Lloyd's future strategy will be reviewed by a high-level group of senior Lloyd's figures, led by Lloyd's chairman Sax Riley.

It will include representatives of all sectors of Lloyd's, including council members, members' agents, managing agents and Lloyd's chief executive Nick Prettejohn.

“This review will examine each of the issues fundamental to our business against the needs of a 21st century international insurance organisation,” said Riley.

The review, which is being assisted by management consultants Bain & Company, is expected to last six months. Any changes will not take effect until the 2003 underwriting year at the earliest.