Advertise
Resources
Member, Beacon International Group, Ltd.
LONDON—Lloyd’s of London said Monday that its strategy over the next three years is to maintain its market position while preparing for challenges from an evolving regulatory landscape.
In its Lloyd’s Strategy 2010-2012, Lloyd’s CEO Richard Ward said there are no major shifts in strategy. “This is, in part, because the market is performing well,” he wrote in the plan’s introduction. “It serves its function to provide profitable, innovative and bespoke insurance solutions to clients across the world.”
The 26-page review of Lloyd’s market position was compiled with input from more than 50 managing general agents, brokers and market associations.
Among its priorities for the 2010-2012 period is preparation for Solvency II, which Lloyd’s said will require “significant effort” on the part of the Lloyd’s corporation and MGAs to develop an internal capital model, the document states.
Other priorities include increasing the use of electronic claims handling and working with brokers and coverholders to improve marketplace access.
“Our strategy is not one of radical change,” Mr. Ward said in the plan, noting that “perhaps in today’s climate this is something of an achievement in itself—but it will provide us with a new clarity of direction, and ensure that Lloyd’s continues to thrive.”
The plan is available at www.lloyds.com.