A rebel Lloyd's breakaway group is reported to be challenging Chairman Lord Levene's authority.

Six representatives on Lloyd's council plan to hold extracurricular meetings to develop their own policies in a direct challenge to Lord Levene and CEO Richard Ward, according to UK reports.

The rumoured split comes as Lord Levene begins his third term in office despite being expected to stand down in November.

The dissidents claim to have not been consulted on proposed changes to the Lloyd's Act, which include allowing Lord Levene a third term and removing the requirement for the Governor of the Bank of England to approve nominations to the council.