On 8 February 2010, Lloyd’s released its 2010 to 2012 strategy plan, including specific corporate actions for 2010. The strategy plan follows a detailed review of the market’s position involving more than 50 managing agents, brokers and market associations.
The paper emphasises that the strategy for the next three years is not one of radical change, but rather a focus on maintaining and developing the attractiveness of the Lloyd’s market supported by a resolute focus on underwriting discipline and risk management. Lloyd’s priorities include:
- continuing to influence the evolving regulatory landscape to maintain Lloyd’s capital and licensing advantages
- implementing Solvency II in a way that protects and enhances Lloyd’s capital structure and efficiency
- increasing adoption and use of the Exchange (the system under which brokers and underwriters have a single connection point from which they can send and receive information securely between multiple parties, to one common standard)
- driving a transformation in the way the Lloyd’s market handles claims
- a new focus on coverholder management.
In connection with its strategic plan, Lloyd’s has announced a management reshuffle and a geographic restructuring. The management reshuffle will see general counsel Sean McGovern taking responsibility for Lloyd’s North America, while Sue Langley will focus on market modernisation and market facing initiatives, including a review of claims infrastructure and co-ordination of coverholder projects. The Franchise Performance Directorate is to be renamed the Performance Management Directorate, with Tom Bolt holding the title of director of performance management.
The geographic restructuring involves the division of “Europe” into three regions: UK and Ireland; Northern Europe; and Southern and Eastern Europe and Africa and the split of Asia into two regions: Australia and New Zealand; and Asia.
