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(Reuters) — Lloyd’s of London will simplify its governance structure by merging its two existing boards into one, it said on Friday, as the 330-year old insurance market attempts to modernize in order to fend off competition from cheaper rivals.
Lloyd’s, which has 99 syndicate members offering insurance in specialist areas from ships to sculptures and conducts much of its business face-to-face, is planning to move onto electronic exchanges and make it quicker and cheaper to set up a syndicate.
It is also attempting to improve culture and conduct in the market, which employs nearly 50,000 people and has come under the gaze of regulators following accusations of sexual harassment and daytime drinking.
“We need to make our governance structures as efficient as possible,” Chairman Bruce Carnegie-Brown said in a statement, adding that the new structure “will combine robust and accountable governance with the ability to make swift decisions when necessary.”
Lloyd’s Franchise Board, which had responsibility for the day-to-day running of the market, will be wrapped into its Council from June 1, 2020, to form a single 15-member governing body, it said.
Lloyd’s’ nominations and governance committee is working with Mr. Carnegie-Brown to identify six independent members of the board from among existing members, it said, while an election for six market representative members will take place in April/May 2020.
The new board will also have three executive members.
Some 480 employees working in the Lloyd’s of London insurance market have witnessed sexual harassment, and almost a quarter have seen people at their firms ignore inappropriate behavior, according to a culture survey released by Lloyd’s on Tuesday.