Roles of market participants

Roles of the different market participants in delivering the strategy.

    • Maintain the market oversight framework, built upon minimum standards, and ensure that is supportive of profitable growth and new business development where appropriate.
    • Defend existing licence arrangements and access to markets, and seek new trading rights where there is market demand.
    • Undertake market development internationally, including promotional, educational and relationship management activities aimed at brokers, coverholders and risk managers.
    • Work closely with the London Market Group, other associations and market participants to make the transaction of insurance business at Lloyd’s (from placement to claims settlement) as efficient as possible.
    • Determine Lloyd’s capital structure and maintain its financial strength and capital efficiency.Set appropriate capital levels at member and central level.
    • Provide supporting frameworks and structures, and address constraints, in order to allow new innovative products and alternative capital propositions to thrive at Lloyd’s.
    • Work with the market to attract, develop and retain a diverse range of talent with the appropriate skills and expertise.
    • Protect and promote Lloyd’s brand and reputation globally.
    • Encourage market participants to be good corporate citizens.
    • Operate in a professional and profitable manner, ensuring good customer outcomes and with the freedom to participate in whichever type of business they choose within their risk appetites and an agreed business plan.
    • Make decisions on underwriting new business and to pursue opportunities in developed and developing economies where aligned with their own strategies.
    • Conduct business in line with agreed market process standards (eg ACORD).
    • Work with brokers and the Corporation to help deliver innovative risk management solutions for clients.
    • Promote talent and diversity and inclusion in their organisations.
    • Maintain high professional standards in their business, ensuring that the interests of clients are held paramount.
    • Engage with the Corporation and managing agents to support change so that the Lloyd’s market meets the needs of clients in the most effective manner.
    • Conduct business in line with agreed market process standards (eg ACORD).
    • Work with managing agents and the Corporation to help deliver innovative risk management solutions for clients.
    • Promote talent and diversity and inclusion in their organisations.
  • Support existing private capital providers and facilitate the introduction of new private capital.

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