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20 February 2019 09:56

Cognizant Chief Executive Francisco D'Souza

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Rowland was chairman of Lloyd's between 1993 and 1997. Lloyd's has confirmed that its former chairman, Sir David Rowland, has passed away. Rowland, who was chairman of Lloyd's between 1993 and 1997, took on the position after the corporation had suffered losses for several years. He has been credited with guiding Lloyd's through a difficult period and was awarded a Gold Medal for services to Lloyd's in 1996. The medal was first introduced in 1919 and has only been awarded 17 times.

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Safeguarding Lloyd's said in a statement: "Sir David was chairman of Lloyd's between 1993 and 1997 and, as many of you will remember, he played a critical role in safeguarding the future of the Lloyd's market through perhaps its most difficult period. For all the latest industry news direct to your inbox, sign up for our daily newsletter. Sir David Rowland, who served as chairman between 1993 and 1997 and was credited for saving Lloyd's of London from collapse, has passed away. "With great sadness," current chair Bruce Carnegie-Brown made the announcement yesterday in a market bulletin. Carnegie-Brown wrote: "As many of you will remember, he played a critical role in safeguarding the future of the Lloyd's market through perhaps its most difficult period.

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"Under his stewardship, Lloyd's was able to confront and address the losses it was facing and put in place many of the necessary structural changes that still underpin the market, ensuring it remained on a firm footing." Considered one of the 'historic heroes' of Lloyd's – as indicated in a special section under the market's history on its website – Rowland was described as the chairman who guided the centuries-old enterprise "through a threatening financial crisis, initiating reforms set in motion in 1993 to save it, thus averting collapse." These changes included the creation of reinsurer Equitas, which covered liabilities incurred by Lloyd's, as well as allowing corporate and institutional investors to underwrite policies for the first time. "It is certain that those of us who continue to take pride in what Lloyd's has achieved owe much to Sir David," stated Carnegie-Brown. "It is no exaggeration to say that it is only because of the efforts of Sir David and his team that Lloyd's has continued not only to survive but to thrive. "We would like to express our sympathy and send our condolences to Sir David's family. We would also like to acknowledge the debt of gratitude that we at the corporation and as a market owe to him." Meanwhile Lloyd's will release further information regarding arrangements in due course.

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QQ7 / istockphoto.com David Rowland, chairman of the Lloyd's of London between 1993 and 1997, has passed away, Lloyd's said in a statement. Rowland is credited with playing a critical role in safeguarding the future of the Lloyd's market through its most difficult period. Rowland guided the 300-year old enterprise through a financial crisis and initiated reforms in 1993 that saved it from collapse. In the 80s and 90s, Lloyd's faced an unexpectedly large number of claims due to legal awards made in the US for asbestos, pollution and health hazards – some relating to losses dating as far back as the 1940s. Under his leadership, Lloyd's was able to confront and address the losses and put in place many of the necessary structural changes that still underpin the market today.

Rowland was awarded a Gold Medal for Services to Lloyd's in 1996. Bruce Carnegie-Brown, chairman of Lloyd's, said: "We would like to express our deep sympathy and send our condolences to Sir David's family for the debt of gratitude that we as a corporation and a market have to him." Get all the latest re/insurance industry news with our daily newsletter - sign up here. More of today's news Join the Insurance Post editorial team as we scrutinize and dissect how things have been done in the past; and discuss how to improve them in the future, and tackle subjects like dual pricing and div… London, UK