Three year plan
Lloyd’s has published its three year plan for 2013-2015 (the “Plan”), which sets out the first steps needed to deliver Lloyd’s longer term strategy, Vision 2025. The Plan focuses on reinforcing the position of Lloyd’s as the global centre for specialist insurance and reinsurance, with key aspects of the Plan including:
- increasing the proportion of Lloyd’s business that originates in developing economies;
- achieving greater diversity of capital and talent;
- maintaining focus on market oversight; and
- preserving underwriting discipline.
Solvency II progress
At a recent briefing, Lloyd’s announced that it considers the planned implementation date for Solvency II of 1 January 2014 to be “completely unrealistic”. However, it also announced that its internal model for Solvency II is now fully operational and has been approved by the FSA for use from 2013 onwards. This is contrary to the position of many UK insurers, with two thirds being reported to have cut back their programmes to implement Solvency II in light of continuing delays in Europe.