Lloyd’s chief executive urges managing agents to connect to Exchange

Lloyd’s chief executive Richard Ward has urged the market’s managing agents to connect to the Lloyd’s Exchange.

In a letter sent to all managing agent chief executives today, Ward revealed that Lloyd’s was on course to meet its targets of having 80% of managing agents, by capacity, and 60% of brokers signed up to the electronic messaging system by April 2010.

He said: “If you are not yet connected to the Exchange, then please do so. Targets for the use of the Exchange with the London Market Group in Q1 2010 and we will be looking aw all options are our disposal to increase use of the exchange.

“We have made great strides in improving the way we work, but if we are to continue to modernise the Lloyd’s market we need to standardise the way we exchange information. This is simply all that the Exchange aims to do and I am confident that with your support we can ensure that it is given the best chance of success.”

Aon, Marsh and Willis, the three biggest brokers, have agreed to pilot the latest Exchange standards next year.