Lloyd's of London set out its strategy for 2014 to 2016 on Wednesday and has updated its plans to meet its 2025 goals.
The strategy change includes an increased focus on insurance business and a commitment to open more local operations.
In setting out the 2014-2016 strategy, Lloyd's CEO Inga Beale said that while international expansion remains at the heart of the market's “Vision 2025” plans, the long term strategy for its development, there are various changes in emphasis to the strategy over the next three years.
In the plans, Lloyd's said its previously stated intentions to be the global center for specialist insurance and reinsurance, to continue to be a broker market, to make it easier to do business with the market and to have a greater diversity of business, capital and people, remained unchanged.
But it said there would be an increased focus on insurance in addition to reinsurance. In 2013, reinsurance made up 37% of Lloyd's business.
It also said it will have a local presence, and in some cases set up local operations, in international markets where this is a commercial or regulatory requirement to gain access to business.
And Lloyd's also will aim to make it as easy for brokers and coverholders to access the Lloyd's market as it would be to access insurers and reinsurers in their local markets.
“We all know that Lloyd's has an extraordinary opportunity to grow in developing economies around the world; we developed Lloyd's Vision 2025 in part to address this opportunity,” said John Nelson, chairman of Lloyd's, in a statement.
“This plan, which will require active participation from all parts of the Lloyd's market, sets out how we will work toward achieving our 2025 goals over the next three years,” he added.