Lloyd's taxation and its oppressive cost base still need reform to assure solid underwriting results in the future, according to senior insurance figure, Tony Markel.

The president and chief executive of Markel Corporation said despite it being "one of the most, if not the most, dynamic, important, positive, productive periods in the history of Lloyd's," many areas still needed serious attention.

Markel identified a number of areas where good progress had been made, including the establishment of the Franchise Performance Directorate and the deal struck between Equitas and Berkshire Hathaway.

But, he said taxation inequality, the cost of doing business at Lloyd's, and the modernisation of administrative processes, remained three of seven key areas to be tackled to assure Lloyd's future.

He said: "It's absolutely ridiculous in this day and age to have anyone walking down Leadenhall Street carrying 20 pounds of files. Management is acutely aware of the issue and the need for reform and I have every confidence that, coupled with the Market Reform Group, they will get it done."

Other areas of attention include education, assurances of solid underwriting results, the Lloyd's brand and the establishment of Lloyd's in local markets.