Wendy Baker, president of Lloyd's America, has decided to leave her post after nine years, it was disclosed yesterday.
The announcement from Sue Langley, head of Market Operations and North America at Lloyd's, noted that Ms. Baker had played a significant role in developing Lloyd's presence in the U.S. since she took up her post in 1998.
In her role as president of Lloyd's America, Ms. Baker managed six offices–New York, Chicago, Los Angeles, Kentucky, the Virgin Islands and Montreal, Canada. She also oversaw corporate marketing and communications, broker development, distribution, and compliance and regulatory issues in the Americas.
Lloyd's said the U.S. is its most important market, accounting for over a third of worldwide annual premiums, or almost $10 billion.
Ms. Baker was a frequent spokesperson, putting forward the Lloyd's position as she did last year when she spoke at the WorldBoston forum in Boston and argued that a federally backed catastrophe fund is not needed so long as insurers do the proper underwriting.
She said in a statement that working for Lloyd's been an honor. "Despite some tumultuous and tragic events, I have enjoyed representing such a unique market of dedicated underwriters and brokers. It has been a privilege as well to work with such dedicated colleagues within Lloyd's. I will miss them all. It has been fun."
Ms. Baker's statement did not mention further occupational plans.
During Ms. Baker's time as president Ms. Langley noted that premium "from the region has risen threefold and our profile in the U.S. market has increased significantly."
She recalled that during Ms. Baker's tenure she had steered the U.S. operations during difficult times, not including the 9/11 terrorist attacks and the 2005 season of huge hurricane losses.
Ms. Langley added that Ms. Baker "has helped ensure that America recognizes both the expertise and financial security of the Lloyd's market. I would like to thank her for her hard work and dedication. She leaves with our thanks and best wishes for the future."
Lloyd's Chairman Peter Levene called Ms. Baker "a true ambassador for Lloyd's in the U.S. over the last nine years. She will be sorely missed by both the UK and U.S. markets and the corporation in London."
Ms. Baker began her career in the management trainee program at Continental Corp., eventually becoming president of Continental Reinsurance Corporation in 1990–the first woman to ever head a reinsurance company.
She is a member of the board of trustees of Wells College, the board of overseers of St. John's University School of Risk Management, the board of directors of the Intermediaries and Reinsurance Underwriters Association, the board of directors of the National Association of Professional Surplus Lines Offices Educational Foundation and the board of directors of Gilda's Club Worldwide. She also is a member of the Economic Club of New York and the Women's Forum.
Ms. Baker will remain in the office until the end of the month, and a replacement will be announced in due course, Lloyd's said.
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