Lloyd’s has provided a progress update on the Future of Lloyd’s, the marketwide initiative instigated by Lloyd’s chief executive John Neal with the aim of transforming Lloyd’s into the world’s most advanced insurance market.
Following the publication of the Future of Lloyd’s Blueprint One in September (click here to read the Alpha news article and comment), Lloyd’s has announced it has raised £300m of senior debt to fund the project. Also announced is the appointment of Andy Haste, Lloyd’s deputy chairman, as head of a newly formed Technology and Transformation Committee.
Click here to read the full press release.
Alpha comment: a key benefit of this debt raising exercise is that the Corporation of Lloyd’s has been able to take advantage of low interest rates and in so doing avoided extra costs being charged to Lloyd’s market participants, including Alpha Members.