Lloyd's has outsourced the Lloyd's Training Centre to the CII on a five-year contract.

Worth an estimated £5m, the contract will see the CII providing enhanced training opportunities for underwriters, brokers and corporation staff at Lloyd's. The contract begins on 2 August.

The CII will take on 180 courses a year for 1,500 delegates. This includes the Lloyd's introductory test, which is compulsory for Lloyd's franchisee staff.

Other services include professional insurance qualifications relevant to Lloyd's; and guidance on market developments, such as FSA and EU legislation, annual accounting, International Accounting Standards Board requirements, and competence standards.

The CII will also work with the market to meet any new training needs.

Head of change management and human resources at Lloyd's Steven Haasz said: "We want all those involved in the Lloyd's market to have access to the best training in the insurance industry, whether it's a basic understanding of how the market works, or studying for a new qualification."

CII director general Sandy Scott said: "I am delighted that Lloyd's has selected us to work on this exciting project. It recognises the CII's unrivalled expertise in the provision of training and education.

"It also reaffirms the CII's commitment to the London market. This has seen the launch of a London market faculty earlier this year, and the creation of an insurance 'university' with the Cass Business School, providing executive development, an insurance tailored MBA, and research."