Implementation Profile.
September 2006
RLC Testing and Certification - Enhanced
ACORD is working to help implementers with the new ACORD Testing and Certification Facility (ATCF). ATCF will act as a "virtual business partner", allowing ACORD members to test their implementations against it. ATCF can be configured to the profile required (e.g. the London DRI implementation profile) and used for both testing and certification. Using embedded Schematron, ATCF will test for transport and XML schema compliance and also for business logic compliance. ATCF means that members can test against a virtual business partner, to a defined profile (which their business partners are also using) and complete much of their testing before final testing with the business partners. This improves efficiency and reduces time lags and overheads for all parties.
ACORD is currently in the final stages of User Acceptance Testing of ATCF. We look forward to updating you on ATCF, which will first be employed by ACORD RLC program in testing and certifying London DRI implementations.
July 2006
London Market Review Video Channel Profiles Market Leaders and Issues
Recent videos in ACORD's new London Market Review Channel include interviews
with Andy Brookes and Paul Tuvey, MRPO, Chris Rawson, Lloyd's, David Matchum,
IUA, Simon Sperryn, LMA, Mark Barwick, LMBC, Alex Letts, RI3K, Mike Smith, Lloyd's.
Topics range from contract certainty, placing, electronic claims, accounting
and settlement reforms to delinking and the role of ACORD Standards in market
reform.
April 2006
G6 Agrees ACORD Data Standards with Leading Brokers
The G6 group of Lloyd's Managing Agents have agreed to a new process using ACORD
data standards which will ultimately allow the electronic transfer of risk-related
data and documents between group members and four leading brokers in the Lloyd's
market on a peer to peer basis. The members of the G6 – Amlin, Beazley, Catlin, Hiscox, Kiln and Wellington – will be working closely with the Lloyd's Market Association (LMA) and others in Lloyd's
over the next few weeks to ensure the details are made available to all market
members. The brokers involved are Aon, Benfield, Marsh and Willis.
February 2006
Roundtable of London Market Leaders Reviews ACORD Strategy
London Market ACORD members took stock of recent developments and provided feedback
on ACORD strategies and plans at the London Advisory Board Roundtable, on February
28 at the London Underwriting Centre. The scope of the meeting was broad, as
it touched on where ACORD standards fit into the wide-ranging market reform agenda
that is moving London to an internationally complaint, electronic transaction
based environment.
December 2005
Key Roy Laker Appointed Assistant Vice President at ACORD
ACORD announced the appointment of Roy Laker as Assistant Vice President, London
Market. Laker's role will be to coordinate the activities in the London market
of ACORD's various operations units: Standards, Communications, Membership Development,
and Legal, Industry & Government Affairs. He will take on special projects and
serve as a liaison between ACORD senior management and London Market participants.
October 2005
Insurers, Reinsurers Speak to Market Issues, Technology and Standards Implementation
at London Forum
A range of subjects were addressed by presenters at ACORD Forum London. Business
process improvement and ACORD standards implementations in the international
insurance arena - and in the London market specifically - was a major focus.
Also covered in the 15 sessions were the impacts of regulatory compliance, financial
reporting standards for insurers and current industry trends in technology and
business practices.
The event opened with a keynote from Nick Prettejohn, CEO Lloyd's, and closed
with the CEO panel "Where Will the Market Be In 2008?" CEO panelists included Clem Booth, Chairman & CEO, Aon Re International; Gerry Albanese, President and CO; Markel Corporation; Grahame Millwater, Chairman & CEO, Willis Re; and Gregory A. Maciag, President & CEO,
ACORD. Other presenters included executives and directors from Lloyd's, Aon,
Benfied, Alea, Markel, Willis, Guy Carpenter, Converium, Swiss Re, St. Paul Travelers,
AXA Cessions, SCOR, XL Re, St. Paul Travelers, Xchanging, and others.
Get presentations and videos
October 2005
Lloyd's CEO Addresses London Market Performance, Reform and Need for Standards
in Keynote
Lloyd's CEO Nick Prettejohn delivered a keynote speech to attendees at ACORD
Forum London that presented his views on the strengths of the London market and
the challenges it faces to preserve its pre-eminent role in international insurance.
His presentation was the first in a two-day series of presentations that attracted
600 registrants to the event. Prettejohn, who two days prior announced his year
end move to head up Prudential's UK insurance operations, opened with remarks
on the status of the London market.
October 2005
Reinsurance & Large
Commercial Working Group Updates
An update on the activities of the Placing Implementation Guide, Global Placing
Document and MR Review working groups.
September 2005
Global Placing Document Standard Approaches Conclusion
After more than a year of work the Global Placing Document working group are
at the point finalizing their draft standard, and are now planning for its ratification
with a wider community of business users. This project is pivotal for the London
market, and was originally kicked off from the springboard of London's own internal
paper document standard for placing international insurance and reinsurance risks.
Working closely with the business practitioners in the London market, we have
extended their original standard to take account of specific requirements for
reinsurance and all major lines of large commercial insurance risks. USA brokers
and carriers have also given input for international reinsurance, from both a
business and technical standpoint.
Strategic Relationships
ACORD is leading the development of global standards through relationships with
prominent industry associations. ACORD partners with these associations, and
also harmonizes ACORD standards with those of other standards organizations to
support interoperability. Some of our strategic relationships include:
BRMA - Brokers & Reinsurance Markets Association
IUA - International Underwriters Association
Lloyd's of London
LMBC - London Market Brokers Committee
MRPO -
Market Reform Program Office
RAA - Reinsurance Association of America
ANSI X12 - American National Standards Institute X12
ACORD Website Sections of Interest
Contacts
Roy Laker
Assistant Vice President, London Office
Phone: +44 (0)20 7617 6405
Email: rlaker@acord.org
Mike Smith
Program Director, Reinsurance & Large Commercial
Phone: +44 (0)20 7648 4410
Email: msmith@acord.org
Phil Brown
Project Manager
Phone: +44 (0)20 7617 6402
Email: pbrown@acord.org
Serge Cayron
Technical Architect
Phone: +32 (0)10 41 92 58 (Brussels)
Email: scayron@acord.org
Marc Codispoti
Program Manager
Phone: +1 845-620-1700 ext. 409
Email: mcodispoti@acord.org
Melanie Harding
Office Manager
Phone: +44 (0)20 7617 6400
Email: mharding@acord.org
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