Lloyd's has voted in favour of reforming its business by four votes to one.

The vote, which was held on capacity basis, saw 79.88% in favour and 20.12% against. Of all capacity eligible to vote 64% was corporate and the rest private third party capital.

Lloyd's chairman Sax Riley said: "With 80% of the backing for these reforms we now have a decisive mandate to implement our proposals for modernisation. The first stage of our work has concluded; the second stage implementation is now underway."