Lloyd's chairman Sax Riley is getting very annoyed with publicity surrounding the proposed changes to the 314-year-old market, Backchat hears.

The recommendations, which propose three-year accounting and that an end be brought to unlimited liability Names, have now become known worldwide as "The Bain Report".

But Riley is said to be frustrated that management consultants Bain & Co are taking the full glory. After all, he came up with the plan to modernise the market, creating a 17-strong team in April to discuss the way forward. Meanwhile Bain & Co contributed a mere two people to the cause.