Foreword from
Bruce Carnegie-Brown

The new Lloyd’s will be nimbler and faster, offering our customers outstanding products, services and insight, supported by technology, innovation and flexible, responsive capital.


This prospectus is the first step towards turning this ambition into reality. In it we are inviting you to work with us to evolve Lloyd’s for the next generation.

Why change now?


The world is changing. Technology and data analytics are disrupting traditional business models. Customers are facing new risks as their asset mix shifts from tangible to intangible and, consequently, are seeking new insurance products and services to protect their businesses.


The industry needs to react to these rapidly evolving business and risk environments so we can continue to provide customers with the support and protection they need to grow and prosper. This means accelerating the development of products and services to meet customers’ needs, and creating new business models that support their delivery.


There is already a lot of change underway at Lloyd's. We are ensuring the market's underwriting, and the way in which we assess and price risk, is world-class through our performance reviews and best practice standards. We have launched an in-house innovation accelerator, are investigating how to reduce costs and are making sure our people are empowered to set up Lloyd's for success. In parallel, we are continuing to modernise the market.


This provides the platform on which we can build further change because, as well as tackling the short to medium term, it is also the responsibility of every market leader consistently to re-evaluate and improve their customers’ experience for the medium to long term. This is a duty Lloyd’s has embraced throughout its history. Whether providing new types of insurance in new classes of business or reinventing the way capital comes into our market, Lloyd’s has always strived for excellence.


Now we must do so again. We must reflect on how we can build on Lloyd’s unique strengths of a strong capital base, performance and enterprise risk management to create the best possible outcomes for all our customers.


It is time, once more, for Lloyd’s to lead from the front.


We know from speaking to hundreds of you over the past six months that you value greatly what the Lloyd’s market provides today and are passionate about Lloyd’s succeeding in the future.


This is encouraging because the scale of the challenge and the size of the opportunity mean we will only achieve success if we work together as a market and harness our collective expertise and endeavour.

Why change now? We will succeed in the future by providing even greater value to our customers. They told us they want:


– More comprehensive cover and the highest quality protection

– A simpler process for accessing products and services at Lloyd’s

– Lower costs of doing business at Lloyd’s


Our market told us we should do this by building an inclusive and innovative culture within the Lloyd’s market for our talented people and for our customers.

We must and will reflect the diversity of our customer base, and our talent agenda will be designed to attract the best and offer an open, honest and flexible working environment.


This is our aim


To start the process we have redefined our purpose: Sharing risk to create a braver world.

The next step is the publication of this consultation. Inside are six stories, which set out several possible ways we could provide even greater value to our customers and other stakeholders.

A platform for complex risk that makes doing business easier and enables efficient digital placement of complex risks

Lloyd’s Risk Exchange through which less complex risks can be placed in minutes at a fraction of today’s costs

Flexible capital that can simply and effectively access a diverse set of insurance risks on the Lloyd’s platform

A Syndicate-in-a-Box solution, which offers a streamlined opportunity for innovators to bring new products and business into the market

A next generation claims service that improves customer experience and increases trust in the market by speeding up claims payments

An ecosystem of services that helps all market participants developnew business and provide outstanding service to their customers.


These proposals are examples that could form the blueprint for the new Lloyd’s, and we would like your feedback and engagement to shape how we turn them, or other proposals you may have, into reality.

Next steps


Please read through this document and make your views heard. This is a collective endeavour, which needs your input, energy and commitment to succeed.


Throughout this process, sponsored by Lloyd's Board and Council, there will be many different ways to take part, including through working groups, forum discussions, your associations and our online survey.

Seize the moment


This is a unique and exciting opportunity to be a part of Lloyd’s next chapter and to shape its future for the next generation.


The new Lloyd’s market we build together will provide our customers with outstanding, high-value risk services, based on innovation, flexible capital structures and efficient digital platforms. We will be a transparent market, using data to develop deeper relationships and ensure trust in the value of what we do. And we will be an inclusive market that works for our customers and our other stakeholders in every part of the value chain.

We are looking forward to defining the future at Lloyd’s with you.