Rolf Tolle Named To Lloyd's Directorship
By Lisa S. Howard, International Editor
NU Online News Service, Dec. 16, 3:44 p.m. EST?Lloyd's of London appointed Rolf Tolle as its first franchise performance director, a move marking the next major step in reforms designed to improve financial performance.
Mr. Tolle, 54, is currently chief underwriting officer and a board member of Faraday Group, the London-based insurance operation owned by General Re Corp. Mr. Tolle will assume the position in the spring of 2003, a Lloyd's representative said.
The franchise performance director and his team will be responsible for working with individual Lloyd's businesses?the franchisees?to improve the commercial performance of the market, Lloyd's said in a statement.
The duties of the franchise performance team will include monitoring each franchisee's performance against its business plan, ensuring that the new underwriting and service guidelines for franchisees are followed, Lloyd's added.
"Lloyd's has begun a program of reform that will ensure it remains a world leader in the insurance industry," Mr. Tolle said. "This should ensure Lloyd's is better prepared for any future downturn in the insurance cycle."
Prior to his current position with Faraday, Mr. Tolle spent 10 years as chief executive officer of Europa Re, based in Cologne, Germany.
"The role of performance director will be pivotal to the future profitability and, thus, viability of the Lloyd's market," said Milan Vukelic, chief executive officer of Faraday Group, in a statement issued by Gen Re in Stamford, Conn.
"Consequently, Faraday has a significant vested and ongoing interest in ensuring that the position is filled by an experienced, knowledgeable and respected underwriter," he added. "Rolf meets all these criteria."
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