Context
Lloyd’s has announced changes to its operating model designed to reduce complexity and the cost of doing business in its market, while preserving its world-leading standards of oversight. This delivers on the strategic commitment made in March to make Lloyd’s a more efficient and flexible marketplace.
Key points to note and next actions
- Lloyd’s is bringing all elements of oversight – including governance, performance, reserving and syndicate-level capital setting – into a single Oversight and Performance function. This is designed to make oversight more consistent, coordinated and predictable for managing agents, reducing unnecessary bureaucracy while maintaining the rigorous oversight that is the bedrock of the market’s reputation and competitive strength.
- Building on the strong momentum behind its strategy, Lloyd’s is also making several further organisational changes to lay the foundations for its longer-term ambitions.
- The Corporation is introducing a global functional model to provide greater consistency in how it works in all its offices around the world. The new model will deliver increased scale benefits, with local leaders empowered to maximise the advantages of Lloyd’s while holding regulatory and strategic accountability.
- The capital modelling and aggregation teams will report to Chief Financial Officer Jim Bichard, who is also a member of the Council, strengthening the Corporation’s focus on protecting, deploying and extending Lloyd’s unique capital advantage.