The international rating agency Fitch Ratings has welcomed the proposed reforms for Lloyd's of London.
A Fitch insurance director David Wharrier said: "These proposals, which should increase the transparency and profitability of the market are to be welcomed. Lloyd's earnings and global franchise have suffered due to the
poor performance of certain syndicates, who with hindsight, should have been subject to tighter commercial monitoring procedures."
The agency has left Lloyd's Insurer Financial Strength (IFS) rating of 'A-' unchanged until it becomes clearer whether the reforms will result in an improvement in the market's performance. The Rating Outlook also remains Negative.
