Hiscox chairman Robert Hiscox has criticised inefficiencies in the Lloyd's market.
Hiscox was speaking after the insurer's announcement of a £70.2m pre-tax profit for 2005.
Hiscox said Lloyd's was based on the "old outcry-type" system whereas most of the markets "have moved on from there".
He also had some advice for Lloyd's chairman Lord Levene: "He now needs to face inwards with his new chief executive and simplify market procedures and the capital structure or Lloyd's will wither away."
Hiscox is impressed by Bermuda's "entrepreneurial spirit, speed of reacion and sensible regulation". Last year, the insurer established a Bermuda operation with a £170m rights issue.
