Lloyd’s to bond with brokers

Lloyd’s has released its 2010 – 2012 strategy after a review of the market’s position which involved over 50 managing agents, brokers and market associations.

Maintaining and developing the attractiveness of the Lloyd’s market is central to the strategy, Lloyd's said.

It also includes working to ensure that London remains a competitive financial services centre, continuing work to improve the current operating environment and ensuring that the evolving regulatory landscape does not damage Lloyd’s position.

Lloyd’s chief executive Richard Ward, said: “This is about evolution, not revolution. 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.

“While we are in good shape, we 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.

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