Controversial plans to hand more power to corporate investors in Lloyd's at the expense of Names will be unveiled this week.
A revamp of the 1982 Act governing the insurance market would risk the wrath of the dwindling number of unlimited liability Names who traditionally provided its capital but whose financial support has now fallen to 20% of its underwriting capacity.
However, a one-member, one-vote system means individual members' voting rights outweigh those of corporate members.
Chairman Sax Riley's proposed reforms will include plans to lift a ban on brokers owning managing agents, the Financial Times reported.
