Lloyd's has drawn up plans to try and encourage more private capital into the London insurance market.
A thorough review of the strengths and weaknesses of the annual venture and its compatibility with the current strategy for the future of Lloyd's has recently been undertaken by a group chaired by Lord Levene.
The report, which has been compiled following extensive discussions with a significant number of market participants, identifies two alternative models through which private capital could participate; a more flexible agency agreement and special purpose reinsurance syndicates.
Levene said: “The starting point is that there is consensus in the market that Lloyd's benefits from a diverse capital base, a point also recognised by the rating agencies. The annual venture structure supports this diversity, not just facilitating the participation of private capital but providing a unique means for all types of capital to enter the market and support insurance businesses.”
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