The Lloyd's Market Association (LMA) has backed the principles of the Lloyd's chairman strategy group (CSG).
In a statement, the LMA board said: "Whilst specific aspects of the document will inevitably present difficulties to some firms, the Board supports the principles on which the CSG proposals are based and has confidence that, following the changes already made, the package of reforms now offered presents the right way forward for the market."
The LMA had some input in the findings, creating the Franchisee Liaison Group and a Capital Liaison Group which has canvassed managing agents and underwriters. The result will now be put to the Society at its extraordinary general meeting on 12 September.
Chairman of the LMA Stephen Catlin said: "Given a successful outcome to the EGM, the LMA will play its fullest part in the next stage on behalf of the underwriting businesses at Lloyd's."
