Media
Richard Bucknall to become Chairman of Xchanging In-sure Services
14 May 2009
London, 14 May 2009 – The shareholders and Board of Xchanging Ins-sure Services (XIS) are delighted to announce that Richard Bucknall has been appointed to succeed Sir Laurie Magnus as Chairman of XIS with effect from 9 June 2009.
XIS provides insurance processing services to businesses in the London Insurance market, including business processing, policy issuance and payments. It is a joint venture between Lloyd’s, the International Underwriting Association (IUA) and Xchanging (the Business Processing group). Since its establishment in 2001 through the merger of the Lloyd's Policy Signing Office (LPSO) and the London Processing Centre (LPC), XIS has played a major role in transforming processes in the London Insurance market, working in close co-operation with Market Associations and businesses.
Richard Bucknall's career in the insurance industry spans some four decades. In addition to his many roles in London he has lived and worked in South Africa and the Middle East. He was Group Vice Chairman of Willis Group Holdings Limited from February 2004 to March 2007 and Group Chief Operating Officer from January 2001 to December 2006. He was Chairman/Chief Executive Officer of Willis Limited from May 1999 to March 2007, and also served as a director of many of Willis's International subsidiaries. Richard is currently a non executive director of Aspen Insurance Holdings Limited and its two London subsidiaries Aspen Insurance UK Limited and Aspen Managing Agency Limited, as well as FIM Services Limited.
Commenting on the appointment, David Andrews, Chief Executive Officer of Xchanging said: "I am delighted to welcome Richard Bucknall to Xchanging. Richard’s vast experience of the insurance market will be invaluable in shaping the future of XIS and the services that it offers the insurance market. I would like to thank Sir Laurie Magnus for his outstanding contribution and his commitment to driving shareholder value during his eight years as Chairman. His vision of an electronic London Insurance market and commitment to achieve that vision has been the driving force behind the success of XIS."
Sir Laurie Magnus said: “XIS’s record since the merger of the LPSO and LPC in 2001 comprehensively vindicates the case for having turned two unloved back office businesses into a commercial enterprise. Besides providing critical leadership and support to the continuing successful reform of London Insurance Market settlement processes, XIS has delivered significant cost and efficiency savings. I want to thank our customers, Lloyd's, the IUA, Xchanging and, above all, our dedicated staff for making XIS such a success. I cannot think of a better successor than Richard Bucknall to lead the business through its next stage of development."
"This is an important and challenging time to be joining Xchanging" said Richard Bucknall. "I am delighted to be taking on this role and look forward to working with XIS and all sections of the market in ensuring we deliver increasingly higher levels of service and responsiveness. Sir Laurie Magnus has played a significant role in the development of Xchanging's insurance business. During his time as Chairman of XIS, Xchanging has performed a crucial part in working with the market to move from paper-based processing to electronic processing."
Commenting on the appointment, Richard Ward, Lloyd’s CEO, said: "Lloyd’s will continue to work closely with XIS to deliver reform of London Insurance Market processes. Richard brings a wealth of understanding of business across industries and countries that will be of great value to XIS and the market. I am delighted Richard has accepted our invitation to chair the XIS Board and I very much look forward to working with him."
Tony Medniuk, Global Aerospace Group CEO (and the IUA’s shareholder executive) said: "The IUA has consistently supported XIS since its inception, recognising that the company has a critical role to play at the heart of the London Insurance Market. Sir Laurie has done a superb job over the last eight years and has helped to establish XIS as a critical component of the insurance community. Richard’s knowledge and experience will enable him to build on Sir Laurie’s work, driving improved performance in back office services and so helping the market to deliver a more competitive service to customers."
For further information, please contact:
Xchanging
Claire Gaydon
Telephone: +44 (0)207 780 5505
Email: claire.gaydon@xchanging.com
About Xchanging
Xchanging is a fast growing, pure play global business processor with blue chip customers. We provide complex industry specific processing services to the banking and insurance industries as well as procurement, finance and accounting, and human resources services across industries.