Lloyd’s of London reviews operations after losing $2.6 billion and CEO

Thomson Reuters

7/31/2018 10:33:00 AM

Source: Business Insurance


(Reuters) — Lloyd’s of London is reviewing all aspects of its business, including its centuries-old structure, to ensure it is cost-competitive and responsive to both clients and members, especially after Britain leaves the EU, industry sources said.

The review, coming after a £2 billion ($2.64 billion) loss last year and the news in June that CEO Inga Beale will step down, goes to the core of the institution’s hybrid personality, senior insurers and other officials in London’s financial services sector said.

Lloyd’s has been holding board and other internal meetings and separate discussions with broader market participants on the best way forward, the officials said. Precise details of the review have not been disclosed, they said.