Lloyd's is set to announce details of a "three-year tactical plan" in the New Year.

Speaking at the Xchanging conference in Brighton, Julian James, world markets director at Lloyd's, said: "It will focus on delivering some very real and tangible benefits to market participants."

"I can give you a flavour. Mutuality at an affordable price. A capital setting process and a performance management framework which is tailored for each franchisee. An improved distribution network with lower acquisition costs. More efficient business processes which are comparable with other platforms."

James' speech focused on plans for the future of Lloyd's which he said were "underpinned by the four pillars of performance management, a competitive platform, high-quality business processes and a strong brand."