Dear Lloyd’s Agent
We hope that you and your colleagues are all keeping well.
We are contacting all of the Lloyd's Agents within the network to seek your kind assistance in completing a very short survey (only six questions) that should take no longer than 10 minutes of your time.
Prior to completing the survey, and for your background information, please be advised that over the last six months we have held a number of internal strategy workshops with other teams within Lloyd’s Corporation. A number of Lloyd’s teams already seek support (outside of the marine support services that the network is renowned for) from a select number of Lloyd’s Agents. The Lloyd’s International Regulatory Affairs team, the Lloyd’s Financial Crime & Compliance team and the Lloyd’s Treasury & Investment Management team were all very complimentary of the support that they currently receive from a select number of Lloyd’s Agents. Examples include; engagement with the local regulators to support the retention of Lloyd’s overseas licences, Service of Suit support, intelligence/information gathering, holding funds locally on behalf of Lloyd’s etc.
As a result of this positive feedback, we would like to explore whether there is the possibility for other Lloyd’s Agents to also work more closely with our colleagues across the Corporation – for the mutual benefit of the Corporation and the Lloyd’s Agency network.
We are continuing to speak with our colleagues across the Lloyd’s Corporation (and the Lloyd’s market) to further understand how they could potentially gain even more benefit from the strengths of the network, and similarly, we would now like to ask each of our Lloyd’s Agents to share your own thoughts.
Can we please ask that you complete the survey by 30 June 2024. We hope you will find the questions to be straightforward and self-explanatory however if you do require additional information please do not hesitate in contacting a member of the team.
Furthermore, and to help provide you with further context on Lloyd’s current areas of focus, please see below:
- 2023 saw Lloyd’s report its best results in recent history, with outstanding performance underpinned by a strong and resilient balance sheet.
As noted by Lloyd’s CEO John Neal:
‘…The results reflect an uncompromising focus on executing against our strategy, alongside the commitment of our market participants in delivering consistent profitable performance – all of which continues to enhance the value, relevance and long term sustainability of Lloyd’s. They also allow us to show tangible progress on the assignments we were given by our stakeholders back in 2018: to improve performance, reduce the cost of doing business and show leadership on the issues facing society…’
For more information on Lloyd’s 2023 results, please click on the following link - https://www.lloyds.com/about-lloyds/investor-relations/financial-performance/financial-results/full-year-results-2023
- Moving in to 2024, Lloyd’s commercial strategy, to enable the long term profitable growth of the Lloyd’s market, is focussing on the following key areas:
Multinational
- Leveraging Lloyd’s unique licenses and capabilities to service customers wherever they are operating through a more efficient arrangement covering multiple territories.
Front of House
- Clearly and consistently articulating Lloyd’s benefits to key stakeholders.
Innovation
- Increasing the ambition of the Lloyd’s Lab to provide the Lloyd’s market with the capability to solve customers’ biggest challenges.
Data
- Leveraging Lloyd’s data assets to provide valuable information back to the Lloyd’s market.
Underwriting Platform
- Structured solutions to enable the underwriting of specific opportunities where the Lloyd’s market has appetite.
- Greater differentiation between the types of Lloyd’s syndicates, to better suit the needs of the carriers.
If you would like more information about global events and trends impacting on the Lloyd’s insurance market, Lloyd’s and the wider world of risk, you can keep up-to-date by clicking on the following link - https://www.lloyds.com/news-and-insights/news
Thank you in advance for your support and participation in the survey.
