Lead and Follow in the Lloyd’s and London Market: Beyond the Binary
11 February, 2026
Oxbow Partners has supported the Lloyd’s Market Association (LMA)’s latest report, ‘Lead and Follow in the Lloyd’s and London Market: Beyond the Binary‘, exploring the market’s future outlook of the role of the lead underwriter.
This research, based on interviews with 41 senior market leaders and a survey of 60 insurers and brokers, explores how the roles of lead and follow are evolving across the market.
The report introduces a new six segment framework designed to help organisations understand their position on the lead follow spectrum and highlights the growing distinction between perceived and actual leadership. It also outlines the characteristics of ‘true leadership’ in today’s environment and examines how delegation, consolidation and consortia trends may shape the market over the next decade. Read it here.
About the authors
Greg Brown, Partner. Greg leads engagements on digital, operations, and technology strategy and transformation. Topics where Greg’s range of experience comes together include digitisation in the London Market and the impact of Lloyd’s Blueprint 2, strategic choices available to syndicates around the bifurcation of lead/follow, and using technology as a vehicle to drive underwriting transformation.
Max Deacon, Partner. Max leads projects across the strategy and operations practices at Oxbow Partners focusing primarily in within the London speciality market. Recent experience includes risk strategy and enterprise risk framework for Top 5 (re)insurer, underwriting strategy for a London Market insurer and automating UW Governance for digital first insurer.
Anna Gardner, Senior Consultant. Anna works across strategy, operations and transformation, with experience in the Lloyd’s and London Market. Her work includes supporting the operating model transformation of a UK retail insurer and advising a global (re)insurer on the design and implementation of their follow‑only strategy.
Ana Mavra, Consultant. Ana is a Consultant at Oxbow Partners, with experience across strategy and operations engagements for (re)insurers. Recently, she has worked on organisational design for a London Market insurer and a claims transformation programme for a global specialty (re)insurer.