Lloyd's three-year strategic plan has received a positive response from managing agents who have described it as sensible, but not revolutionary.
The 40-page document published last week aims to maintain Lloyd's competitiveness in the face of other markets, such as Bermuda.
But Chaucer chief executive Ewen Gilmour said the real test for both Lloyd's and its agents will be in its implementation.
He said: "You can never guarantee a three-year plan will work, but I think Lloyd's is being realistic. They're sensible objectives, so the plan ought to be achieved if we work hard."
One market source described steps such as examining the annual venture, looking at Lloyd's capital regime and introducing cost-saving measures such as the handling of claims as "unsurprising".
Another senior market source said it was surprising that Lloyd's had not proposed setting up a trading floor in Bermuda, as allowed under Bermuda regulations.
A Lloyd's spokeswoman said the plan was a result of long discussions with the market and it was committed to working with it to take those ideas forward.
' The Lloyd's Market Association (LMA) has started working with the insurance market to address the issue of the annual venture.