Lloyd’s has accelerated its profitability review as it attempts to turn around underperforming syndicates—but as its latest results prove, there remains a long and potentially winding road ahead. Intelligent Insurer reports.
Lloyd’s of London has accelerated the profitability review started in 2017, which aims to reduce the market’s exposure to unprofitable lines and the size of the worst-performing syndicates. Its senior executives have admitted there is no quick fix and management is preparing the market for a long journey as it will take time for any progress to be reflected in the top line, and even more so in the bottom line.
“We are looking at improving and taking some positive action to address areas of the market that are underperforming,” outgoing Lloyd’s CEO Inga Beale said during a September analyst presentation.
“While much of the Lloyd’s market is profitable, there are some syndicates and certain lines of business that have a disproportionately negative impact on the market’s profitability.”
Lloyd’s of London, Inga Beale, Syndicates, Results, Performance, Insurance, Reinsurance, London Market, UK, Jon Hancock