Lloyd’s Releases 3-Year Strategy for 2010-12

Lloyd’s has released its 2010–2012 Strategy after a detailed review. The bulletin noted that it had consulted “over 50 managing agents, brokers and market associations” in assessing the market’s position.

The strategy will focus on “maintaining and developing the attractiveness of the Lloyd’s market. This will include “working to ensure that London remains a competitive financial services center, continuing work to improve the current operating environment and ensuring that the evolving regulatory landscape does not damage Lloyd’s position,” said the announcement.

Lloyd’s CEO, Richard Ward, said the strategy reinforced the strong position the market currently enjoys. “This is about evolution, not revolution,” he stated. “We have stood up well in the face of the worst recession since the great depression, and we don’t see a huge necessity to change direction. The Lloyd’s subscription model backed by a layer of mutual security is serving us and our customers well, as is our location in the heart of the London insurance market.”

He stressed that while Lloyd’s is “in good shape,” but it cannot “afford to be complacent. In 2010 we will be absolutely focused on underwriting and risk management and in preparing for the introduction of Solvency II.”

Other priorities for 2010 include: “increasing the adoption and use of The Exchange; transforming the way the Lloyd’s market handles claims; and improving access to business through working with brokers and coverholders,” said the bulletin.

“Lloyd’s is a broker market,” Ward pointed out. “They are central to the market’s ongoing success. We also need to work to improve and streamline how coverholders access the market.”

A video recording of Dr. Ward’s remarks is available on the Lloyd’s web site (www.lloyds.com), as well as the full text of the strategy review and analysis of the market.

Source: Lloyd’s of London