ACE chairman and chief executive Brian Duperreault has called on the London Market to modernise its business methods.
Duperreault, who was speaking at Ace's annual board meeting, said: "London is one of our most important markets, and it is where we have our European headquarters. It also represents some 25% of our activity.
He added that the London Market's adoption of new technology has helped remove past inefficiencies, although he warned the market would need to maintain this.
He said: "The Lloyd's market is important to us and what we do. I'm glad to see Lloyd's making good returns and taking significant steps to resolve its past issues.
"The market remains the most international market in the world and I do not think that situation will change. The underwriting discipline that was severely lacking seems to be coming back."
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
