Lloyd's is on track to meet the high-level goals set out in its three-year strategic plan, according to chief executive Richard Ward.
In a half-year update report on the progress being made on key initiatives set out in the plan, Ward said: "Overall,
I am pleased with our progress to date, and realistic about the not-inconsiderable challenges we face. There is a great deal still to do but this is a good start."
Five core areas identified in the plan include a performance framework, capital advantages, security and ratings, market access and effective business process.
Ward said a framework was now in place for underwriting, claims and risk management standards, which would be effective from 1 January 2007.
He added that Lloyd's was on course to establish an onshore reinsurance presence in China by November, with trading expected in early 2007.
But, Ward said that following a review of Lloyd's US trading status, the Franchise Board had decided for the time being not to pursue US admitted status beyond the existing presence.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
