Corporate

Client: London Authorities Mutual Limited (LAML).

Scenario: LAML was created as a guaranteed indemnity mutual and authorised insurer regulated by the FSA, with ten London local authorities participating in its formation.

Weightmans’ Involvement and Action: We advised our clients on LAML’s corporate structure and prepared the necessary constitutional documentation and rules for the mutual body. We also advised the board on the way funding was to be structured and all aspects of ongoing corporate governance.

Result: LAML now offers a full range of corporate property and liability cover to members, providing real value for money for the public purse and meeting efficiency savings through partnership working.

The formation of LAML was ground breaking, being the first local authority insurance company established in over 100 years. Croydon Borough Treasurer Nathan Elvey quoted: “LAML is without precedent and represents a fresh injection of competition into the market”.