As Lloyd's works its way through its three-year plan, the to-do list for 2007 appears long and challenging.
With progress required in five key areas, including process reform, capital, and financial security, new chief executive Richard Ward has his work cut out.
But number four on the list of key targets - delivering greater access to global markets - is one that could get a helping hand from outside sources later this year.
At a meeting in San Antonio, late in 2006, the National Association of Insurance Commissioners (NAIC) in the US voted to re-evaluate its measurement of reinsurance risk and revise collateral requirements by 1 September 2007.
In essence, this could mean all overseas reinsurers seeking to trade in the US will be able to do so on a level playing field alongside home grown entities. Access would be determined by the insurers' financial ratings not, as Lord Levene puts it, on its zip code.
This is a significant development for Lloyd's. Levene has spoken out strongly on the subject and insists the US will continue to play the most important role in Lloyd's future journey.
The US credit for reinsurance rules regard all US licensed reinsurers as good credit risks.
In contrast, all overseas reinsurers are required to post funds equal to 100% of their gross liabilities to US companies, in what Levene describes as "an illogical demand" based on location rather than financial health.
He insists the challenge is to remove "discriminatory collateralisation rules", enacted more than four decades ago.
While it hurts consumers in the end, it also hurts the cost base for members - with the price of compliance for Lloyd's alone standing at more than $150m a year.
Although efforts to reform collateral rules and create a new generation of reinsurance regulation across North America have been enthusiastically welcomed by the International Underwriting Association (IUA), others have greeted it with more caution.
One market source says: "It is not as much of a breakthrough as the IUA claims it to be. But it is pleasing that the NAIC continue to recognise the importance of this issue. This is not the end of the road until it can translate into some sort of finality."
Julian James, Lloyd's director for worldwide markets, is equally watchful when he says: "As this issue has been debated for over six years, it is now important that the recommendations for change are put into place as soon as possible. Only then can US consumers benefit."
Nonetheless, the NAIC's decision is an important one. As IUA chief executive Dave Matcham puts it: "The NAIC has undoubtedly taken a huge step forward in approving the reform proposals." IT
