The Lloyd’s Market Association today (LMA) announces that, following intensive discussions with HM Government and leading Lloyd’s contingency underwriters, Chancellor Rishi Sunak has launched the Live Events Reinsurance Scheme, in partnership with Lloyd’s.
Participating syndicates include Arch, Beazley, Dale Underwriting Partners, Hiscox and Munich Re. The scheme, which will run from September 2021 to September 2022, will support live events across the UK, which the general public can purchase tickets for, such as music festivals and business events. It will cover costs incurred in the event of cancellation due to national or sectoral lockdowns being reimposed.
Patrick Davison, underwriting director, LMA said: “The launch of this scheme highlights the significant strengths and willingness of the Lloyd’s market to find innovative solutions to its customers’ needs. Supported by the LMA, it is the culmination of a significant intellectual and financial investment by managing agents.”
LMA chairman Andrew Brooks added: “This partnership with the UK government will further add to the considerable support provided by the Lloyd’s market to its customers during the pandemic. The tenacity, dedication and technical expertise of Patrick Davison have been instrumental in making this possible, enabling the market to answer a need that is a crucial factor in enabling society to reopen. It is a great achievement for the market and facilitating initiatives such as this for the benefit of our members and customers goes to the heart of the LMA’s purpose.”