On 8 February 2010, Lloyd’s published its 2010-2012 strategy which summarises Lloyd’s strategic vision and the major priorities for the market and the Corporation in the next three years, as well as the major activities required to deliver the strategy. The strategy has been drafted after a detailed review of the market’s position and following consultation with over 50 managing agents, brokers and market associations.
Commenting on Lloyd’s 2010-2012 strategy, Lloyd’s CEO, Richard Ward, stated:
“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 Lloyd’s subscription model backed by a layer of mutual security is serving us and our customers well, as is our location in the heart of the London insurance market.
While we are in good shape, we cannot afford to be complacent. In 2010 we will be absolutely focused on underwriting and risk management and in preparing for the introduction of Solvency II”.
It should be noted that the strategy paper does not include any major changes to Lloyd’s previous approach as the consultation concluded that the Lloyd’s market and its participants are currently performing well and are well positioned to meet future opportunities. The strategy paper seeks to build on that success.
To view a fully copy of Lloyd’s 2010-2012 strategy, please click here.