Lloyd's underwriting capacity for this year has slid by 0.9% to £15.95 billion ($35.6 billion). The market is underwritten by 75 syndicates, managed by 46 managing agents and supported by 176 brokers.

In its latest three-year plan for 2008-10, Lloyd's commits to maintaining prudent underwriting discipline, lobbying the UK Government for a tax reduction to counter the threat from offshore markets such as Bermuda, continuing to admit new businesses despite the opposition of some market participants and further improving its business processes.

Lloyd's has also revised its date for full implementation of electronic claims filing to the end of this year following the market's failure to reach the Market Reform Group's target of 100% compliance by the end of last year.