Shipley steps down at MAP
David Shipley, one of Lloyd’s leading underwriters, has stepped down from the syndicate he founded in 2000.
The Lloyd’s Council member has said that he will retire from underwriting on Syndicate 2791 at the end of 2007 to be replaced by his colleague Richard Trubshaw.
“When we formed MAP [Managing Agency Partners Ltd] in 2000 we made it clear to the original capital providers that I expected Richard Trubshaw to take over from me as Named Underwriter within 7 years,” explained Shipley last week in an announcement.
He continued: “We have also stressed that we do not subscribe to the concept of a non-playing captain, an underwriting director who does not transact business himself.”
Shipley – who has been underwriting at Lloyd’s for 29 years – will become a non-executive chairman of MAP.
MAP founding partner and director Aidan Kong will become Trubshaw’s deputy with both positions subject to regulatory approval.
“I have thoroughly enjoyed my three decades underwriting in the Lloyd’s market, especially in the last seven years with MAP, and I will continue to be closely involved in strategic decision-making as chairman. I have every confidence that the Syndicate will continue to thrive under Richard and Aidan’s leadership, and we anticipate a smooth and uneventful transition with an unchanged underwriting philosophy,” added Shipley.