Lloyd's sets out its three-year vision for the market.

Lloyd’s Franchise Board has set out the market’s goal: to be the ‘platform of choice’ for large and specialist property and casualty risks.

The aim is for Lloyd's to be seen as an attractive place in which to invest and do business.

The focus is on making sure Lloyd’s is easy to access, the cost of doing business in the market is competitive, and the market offers capital providers attractive returns and stable financial performance.

Launching the plan, Lord Levene, Chairman of Lloyd’s, said: “Lloyd's has made very good progress over the past few years and the Franchise is now well bedded in. This is the right time to step back and set out where Lloyd’s wants to get to in the medium term. And, critically, how we intend to get there.”

He added: “Lloyd’s is a highly successful subscription market, with some very committed capital providers, but there is absolutely no room for complacency. We need to be alert to the cost of doing business in such a complex market and make sure our business processes are efficient. We also have to recognise that the businesses in the market are very different and should not be treated through a one-size-fits-all approach.”

Lord Levene said the plan makes clear that effective performance management, capital arrangements which properly reflect risk and improving business processes are critical issues over the coming years.

He said that at the heart of the plan is a recognition that Lloyd’s has to compete hard to attract and retain business.

“Our job is to offer the best possible platform for placing large and complex insurance and reinsurance risks. We are aiming for what we’ve called the ‘Optimal Platform’. We have set out a clear action plan to show how we will move forward over the next three years.”