David Rowland, chairman of the Lloyd's of London between 1993 and 1997, has passed away, Lloyd's said in a statement. He was 85.
Rowland is credited with playing a critical role in safeguarding the future of the Lloyd’s market through its most difficult period.
Rowland guided the 300-year old enterprise through a financial crisis and initiated reforms in 1993 that saved it from collapse. In the 80s and 90s, Lloyd’s faced an unexpectedly large number of claims due to legal awards made in the US for asbestos, pollution and health hazards – some relating to losses dating as far back as the 1940s.
Under his leadership, Lloyd’s was able to confront and address the losses and put in place many of the necessary structural changes that still underpin the market today.
Rowland was awarded a Gold Medal for Services to Lloyd’s in 1996.
Bruce Carnegie-Brown, chairman of Lloyd’s, said: “We would like to express our deep sympathy and send our condolences to Sir David’s family for the debt of gratitude that we as a corporation and a market have to him.”