Lloyd;s of London to cut 10% of its staff - London Market is looking to reduce costs, improve efficiency and drive forward a modern agenda.
Lloyd's of London to Rein In Minimum Standards Reviews - Inga Beale, chairwoman of Lloyd’s, signaled a steering away from the reviews which examine managing agents’ statements of business conduct and are part of the corporation’s broader ethics regime.
“We will be conducting fewer minimum standards reviews, focusing on high-impact areas,” she said in a half-yearly market briefing. “We will spend more time helping underperforming syndicates improve underwriting performance while leaving the good performers to get on with running their successful businesses.”
Fitch Revises Lloyd's of London's Outlook to Negative; Affirms at IFS 'AA-'; Fitch Ratings has revised Lloyd's of London's (Lloyd's) and Lloyd's Insurance Company (China) Ltd's Outlook to Negative from Stable while affirming the Insurer Financial Strength (IFS) Ratings at 'AA-' Fitch has also revised the Outlook for the Society of Lloyds to Negative from Stable while affirming the Long-Term Issuer Default Rating at 'A+'
Lloyd's boss warns brokers over 'unsustainable' models – brokers remuneration models will be in the spotlight with Lloyd’s looking at next steps as to how costs can be reduced throughout the value chain. Inga Beale stated at the half-year updater to the market that “The Team is also looking at distribution and admin costs which are unstainable at current rates” and that “Managing agents and brokers need to look at ways to reduce internal costs and work more efficiently; adopting London Market Target Operating Model (TOM) initiatives will help market-wide costs over time. The Lloyd’s oversight team has also been collecting date from managing agents regarding acquisition costs and will be carrying out analysis on this with a view to reducing costs over the entire value chain.
Bruce Carnegie-Brown starts as Lloyd's Chairman - whose appointment was announced in February, has over thirty-five years of experience across financial services.
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