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25 May 2013
Lloyd’s needs to become more appealing to syndicates and new Names, Chairman John Nelson says.
The number of names has reduced from over 30,000 at its peak to around 600 working members and 2000 actively underwriting individual members today, he told the Association of Lloyd’s Members conference in London.
Names’ capital now represents slightly over 12% of Lloyd’s capital.
“The attractiveness of Lloyd’s Names’ capital needs to be appreciated by a wider constituency of, frankly, high net worth individuals,” Mr Nelson said. “I hope to see the members’ agents identify more user-friendly systems.”
Private Names’ capital will continue, but new Names’ capital will mainly be provided through special purpose syndicates.
Mr Nelson outlined three priorities for Lloyd’s in his speech.
He aims to ensure the oversight of Lloyd’s underwriting standards remains strong.
He also wants to improve Lloyd’s efficiency and accelerate the modernisation of market services.
And he intends to develop the business internationally and ensure Lloyd’s remains the global hub for specialist insurance and reinsurance.
“As the emerging growth countries industrialise and commercialise, the market for specialist general insurance worldwide is going to grow at a very significant pace over the next 10 to 15 years,” he said.
Despite a record level of claims during last year’s catastrophes and a loss of £500 million ($771 million), Lloyd’s capital position has remained unaffected and its ratings have stayed at A+.
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