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.