IRLA is the UK market body for insurance and reinsurance legacy management professionals. IRLA is recognised as the voice of the legacy management sector by a wide range of government and market bodies including the UK Financial Conduct Authority (FCA), the Prudential Regulation Authority (PRA), the Financial Services Compensation Scheme (FSCS); the Department of Work and Pensions (DWP) as well as the Employers Liability Tracing Office (ELTO). IRLA is also affiliated with several other market associations all the while working with these others to increase benefits to members.
IRLA activities range from industry consultation with government to promotion of the sector’s skills and expertise. In particular, the IRLA Academy provides top quality, competitively priced, professional training.
The Association is keen to offer its expertise of both the board and members to all comers and this extends in 2023 to consideration for both our Asia and Bermuda colleagues. New developments will be reported here.
Tom Alcock joined the board of directors in January 2019, he effectively side stepped YPG and came straight to us as our youngest ever director. Tom came to re/insurance in 2009 and in 2014 began in the legacy sector. He is a lawyer and after stints at Armour Re and Catalina Re joined FTI Consulting as a Senior Director in July 2022.
Toma's role is-
- To develop and maintain relationships with regulators and other key insurance bodies and associations, particularly:- UK the FCA, PRA, FSCS and DWP; Europe - ACA (Luxembourg), ACPR (France), AFM (Netherlands), BaFin (Germany), CBI (Ireland), DGSFP (Spain), EIOPA, GFSC (Gibraltar), GFSC (Guernsey), IVASS (Italy), JFSC (Jersey) & MFSA (Malta); USA - Oklahoma and Rhode Island, also via Association of Runoff Companies (USA) AIRROC; Australasia - APRA (Australia), CBRIC (China) & MAS (Singapore);
- To co-ordinate the lobbying of regulators 1. generally, on market issues, and 2. to recognise legacy as a sector of the (re)insurance market independent of the live market and consequently to allow legacy solutions [e.g., IVASS];
- To assess the value of and co-ordinates the involvement of IRLALCL and IRLA in joint market matters that involve forms of regulation
Acts as liaison for consultation papers that would benefit from IRLA input
Informs the board(s) on regulatory news/updates (primarily for the UK but also across regional regulators as relationships develop)
Maintains and extends contacts with the regulatory framework to ensure inclusion in, or referral to, legacy matters
Liam Bedford is an employed Barrister based in Leeds and joined the board of directors in April 2023. Liam came into re/insurance in 2012 and basically migrated with his clients around 2016 to the legacy market. He was an active member of the Association's Learning & Development Committee and the winner of the Young Professional of the Year 2021. Liam is a 'recommended lawyer' in the 2020/21 edition of The Legal 500.
Liam is a great believer in supporting members with professional training as well as mentor and peer support. He is able to do this in his role by:
- Maintaining knowledge of the current and anticipated market issues or topics relevant to the membership
- Communicating with the board and members to understand their internal needs and thereby possible economy of scale training requirements
- He encourages involvement from the board and membership to commit to the professional standards and training programme of the Association.
- Engages in conversation with like-minded HR/ trainers to work together to create an annual cost effective and high-quality technical programme and legacy qualification
James Bolton is a Chartered Accountant and qualified Insolvency Practitioner who joined the board of Directors in May 2016, having been on the Membership & Communications Committee since 2013. James is unusual on the board as he was first involved in legacy work in 1990, 6 years before he began work in re/insurance. James is a director of Quest Group Holdings Limited.
James's role as part of Financial Advisory is:
- To liaise with the Secretariat in preparing the annual budget for presentation to the board ahead of the start of each financial year
- Present regular reports to the board on the Association's performance in relation to the annual budget
- Review membership fees and categories annually based on use, working with the Membership Director and Head of Secretariat for budget and membership value considerations
- The accountant is elected annually, and it is the role of the Treasurer to ensure Secretariat provides the accountant with all information to prepare the year end financial reports
- To recommend a course of action should the accounts reflect a large surplus or a reduced income
- As part of the FA to keep on top of the financial implications of strategic and operational plans of the Association. Situations of potential financial conflict including late payers, requested waivers or discounts will be presented by Secretariat to the Treasurer for action
Richard Burrows is a lawyer based in Liverpool, he came into re/insurance in 2014 and joined the board of directors in April 2023. Richard has been on the YPG Committee since 2020 until 2022 when he was elected Chairman. He continues to head up the Young Professionals Group creating a path for Future Leaders in the Association and is an active participant in IRLAs communications work. Being Chairman of YPG is an additional volunteer role to his director role and responsibilities include the following:
- Leadership & Mentor
- Mentor Facilitator
- Community Relations
- Developing opportunities for young professionals
- In 2023 Richard achieved his PB in the London marathon of 2:57:07 and this was followed by his receiving the Future Leader Award in May 2023 at Congress.
Gian Luigi di Franco is an in-house lawyer and joined the board of directors in April 2023 when he was also appointed Company Secretary. Gian Luigi was the Deputy Chairman of YPG until 2021 when he became Company Secretary for LCL. Gian Luigi's career began in legacy in 2005 and he has been working in this sector from the start. He works for RiverStone in their Ipswich office.
- Supports the Corporate Social Responsibilities Group and provides advice
- Ensures that the Directors and Secretariat act appropriately; liaises with relevant parties over potential areas of conflict or incidents that may give rise to an insurance claim or other legal/ official response requirement
- Works with, and offers advice to Secretariat on corporate governance including the board meetings and AGM
- Oversees the administrative decisions, responsibilities and issues arising on a day-to-day basis re the board/board meetings
- Oversees contracts, insurance, and licences to ensure that the requirements of the company and company law are met
Jenny Fair joined the board of directors in October 2011 and in a weird quirk of fate Jenny (like Leslie- Ann) joined the London Market on 4 January 1977, Jenny is synonymous with IRLA, having previously been on the inaugural ARC Board in 1999 and acting as the Deputy Chairman 2013/19 and she remains one of the most active of IRLA's directors. Jenny is Managing Director of Fidelis Consultants Limited; a company that provides Insurance Tracing Services (EL & PL), Lloyds Coverholder & EL Audits, and Technical Translation services and speaks French as well as Spanish fluently.
Jenny's role is:
- To communicate regularly with ALL member companies
- Communicate regularly with Secretariat on all membership and market news matters
- Review member benefits twice annually and recommend changes or adjustment
- Review membership categories annually and contact those who may warrant upgrading, or other, of their membership category
- Review membership fees annually with the Treasurer and Head of Secretariat for budget and membership value considerations
- Communicate any members training needs (or current training methods/HR contacts) to Head of Academy [HoA]
Kevin Gill is a Chartered Accountant and a Chartered Insurance Practitioner who joined the board of directors in November 2020 and in 2023 Kevin was elected Chairman to oversee the succession plans that board had approved. Kevin is a Partner at EY and leads its Insurance Restructuring and Run-off practice as well as heading up its UK corporate simplification and exits business, Kevin began working in re/insurance in 1989 with a transition to legacy in 1992. Kevin's role encompasses:
- Being the primary public figure for the Association, greeting keynote speakers, sponsors, and community figures; the Chairman represents the Association's mission at all times, using day-to-day social interactions to encourage sponsorship, services, or volunteer hours
- At the AGM he will introduce the officers to speak about the Association's activities of the past year and then outline the board plans for the following year
- Co-ordinating strategy away days and encourage discussion and agreement of S-M-L strategy for the Association
- Providing a neutral voice at each board meeting taking reports from those who have an active role in a specific task, to a. encourage and b. to understand and consider all the differing aspects (planning, finance etc.) to guide the task to a satisfactory conclusion
- Whilst all communications must go via Lexia , the Chairman will be the first choice for presenting the agreed message
- For the Associations main board activities, such as succession planning and financial spend the Chairman will govern the process
Leslie-Ann Giovnilli has been described as the glue that keeps the Association together. As one of the founders in 1998 Leslie-Ann has forgotten more about IRLA and legacy than she would admit, after all she came into the London Market on 4 January 1977 and has been in legacy since her holiday experience of being hit by Hurricane Hugo in 1989. In 2021 she was recognised for her work, especially during covid, with the Services to Legacy Award. Leslie-Ann is MD of AMS (Outsourcing) Services set up in 1999 to provide, amongst other things, Head Office services to the Association.
Leslie-Ann leads the group that is focussed on providing services to members and the cost and value of doing so. Her role allows her to:
- Communicate regularly with ALL member companies
- Create and promote sponsorships by seeking partners of specific events / activities
- Create and manage the Annual Congress
- Attend overseas / other related conferences to talk to members and others in the market to assess the availability of services and cost benefits for a small association to provide them
Adam Horridge is a Vice President and Legacy Transaction Manager of Swiss Re. Currently located in Singapore Adam holds a Bachelo's degree in Business Economics and is a CFA Charter holder. Adam came straight into legacy in 2013 and in 2018 he was the winner of the Young Professional of the Year Award. His term as both a Committee member and Chairman of the YPG ran from 2014- 2018 when he left for Hong Kong.. He heads up the IRLAsia Committee.
His IRLA role is anticipated as:
- Being the primary public figure for Asia, and as the primary public figure, representing the Committee's mission at all times, using dayto- day business and work social interactions to encourage membership, shared information, or volunteer hours
- He is responsible for all governance of the Committee and its members and under the guidance of IRLA Company Secretary must ensure all legal guidelines are followed by the Committee
- Also responsible, for all sub-groups in the same way
- The Chairman will provide a neutral voice at each Committee meeting taking reports from those who have an active role in a specific task, to a. encourage and b. to understand and consider all the differing aspects (planning, finance etc) to guide the task to a satisfactory conclusion
- Responsible for all public and membership communication, alongside the communications team, and ensuring it is in line with the Associations corporate guidelines and processes
- The Chairman has a duty to members and directors alike to act in a responsible and professional way at all times
Services to Legacy
The board has a pleasant job each year of thanking retiring members and in some cases either at retirement, or during their employment, will recommend them for a Services to Legacy Award.
The last Award was in 2021 when director Leslie-Ann Giovnilli was acknowledged for her hard work in maintaining the Associations connection with members during the Covid years. Director Jenny Fair as well as AMS team members were also mentioned for their passion and commitment during a difficult time.
Other recognised market people include Paul Taylor (of the then) FSA for his work on recognising legacy as a regulator, John Winter of Ruxley for his extensive work on asbestos matters and Paul Cover of RQIH - who was also awarded the AIRROC Person of the Year 2021 - for his raising the profile of legacy professionalism. A full list can be found here.