It seems Lloyd's has finally found its franchise board director.

At a secret meeting held in the Lloyd's Old Library last week, Lloyd's chief executive Nick Prettejohn told a select audience of senior figures: "No formal appointment has yet been made, but we hope to have an announcement in the next two to three weeks."

It is understood the director will not be a Lloyd's man, but instead a key London Market figure, or even a total outsider - a banker perhaps.

Sources close to Lloyd's told Insurance Times that an offer has been made and that the proposed director was "just negotiating his severance pay with his present employer".