Making sure Lloyd’s becomes the major global hub for specialist insurance and reinsurance is at the heart of an ambitious new strategy for the historic insurance market, unveiled on Friday.
Called Vision 2025, the strategy was launched in the Lloyd’s building’s famous Underwriting Room at a special event attended by Prime Minister David Cameron.
Vision 2025 sets out bold plans to grow Lloyd’s business, especially in the faster growing markets, and to truly internationalise the Lloyd’s underwriting community.
Lloyd’s Chairman John Nelson said: “Our Vision 2025 is a rare breed in these challenging economic times. It is a strategy for growth.
“Lloyd’s is a profitable international business but we want to make sure we become the true global hub for specialist insurance and reinsurance.
“Vision 2025 will be a real challenge for the Lloyd’s market to execute. The benefits, though, could be substantial, not only for Lloyd’s but also for the City of London and the UK economy.”
Prime Minister David Cameron said: "I welcome the drive and ambition with which Lloyd’s is pursuing plans for where it wants to be in 2025. This is a great example of the bold and dynamic approach we need as we work to foster sustainable economic growth across the country."
Lloyd’s Vision 2025 is the result of consultation with the Lloyd’s underwriting market and its customers, the brokers. The highlights are:
• Lloyd’s to be the global centre for specialist insurance and reinsurance
• Growth of Lloyd’s premium from its established markets will be at least in line with the GDP growth for those markets - but greater growth will be achieved from the faster growing markets
• The capital base of the Lloyd’s Market will be more diversified, with a greater contribution from the leading growth countries
• The Lloyd’s underwriting community will be truly internationalised with a substantial number of overseas nationals in the market
• Lloyd’s will be a broker market, making maximum use of brokers’ international networks
• Lloyd’s will have a small number of powerful overseas hubs in certain major overseas markets
This will have the result that the City of London will become the major global centre for specialist insurance and reinsurance.
Lloyd’s Chief Executive Richard Ward said: “Lloyd’s strength is drawn not just from history and experience, but from constantly innovating and adapting.
“This vision sets out ambitious plans for the Lloyd’s market to grow, internationalise and diversify. The level of interest among high quality overseas insurers in coming to Lloyd’s is high, but we will be managing the entrance of these new providers carefully. This is a strategy of steady progress, not rapid revolution.”