LONDON—Lloyd's of London is looking toward new markets for growth and financing as part of its long-term strategy, Vision 2025, unveiled last week.

“It is a strategy for growth,” Lloyd's Chairman John Nelson said in a statement. “Lloyd's is a profitable international business, but we want to make sure we become the true global hub for specialist insurance and reinsurance.

“Vision 2025 will be a real challenge for the Lloyd's market to execute,” Mr. Nelson said. “The benefits, though, could be substantial, not only for Lloyd's but also for the City of London and the U.K. economy.”

In addition to the greater emphasis on emerging markets, the strategy calls for Lloyd's to grow premium income in established markets at least in line with their economic growth; diversity its capital base “with a greater contribution from the leading growth countries;” become a truly internationalized underwriting community with more overseas nationals in the Lloyd's market; make maximum use of brokers' international networks; and establish a small number of “powerful overseas hubs.”

Hank Watkins, New York-based president of Lloyd's America Inc., said the new strategy looks further into the future than Lloyd's traditional three-year plans. “We want to be the world's premier market for specialist insurers and reinsurers,” he said.

Lloyd's wants to make sure “we're first in line” to deal with the specialty insurance needs of emerging markets, he said.

The initiative drew praise from a variety of sources.

“I welcome the drive and ambition with which Lloyd's is pursuing plans for where it wants to be in 2025,” British Prime Minister David Cameron said in a statement. “This is a great example of the bold and dynamic approach we need as we work to foster sustainable economic growth across the country.”

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“As with all visions, it makes intent expressly indicated,” said Carl Beardmore, CEO of BMS Group Ltd. in London. “It makes it easier to understand the direction the organization is taking, and makes it easier for our own organization to align our activities and strategy with that of Lloyd's because Lloyd's as a market is extremely important to BMS.”

Ross Howard, London-based chief operating officer of Towers Watson & Co.'s brokerage operations in Europe, praised the initiative, noting that Lloyd's Mr. Nelson conferred with leading brokers as he drafted the vision.

“It's what we're looking for from the Lloyd's market,” said Mr. Howard, adding that Towers Watson is “very supportive of that.”

“Our business with Lloyd's is a very large book,” he said. “It's very good news to see that the Council of Lloyd's is looking to expand the business. I couldn't have been more pleased to hear the news.”

“It's tremendous to see Lloyd's setting out a clear vision for the future, and their confidence in planning for the long term whilst dealing with clients' immediate challenges,” Steve McGill, chairman and CEO of London-based Aon P.L.C.'s Aon Risk Solutions, said in a statement. “With the move of Aon's headquarters to London this year, we're obviously delighted that they see London as the global center for specialist insurance and reinsurance, and brokers' international networks as a key part of their vision.”

Prime Minister Cameron's participation in the Lloyd's announcement indicated “clearly this is a high-profile announcement by the market,” said Martyn Street, director-insurance at Fitch Ratings Ltd. in London. He also noted that it is the first time Lloyd's has issued a plan for such a long period of time.

“I think incoming Chairman John Nelson is putting a lot of emphasis on this strategy,” said Mr. Street, adding that “a lot of it seems to be business as usual in that they continue to place emphasis on being a subscription market supported by broker distribution, but clearly the focus in the future is going to look to expand operations in emerging markets through what appears to be a number of small hubs; and, at the same time, they mention they will aim to achieve performance that outstrips their peers. It will be interesting to understand how they will be looking to achieve that. Clearly, as you expand into new territories,” new challenges emerge.

PLUS: Watch our exclusive video interview with Lloyd's America President Hank Watkins.