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LONDON—Lloyd's of London is looking toward greater growth in new markets as part of a long-term strategy unveiled Friday.
According to a statement issued by Lloyd's, in addition to the greater emphasis on emerging markets, the strategy—dubbed Vision 2025—calls for Lloyd's:
• to grow premium income in established markets at least in line with their economic growth;
• to create a more diversified capital base, “with a greater contribution from the leading growth countries”;
• to become a truly internationalized underwriting community with more overseas nationals in the market;
• to be a broker market making maximum use of brokers' international networks; and
• to establish a small number of “powerful overseas hubs” in certain major overseas markets.
The initiative is the first time Lloyd's has issued a strategy statement looking so far into the future. It was created through consultation with the Lloyd's underwriting market and its customers, the brokers, Lloyd's said in the statement.
“Our Vision 2025 is a rare breed in these challenging economic times,” said Lloyd's Chairman John Nelson in the statement. “It is a strategy for growth. 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. The benefits, though, could be substantial, not only for Lloyd's but also for the City of London and the U.K. economy.”
“I welcome the drive and ambition with which Lloyd's is pursuing plans for where it wants to be in 2025,” said British Prime Minister David Cameron in a statement accompanying Lloyd's announcement. “This is a great example of the bold and dynamic approach we need as we work to foster sustainable economic growth across the country.”
PLUS: Watch our exclusive video interview with Lloyd's America President Hank Watkins.