Lloyd’s has published the latest revision of its three-year strategic plan, which outlines its “direction and key priorities” for the period. The bulletin noted that the plan and its annual Franchise Business Plan are “reviewed and tested on an annual basis.”
Chief Executive Richard Ward stated: “Lloyd’s vision remains to be the platform of choice for insurance and reinsurance buyers and sellers to access and trade specialist property and casualty risks. We aim to deliver this vision by building on the five principal benefits of operating at Lloyd’s – the market’s performance management framework, the capital advantages of mutuality, our superior financial security and ratings, our global market access, and our cost-effective operating environment.”
He further explained that the “plan summarizes the current position for each benefit and highlights the major priorities for the next three years with a particular emphasis on 2009 activities. While the first three benefits are largely delivered, the importance of maintaining and improving our performance framework as well as our financial strength and capital flexibility remain central to the strategy.”
He added that good progress has been made during the last year to enhance market access and improve the efficiency of Lloyd’s operating environment, but believes that there is still more to do.
However, Ward said he recognized that “we must continue to improve the attractiveness of the Lloyd’s market and its ability to access profitable specialist insurance business from around the world via a range of distribution mechanisms. Lloyd’s is well placed to capitalize on market opportunities if conditions change and the plan recognizes the importance of reacting swiftly to changing events.
“Strength and flexibility must remain the hallmarks of our marketplace as we face the uncertain times ahead. We have shown that we can meet difficult challenges and I have no doubt that in partnership with the market we can continue to do so in the future.”
Source: Lloyd’s – www.lloyds.com
Topics Excess Surplus Lloyd's
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