Lloyd’s will build a stronger international presence and strengthen its non-reinsurance focus under a three-year plan that updates its Vision 2025 strategy.

“The shifting balance of global economic activity over the coming decades is one of the most significant changes, and opportunities, to which the company must respond,” CEO Inga Beale said.

“Relying on cross-border reinsurance business flowing into London will not by itself meet the aspirations of Vision 2025. Increasing Lloyd’s share of insurance business in developing markets is also required.”

Ms Beale, who took over as CEO this year, says managing agents have a key role in the planned growth.

“Collectively, there is a need for adaptation and the promotion of a mindset based around more actively seeking business.

“Brokers play a critical role here as the market’s distribution partners.”

Lloyd’s international agenda includes creating access through licences and possibly setting up local offices as the market positions itself for the medium and long term.

This year it is pursuing legislative changes in Turkey and Indonesia to enable it to obtain trading licences, and is assessing opportunities in Brazil.

Other priorities include opening a branch office in Beijing and conducting feasibility studies on a Lloyd’s presence in Indonesia, Malaysia and South Korea.

The 2014-16 strategic plan also covers market oversight, capital, modernisation and attracting and retaining staff.

It says non-traditional products and capital are an established part of the reinsurance industry, particularly in property-catastrophe business, and have the potential to erode one of Lloyd’s market segments in the longer term.

“Lloyd’s response is to be proactive and to embrace this trend. Over the longer term there is an opportunity to harness capital from both traditional and new sources.”

The market will promote the benefits of indemnity-based products in meeting client needs, the plan says.