Briefing: London loses in more ways than one as Matcham departs

The London market has been through a tempestuous time in the past 20 years.

For example, the UK’s decision to leave the European Union (EU) on 31 January 2020 posed a major challenge affecting the London market’s position at the heart of the EU’s insurance industry.

In addition, while Brexit procedures were steadily underway, Lloyd’s of London was behind the scenes pushing ahead with its ambitious digital transformation plans for the London market.

This culminated in the launch of Blueprint Two in November 2020 – the final and ambitious roll of the digital dice after 25 years of failed initiatives to drive modernisation.

Championed by Lloyd’s chief executive John Neal, Blueprint Two required engagement and input from a wide range of organisations, including the International Underwriting Association (IUA), the London and International Insurance Brokers’ Association (Liiba) and the London Market Group (LMG) to name but three.

The Covid-19 pandemic from 2020 was, in many ways, a double edged sword too – although this event was a huge challenge for the insurance industry, it also had a significant silver lining for the London market, which was forced to explore how technology could support market-wide operations during periods when physical meetings were forbidden and face to face discussions of the subscription market were eradicated.

People changes

The London market will witness yet another change in due course, following January 2025’s announcement from Lloyd’s that incumbent chief executive Neal will be stepping down and assuming a new role as global chief executive of reinsurance and global chairman of climate solutions at broking giant Aon.

Unless there is a sudden and spectacular turn of events, he will leave his role before Blueprint Two’s vision is realised.

However, this morning’s (20 March 2025) news that Dave Matcham is exiting his role as chief executive at the IUA will leave a far bigger hole in the market.

During his time at the helm of the underwriting trade association, since 2005, Matcham has steered huge amounts of effort and work behind the scenes.

This has included meetings with key stakeholders both globally and in London, the establishment of closer working relationships with organisations that can further London’s cause internationally, as well as continued and often difficult discussions with regulators and governments that have been carried out with diplomacy and dignity.

At well over six feet tall, Matcham is an imposing figure – but he has proved to be a giant on behalf of the market. The mere mention of his name in global insurance circles is greeted with nothing but respect due to the role he has carried out and the way he has performed this post.

As the IUA’s chief executive, he has sought to modernise the trade body and establish the association as a vital voice for the market during a period when there have been multiple challenges – any one of which can be considered as a thorough test individually, let alone when stacked on top of each other.

To manage the company market through these storms is testament to his talents.