Branding leaves market cold

Lloyd's ten-year branding strategy is failing to inspire market members, market sources have warned.

The sensitive consultation talks between Lloyd's management and its members on branding are understood to be closing by the end of July.

But an expensive presentation from Lloyd's brand consultants Saffron about the market's future image did not impress one senior Lloyd's underwriter.

"What I want to know is how much this is going to cost me," the underwriter said.

"They seem to be spending a lot of money on fancy strategies and not actually getting very far."

Concerns have also been raised about Lloyd's approach to combining the Lloyd's brand with companies' own branding, known as dual branding

A spokesman for Ace said: "Because we do business outside of the Lloyd's market the Ace brand is clearly more important to us."

He added that Ace "valued" the Lloyd's brand but there were questions about how it would interact with its own image.

But Gerry Albanese, Markel International president, backed the strategy. "The Lloyd's brand is of great value to Markel, particularly outside the London market. A prime example is our new Canadian office which will rely heavily on the strength of the Lloyd's brand in the start-up stage and beyond.

He added: "We are working with Lloyd's to incorporate the brand on our literature and websites, where relevant."

Lloyd's worldwide markets director Julian James said: "We have had constructive discussions with over 18 managing agents and have had a very positive response to the continuing discussions. Our challenge is to establish how best we support the individual businesses in market."