Lloyd’s issues comment after it reportedly ‘quietly shelves Blueprint Two’

Insurance marketplace Lloyd’s has shelved Blueprint Two after years of delays, according to a report.

City AM said that sources familiar with the situation have claimed that the project ”has been quietly shelved, with the team responsible for market engagement disbanded at the end of last year”.

In response, Lloyd’s said it remains ”absolutely committed to supporting the re-platforming of the market to a resilient, cloud-based operational infrastructure”.

Blueprint Two is the marketplace’s road map for digitising the London market.

In June 2024, Lloyd’s announced that the twice delayed phase one would be further delayed into 2025. Its technology provider supporting the project, Velonetic, then confirmed that Blueprint Two’s phase one cutover has been pushed back further still into 2026.

Then, in September 2025, Lloyd’s chief executive Patrick Tiernan said that the marketplace does not expect the re-platforming element of Blueprint Two to be completed before 2028.

City AM report that “it is understood that new leadership at Lloyd’s is exploring different strategies to draw a line under Blueprint Two and ’the toxicity associated with it’.”

Lloyd’s response

In September 2025, Tiernan said that market testing will not commence before 2026 and that when it does commence, due to earlier design choices, extensive testing is vital to verify that the re-platforming will deliver to the market’s needs.

He also highlighted that “we are committing to keeping heritage systems operationally resilient until at least 2030, so the market can be assured of long-term stability”.

When approached for comment by Insurance Times about the City AM report, a Lloyd’s spokesperson said: ”Lloyd’s remains absolutely committed to supporting the re-platforming of the market to a resilient, cloud-based operational infrastructure.

”We continue to work closely with Velonetic and its other two shareholders, DXC and the IUA, to ensure the heritage systems remain operationally resilient until at least 2030, so the market can be assured of long-term stability, and establish a roadmap that transitions the market to digital services through incremental, carefully sequenced steps.”