Lloyd’s of London to benefit as Formula 1 firms look to ease insurance costs

Lloyd’s of London is lined up for one of its biggest ever contracts as Formula 1 firms look to pool cover to cut costs.

At present, F1 is listed on Nasdaq but the companies that run the 21 races are independently owned.

They plan to switch from individual policies to a joint one offering £1.6bn cover.

The plans, discussed by the Formula One Promoters Association, are in response to Formula hitting them with a 5% rise in hosting fees.

It is understood that the one single broker could do the deal, according to the Evening Standard.