The Corporation of Lloyd’s (the ‘Corporation’) oversees and provides services to support the market and promotes Lloyd’s around the world. The senior executives of the Corporation exercise the day-to-day powers and functions of the Council and the Franchise Board. The Corporation (including its subsidiaries) had 851 employees worldwide, as at 31 December 2008. In addition to its objective to provide cost-effective services that are essential to the smooth running of the market, the Corporation strives to raise the standards and improve the performance of the market. The Corporation’s work includes:
• Setting the level of capital that Lloyd’s members must provide to support their proposed underwriting.
• Overseeing business activities of the market by operating a minimum standards framework and monitoring the performance of syndicates in areas such as exposure management, cycle management, claims management and operational risk management.
• Working with the management of underperforming syndicates to improve performance and intervening directly if stronger action is required.
• Managing financial and regulatory reporting for the Lloyd’s market, including the production of Lloyd’s market results and Lloyd’s Financial Services Authority (FSA) return.
• Managing and developing Lloyd’s global network of licences and the Lloyd’s brand.
