The Lloyd’s reforms could be in trouble, with the largest voting bloc turning against the bold program set up by Lloyd’s Chairman Sax Riley.

The vote on the reforms will be held in London tomorrow. The Association of Lloyd’s Members has told its 5400 members they should vote against the reforms.

Because Mr Riley has adopted a strategy of a simple yes/no vote, rather than allowing members to vote on each part of the reforms, the Names’ objections to the future composition of the market may impact on the overall result.

According to the Insurance Times, the most contentious issue is a broad resolution that would approve the implementation of the proposals “in such a manner as [tomorrow’s extraordinary general meeting] shall think appropriate”. ALM Chairman Michael Deeny mixed his metaphors to describe the provision as “a blank cheque to approve a curate’s egg”.

Lloyd’s, which has maintained a position of “reform or bust” since the reforms were announced earlier this year, said that the Names’ opposition “is based on a series of imaginary hypothetical threats”.

Current betting is that the EGM vote tomorrow will be approved overwhelmingly by the market, despite the Names group’s opposition.