BRIT Insurance, the sponsor of the England and Wales cricket team, yesterday said the new Lloyd’s of London boss must make the market into “a more efficient machine”.
Brit chief executive Mark Cloutier told City A.M. that Lloyd’s must make a renewed effort to “help deal with the cost of underwriting” in the historic market. He said cutting the cost of individual transactions would allow Lloyd’s insurers to gain more business, especially in the US.
“It would be beneficial and would help not just Brit but the wider market compete,” he added.
Cloutier was speaking as Brit unveiled a strong rise in first-half pre-tax profits to £77.9m after the firm completed its transformation from a FTSE 250 insurer with wide-ranging interests to a privately-held Lloyd’s speciality business.
“It is gratifying to see the numbers coming through,” he said. “We expect to see growth coming through in future periods.”