Lloyd’s, the world’s specialist insurance market, has announced the appointment of Richard Magrath as Regional Director for its Western US region.
Mr. Magrath spent over 30 years in the global property & casualty sector, with assignments in London, Riyadh, Hartford, Minneapolis, Atlanta, and New York. Prior to joining Lloyd’s, he was founder and CEO of Global Legal, a technology company providing analytics services to large companies and the US and London insurance markets.
Richard will be based in Los Angeles with responsibility for market development activities in California, Oregon, Washington, Arizona, New Mexico, Nevada, Colorado, Idaho, Utah, Wyoming, Montana, Alaska, and Hawaii.
The Western region is one of four established by Lloyd's in the US in 2010 to reinforce Lloyd’s commitment to its distribution partners in this historically important customer base for the market. As a leading provider of natural catastrophe capacity in this part of the country, Lloyd’s also writes a wide range of specialty lines coverages on an open market basis and through binding authorities extended to more than 200 coverholders.
Hank Watkins, President, Lloyd’s North America, said:
“We are excited to have Rich in place and leading Lloyd’s market development efforts in the Western US. His industry experience, which includes multi-faceted roles with a global broker, has enabled a smooth transition to Lloyd’s in the US.
“Rich’s arrival is an important next step in an ongoing process of ensuring that our activities on behalf of the managing agents and London-based brokers support their continued success in Lloyd’s largest market.”
Richard Magrath added:
"My first priority will be to introduce myself to the many Lloyd's stakeholders in the Western US, including brokers, MGA’s, MGU’s, and the universities whose risk management programs are preparing the next generation of industry professionals.
“As a member of Lloyd’s Global Markets team, I’m a local resource focused on ensuring that Lloyd’s is understood and accessible to everyone with a current or potential future relationship with the Market."