Steady does it as Lloyd’s of London reveals review

LLOYD’S of London, the insurance and reinsurance market, will publish plans to strengthen its ties with insurance brokers today as it gears up for a profitable reporting season.

In a sweeping strategic review, Lloyd’s will salute its members’ resilience in the face of the financial crisis and remark that its subscription-based model has held up well.

Affirming its commitment to underwriting and risk management, Lloyd’s will also plan to take a leading role in the development of the pan-European Solvency II framework.
The 322-page Deloitte-led paper comes a day before Beazley, one of the Lloyd’s insurers, kicks off a reporting season expected to produce full-year profits close to 2007’s £3.8bn record.

Richard Ward, chief executive of Lloyd’s, will say: “This is about evolution, not revolution. We have stood up well in the face of the worst recession since the Great Depression, and we don’t see a huge necessity to change direction.”

The review is expected to mention the potential for underwriting business directly in China and opening offices in Russia and Mexico. However, a spokesperson said the market’s focus was mainly on the UK.