Lloyd’s simplifies structure as part of strategy to increase competitiveness
04 November 2026
Lloyd’s today announces changes to its operating model designed to reduce complexity and the cost of doing business in its market while preserving its world-leading standards of oversight. This delivers on the strategic commitment made in March to make Lloyd’s a more efficient and flexible marketplace.
Lloyd’s is bringing all elements of oversight – including governance, performance, reserving and syndicate-level capital setting – into a single Oversight and Performance function, led by Rachel Turk, who is a member of Lloyd’s Council and the current Chief of Market Performance & Strategy. This is designed to make oversight more consistent, coordinated and predictable for managing agents, reducing unnecessary bureaucracy while maintaining the rigorous oversight that is the bedrock of the market’s reputation and competitive strength.
As a result of the new oversight model, Caroline Sandeman-Allen’s role as Chief of Market Oversight will come to an end. Caroline has played a central role in developing Lloyd’s principles-based approach to Market Oversight and establishing the foundations for more proportionate, risk-based supervision. The new arrangements are intended to build on that progress. Caroline will support the transition to the new model before leaving Lloyd’s in 2027.
Building on the strong momentum behind its strategy, Lloyd’s is also making several further organisational changes to lay the foundations for its longer-term ambitions.
The Corporation is introducing a global functional model to provide greater consistency in how it works in all its offices around the world. The new model will deliver increased scale benefits, with local leaders empowered to maximise the advantages of Lloyd’s while holding regulatory and strategic accountability.
The capital modelling and aggregation teams will report to Chief Financial Officer, Jim Bichard, who is also a member of the Council, strengthening the Corporation’s focus on protecting, deploying and extending Lloyd’s unique capital advantage.
To continue the strong momentum against the delivery of our strategy and to go further and faster, Lloyd’s is announcing the appointment of Jacob Palmer to its Executive Leadership Team as Chief Strategy Officer. Jacob joins Lloyd’s from Boston Consulting Group where he was Managing Director and Partner in the insurance practice.
I’m encouraged by the progress we have made on the strategy since March in terms of sharpening our financial edge and maximising our capital advantage. But we need to make Lloyd’s easier to work with and for.Patrick Tiernan, Chief Executive
Today’s changes are an important first step in eliminating the unnecessary friction and complexity that can increase the costs of doing business at Lloyd’s beyond the central charge of 1%. Creating a simpler, more efficient marketplace will require sustained effort across the Corporation and close collaboration with the market.
I would personally like to thank Caroline for everything she has done for Lloyd’s over twenty years of incredible service. This new structure builds on the foundations of proportionate, risk-based supervision that she helped create at Lloyd’s.
Notes to Editors:
- Lloyd’s launched its strategy in March 2026, focused on building on its distinctive strengths, sharpening its financial edge and removing friction across the market.
- A central ambition of the strategy is to create a more efficient and flexible marketplace by reducing the complexity and cost of doing business at Lloyd’s, while maintaining its world-leading standards of oversight.
- Lloyd’s applies a headline charge of 1% of gross written premiums to fund the Corporation’s operations and the Central Fund. Unnecessary bureaucracy and operational complexity impose further costs on market participants, both in time and money.
- One of the strategy’s principal targets is to reduce the additional cost of operating at Lloyd’s, compared with operating outside the market, to no more than the headline 1% charge.
Lloyd’s enquiries to:
About Lloyd’s
Lloyd’s is the only insurance marketplace of its kind in the world. It brings together more than a hundred syndicates and thousands of investors, enabling the market to shoulder more insurance risk for every unit of capital than any other financial institution in the world.
The role of the Corporation is to advance and protect the market – by maintaining underwriting discipline and our financial strength; and by attracting expertise, innovation and scale.
Our unique global licences and excellent financial strength ratings provide the infrastructure, oversight and confidence required to understand, price and manage complex and interconnected risks.
Risk transfer – properly executed – underpins economic growth, resilience and innovation around the world. This is the role Lloyd’s has played for 337 years and it remains central to our purpose today.