Velonetic stakeholders remain committed to Blueprint Two delivery

By Ryan Hewlett

April 28 - (The Insurer) - Velonetic and its stakeholders remain committed to the successful delivery of Blueprint Two despite the upcoming departure of the modernisation scheme's key architect John Neal from his role as Lloyd's CEO, Velonetic's Bob James told The Insurer on Monday.

James said key market stakeholders remain committed to completing the programme.

“Lloyd's, the IUA and DXC all sit on our board. There's been no change in commitment from them. From my board's perspective, which includes those three shareholders, everybody remains committed to seeing this journey through,” said James.

“Of the items on my list of things to worry about, I'm not worried about that at all,” he added.

Neal has been credited with spearheading the wide-reaching back-office modernisation program but will step down as Lloyd’s CEO later in 2025 and join Aon as global chairman of climate solutions and global CEO of reinsurance.

Lloyd's chairman Bruce Carnegie-Brown is also leaving this year, to be replaced by Charles Roxburgh, while chief financial officer Burkhard Kesse will exit on May 1.

The collective exit of the trio of Lloyd’s executives during 2025 has prompted concerns from senior market leaders over the future delivery of the program which has been hampered by delays and setbacks since it was born of the Future at Lloyd’s prospectus in 2019.

James bullish commentary on the programme’s future comes after key London market stakeholders, including LMA CEO Sheila Cameron and Liiba CEO Chris Croft, called on Lloyd’s and the wider London market for "renewed commitment" to the delivery of Blueprint Two.

Lloyd’s previously told this publication that the leadership changes will have no effect on the exchange’s commitment to successfully delivering on the rollout of the programme.

James was speaking to The Insurer ahead of a market workshop in London on Monday at which the executive revealed that the crucial technology build would be completed by the end of May in what he described as a “milestone” moment for the modernisation program.