• What will Lloyd's be?

    • Lloyd’s will be an international, London-based market, built on trusted relationships and focused on specialist property and casualty business requiring bespoke underwriting and broking.
    • Lloyd’s will be a mutual supported by a Central Fund, so it will always be more capital efficient to trade inside Lloyd’s than outside.
    • Lloyd’s will be able to access all major international insurance markets, including emerging markets, through its global licence network.
    • Lloyd’s will offer access to underwriting expertise and capacity in the most efficient way to meet brokers’ and clients’ needs, including through a face-to-face subscription market.
    • Lloyd’s world class underwriting and claims management will be supported by an industry-leading infrastructure and service proposition with efficient central services and seamless processing.
    • Lloyd’s will be a risk selector and a market where entrepreneurialism and innovation will thrive, underpinned by robust risk and performance management.
    • Lloyd’s ratings will be at a level capable of attracting the specialist business it will write.
    • Lloyd’s will be larger than today, predicated on sustainable, profitable growth after allowing for movements in the underwriting cycle. Its performance will outstrip that of its competitor group. The increase in premium income in the largest 10 developed economies will track or slightly exceed increases in non-life premium. In the largest 10 developing economies, at times we would expect growth to exceed non-life premium as the specialist risk sector develops and insurance penetration increases.
    • Lloyd’s will be known around the world for its integrity. The Lloyd’s brand will be globally admired and recognised. Lloyd’s will be respected for its reputation as the world’s specialist centre for (re)insurance.
    • The Corporation will promote and protect the interests of the Lloyd's market, and provide valued support services to members and market participants.
  • Managing agents

    • Managing agents will actively attract business to Lloyd’s through brokers. Lloyd’s will be a thriving market of diverse managing agents by size and type, ranging from Lloyd’s-centric businesses to the specialty operations of international (re)insurance groups. Any broker owned managing agents will be subject to the existing 20% related party business restriction.
    • New entrants will be encouraged, including overseas trade capital providers with a franchise as well as all other innovative, entrepreneurial start-ups.
    • There will be no minimum size threshold for managing agents but the maximum size will remain at 15% of premium.
  • Distribution

    • Lloyd’s will be a broker market and will build on its relationships with the larger brokers, as well as encouraging other specialist brokers.
    • Lloyd’s will provide efficient access to local markets through service companies, coverholders and local brokers. It will be as easy to access Lloyd’s as any local carrier.
    • Lloyd’s distribution chain will be optimised through the efficient use of technology.
    • Lloyd’s will have a local presence, in some cases local establishment, in international markets, where this is a commercial or regulatory requirement for business access.
  • Capital

    • Lloyd’s capital base will be globally diverse. There will be overseas trade capital bringing in new specialist business and people to Lloyd’s from countries where Lloyd’s needs to increase its market share.
    • Private capital will continue, but to grow and flourish it will need to be re-energised and provided on a more flexible and efficient basis.
  • People

    • Lloyd’s will be a place where talented, diverse and socially responsible employees feel proud to work. It will attract the best talent and will provide an accelerated career path for the progression of high achievers. Lloyd’s will be a diverse and inclusive market. Its people will increasingly mirror the geographic origin of the market’s business and capital.