Reinsurance News

Lloyd’s raises £300m of senior debt to fund Blueprint One

10th December 2019 - Author: Charlie Wood

Re/insurance marketplace Lloyd’s of London has taken steps to help ensure the successful delivery of its Blueprint One strategy, with the formation of a new committee and raising of £300 million of senior debt.

lloyd'sBeginning in 2020, Blueprint One is designed to enhance Lloyd’s value proposition by offering better insurance solutions, simplifying access to products and services, reducing the cost of doing business, and building an inclusive and innovative culture.

The marketplace says it has now moved to secure £300 million of senior debt in order to avoid an increase in market levies.

Lloyd’s says the secure financial position of the Corporation will support the year-on-year costs of the Future at Lloyd’s as the benefits stream begins to be delivered.

“Since the launch of Blueprint One, we have focused on designing a carefully structured and managed approach to planning and execution to allow regular delivery of value to the market,” commented John Neal, Lloyd’s Chief Executive Officer.

“With robust governance and oversight now in place, and the funds for delivery secured, we have every confidence in the successful delivery of the Future at Lloyd’s.”

Secondly, a technology and transformation committee has been formed and will be chaired by Andy Haste, Lloyd’s deputy chairman.

Program delivery will be led by Jennifer Rigby, Lloyd’s Chief Operations Officer and executive committee member.

“I’m delighted to lead the delivery of the Future at Lloyd’s,” added Jennifer Rigby, Lloyd’s Chief Operations Officer and Executive Sponsor of the Future at Lloyd’s.

“Our dedicated team are working at pace to develop and deliver the solutions we’ve promised to fundamentally transform our market. It’s an exciting time to be at Lloyd’s!”

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