Like many new to the acronym-obsessed industry that is insurance, Lloyd's chief executive Richard Ward has struggled to get to grips with his ECFs, ARTs, ILWs or LCOs.

If trying to run the world's leading insurance market wasn't hard enough, Ward has just been given another helpful acronym to add to his 'must remember' list.

Nick Gooding, chairman of Lloyd's issues committee of the IIL, said a "Luddite tendency" could be used to describe the market's approach to technology.

That's Luddite meaning Lloyd's Underwriters Demand Demise of Information Technology Expansion.

Ho ho ho, thinks Backchat, it's almost certainly the only insurance acronym that makes any sense.