Lloyd's chair Roxburgh promises engagement ahead of strategic changes

By Scott Vincent

July 2 - (The Insurer) - Lloyd’s chair Charles Roxburgh pledged to carry out an extensive process of engagement to help set the course for the next phase of the market’s strategic development in an address to senior executives on Tuesday.

In an event hosted by the Lloyd’s chair at One Lime Street, Roxburgh told senior executives he would listen to their views and get their input ahead of any strategic decisions, working closely with the Council and Lloyd’s market associations.

He acknowledged the need to rethink and transform several aspects of how Lloyd’s does business if it is to maintain its leading global position.

This includes how it innovates its proposition and how it captures the full potential of technology, with Roxburgh describing Blueprint II as “just the starting point”.

He also recognised the need to “simply, streamline and de-duplicate” the regulatory and reporting burden facing the market, as well as redoubling efforts to attract, retain and develop the people needed for the market to move forward.

Roxburgh said there was no room for complacency as he highlighted the five tests that Lloyd's would measure itself against as it builds out its position.

These tests would measure whether the world's most sophisticated buyers, leading brokers, best underwriters, best carriers and most sophisticated investors are participating at Lloyd's.

"We already meet those tests in part today, but over the coming years I hope that we can strengthen and extend our leadership position," he said.

He also welcomed the market response to the appointment of Patrick Tiernan as Lloyd's CEO. Tiernan was elevated from his previous role as chief of markets at the start of June.