Lloyd’s of London, the insurance and reinsurance marketplace, is planning to implement a faster approval process for syndicates’ 2020 business plan and capital submissions.
In a recent market bulletin, Director of Performance Management Jon Hancock explained that Lloyd’s will commit to approving plans in four weeks by introducing a phased approach to reviewing submissions.
Each syndicate will be given a specified date to return submissions by based on their capital structure, with no possibility of extensions.
Lloyd’s also plans to place more emphasis on strategic business discussions, and will require every managing agent to meet with Lloyd’s representatives, including the Syndicate Business Performance Manager, Oversight Manager and where appropriate Outwards Reinsurance Manager, Exposure Management Manager and Actuarial Associates.
These discussions are designed to allow managing agents to present their prospective syndicate business plans and explain short (1 year) and long term (3 year) strategic activities to Lloyd’s.
Of particular note will be the impact of portfolio management activities, actions in response to Lloyd’s feedback on performance review plans, proposed areas of growth (including new classes/products), and European business strategies.
The revised process forms part of the recent efficiency drive at Lloyd’s, which has aimed to reform business practices in the marketplace to increase profitability and improve underperforming syndicates.