The newly announced Lloyd’s market reforms are merely “smokescreens”, meaning no real change in power at all. That’s the opinion of Chris Stockwell, the Chairman of the Lloyd’s Names Association.

“There is no real change in the powers available,” he said. “The proposals are largely irrelevant. They won’t improve profitability or the security of Names.”

Of biggest concern to the Names is the creation of a “franchise board” that will publish franchise guidelines while setting long-term profit targets for the syndicates.

Lloyd’s CEO Nick Prettejohn said a minority of poor performers has run up damaging losses in the past, “and we all paid a heavy price”.