Lloyd's chief executive Richard Ward will have to produce tangible solutions for the market in 2007 if he is to prove a success, senior industry figures have warned.

As he prepares to mark one year in charge, questions have been raised about the extent of Ward's achievements, since he took over from former chief executive Nick Prettejohn in April 2006.

Lloyd's insisted the past 12 months had been a success, pointing to contract certainty, the progress on electronic claims and accounting and settlement repositories.

They also highlighted a ratings upgrade, the Equitas deal, and its bumper results.

But, one senior market source, told Insurance Times: "I am not sure he can point to any success here, just industry success."

Another industry figure added: "This year he will have to start to show some tangible work.

"There are some people who are still questioning the expense level of the Lloyd's platform."

Calls for further work on lowering the cost of operating at Lloyd's have also come with a warning about controlling the amount of incoming capital in a softening market.

"It is great for him to go around the market announcing £16.1bn of record capital, but it is not necessarily what the market needs in a soft cycle," insisted the source.