Sir Charles Roxburgh’s meeting with Rachel Reeves

Sir Charles Roxburgh, Chair of Lloyd’s met with Chancellor Rachel Reeves on Monday to discuss the ongoing war with Iran. He stressed that the Lloyd’s market remained open to business and will continue to support marine and war policies. Following the outbreak of the conflict, a number of marine policies were cancelled, given that the coverage and prices did not reflect the elevated level of risk posed to vessels in the Persian Gulf. Sir Charles Roxburgh said he welcomed “the Chancellor’s comments on the primary importance of security and safety for captains and crews on vessels transiting the Strait of Hormuz. In my meeting with the Chancellor, I reiterated Lloyd’s confidence in our marine insurance market, which has remained open and continues to support international trade and shipping during this period of heightened risk. Lloyd’s and the market continue to work with critical UK, US and international partners to ensure a comprehensive response to the situation.”