Lloyd's, the world's leading insurance market, is looking at a series of improvements and ideas, its chairman Bruce Carnegie-Brown told Reuters.
He made the comment when asked by Reuters whether Lloyd's was conducting a strategic review, especially after Brexit, the reporting of a GBP2bn ($2.6bn) loss last year and the news in June that CEO Inga Beale will step down.
Mr Carnegie-Brown saud that he would not use that term. “To me a strategic review implies some kind of crisis, where you’ve got to put everything into a big hat and end up boiling the ocean. We are not interested in that.”
He told Reuters that Lloyd’s was looking at all aspects of the business, however -- cost structure, technology, its role as a marketplace and a regulator, and how it mutualises risk. He said recommendations from an “annual strategy day” in June were presented to the board last week and a number of “workstreams” were being set up.
“I think what we need to do is to look at all aspects of what we do, to try to make sure everything we are doing is done better and turn it into more of an exercise to keep turning the stones over of the things that we do to figure out if we can make things more efficient,” he said.
Mr Carnegie-Brown said he did not see Lloyd’s relinquishing its regulatory duties but said there were “whole aspects of regulation that we need to look at to make sure that we are not duplicating what is already done by other regulators”.
At present, Lloyd’s is both a marketplace for its 80-plus syndicated members and an umbrella body that sometimes acts like an insurer by getting deeply involved in members’ day-to-day practices. It also regulates the members under the auspices of the UK government.