Lloyd’s Chairman: ‘Energy and enterprise’ needed to reinforce Lloyd’s position as the global centre for specialist insurance and reinsurance
Tue 11 Dec 2012
Lloyd’s, the world’s specialist insurance market, has today published its latest strategy, focusing on the first steps towards delivering the recently-launched Vision 2025.
The publication of Lloyd’s Three-Year Plan, 2013-15, begins to set out the steps that need to be taken over the next three years towards achieving that vision.
Lloyd’s Chairman John Nelson said: “This will need energy and enterprise from us all. Over the last decade, Lloyd’s has gone from strength to strength. Vision 2025 sets out a new strategic direction for Lloyd’s with profitable, sustainable growth, particularly from the developing economies, at its heart.”
The new strategy document sets out goals for the market and actions for the Corporation of Lloyd’s to achieve Vision 2025. While the developed economies will still be of great importance to Lloyd’s, one of the market goals is that by 2025 the proportion of Lloyd’s business from developing economies will be in excess of a quarter of Lloyd’s gross written premiums. The market’s workforce will also be more diverse, including by nationality.
Lloyd’s CEO Dr Richard Ward said: “Much of the work involved in realising the vision will fall to the market, and it is the managing agents’ appetite for growing Lloyd’s into new markets which, ultimately, will govern the success of the plan. The Corporation will do all it can to assist, whether through market development, the improvement of back office processes or through attracting high performing and diverse professionals to work in the market.”
Market oversight continues to be central to the new strategy, with preserving underwriting discipline in what remains a challenging environment a key priority.
Dr Ward added: “Profitable and sustainable growth will not be at the expense of maintaining high levels of underwriting discipline. These two aims can, and should, co-exist as part of the realisation of Vision 2025.”
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Lloyd's is the world's specialist insurance market and occupies fifth place in terms of global reinsurance premium income, and is the largest surplus lines insurer in the US. In 2012, 88 syndicates are underwriting insurance at Lloyd's, covering all classes of business from more than 200 countries and territories worldwide. Lloyd's is regulated by the Financial Services Authority.