Lloyd’s Renews ‘Three-Year Plan’

Lloyd’s has published its new 2008 – 2010 Three-Year Plan, which aims to build on its past success. CEO Richard Ward praised the achievements of Lloyd’s to date but urged caution as market conditions change.

“In the two years since the publication of the first version of the Three-Year Plan, the market and Corporation have achieved a number of key objectives, including upgrades from two ratings agencies, the development of a solid performance management framework and strong financial assets,” Ward noted. He added that the market remains in a “strong position to deal with any issues that it faces and capitalize on opportunities.”

However, Ward cautioned, “we must recognize that we operate in a fiercely competitive marketplace and there is no denying that as market conditions change significant challenges lie ahead.”

Ward described the revised plan as recognizing that the “Corporation must work with businesses in the market to help maintain underwriting discipline to ensure that the market is well placed to shield itself from the worst effects of the downcycle and to take advantage of improving conditions when the cycle turns.”

He also confirmed that his first priority as Lloyd’s CEO is to “work with the market to deliver our plan and increase the pace of change.” He also noted that there is “clear evidence that the market, with the support of the Corporation, is better prepared than ever to do this.”

The complete text of the 3-Year plan along with progress reports and updates may be obtained on the Lloyd’s web site at: www.lloyds.com.

Source: Lloyd’s

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