Lloyd's of London confirms redundancy approach is it finalises operational review

 
Oliver Gill
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Lloyd's of London earlier this year revealed it will set up an EU base in Brussels

Lloyd's of London has confirmed it has approached all 1,100 of its workforce about voluntary redundancies.

The insurance market has written to staff to test their appetite as part of an operational review that was launched last year.

A spokesperson for Lloyd's said: “We have been looking at the future operating model for Lloyd’s including our proposed structure, our processes and technology, so it can ensure that we are easy and efficient to do business with.

What we are announcing is the opportunity for people to register their interest in the programme and this will help inform how we continue to develop our plans around the operating model.

Read more: Lloyd's chair isn't worried about the impact of new EU hub on London

The confirmation follows reports by Insurance Insider that staff had been contacted on the matter.

The operational review is expected to be completed in the third quarter of 2017. It focuses on a number of elements where Lloyd's may be able to streamline operations, including the duplication of staff resources.

The number of jobs cuts to be made has yet to be established.

But it is understood the Lloyd's wants to test the water of how many people would like to depart voluntarily. This information will be feed into the review process to firm up the number of roles that are surplus to requirements.

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Brussels

The job cuts are not connected to Lloyd's decision to set up an EU base in Brussels, City A.M. understands.

The precise number of staff required in the corporation's Belgian office are still being firmed up. When the location was revealed in March, Lloyd's said the number of staff needed would be "in the 10s".

While staff will likely be sourced locally, there could be opportunities for Lloyd's staff based in London to transfer to Brussels in due course.

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