Lloyd’s charts bold growth plan to 2025

One of the most recognizable brands in insurance is launching an ambitious strategy to become a “global hub for specialist insurance and reinsurance” over the next decade.

Vision 2025 is Lloyd’s plan to “truly internationalize the Lloyd’s underwriting community” by setting up a small number of underwriting hubs in key regions and focusing on “faster growth markets” in addition to its established business.

“Our Vision 2025 is a rare breed in these challenging economic times,” Lloyd’s chairman John Nelson said. “It is a strategy for growth.”

The plan, developed in consultation with Lloyd’s underwriting market and its clients, aims to diversify the capital base of the insurance market, with a greater contribution from the leading growth countries. Lloyd’s premium from its established markets will be at least in line with the GDP growth for those markets, the insurance market noted.

Lloyd’s also reinforced its commitment to the “broker market, making maximum use of brokers’ international networks.”

“This vision sets out ambitious plans for the Lloyd’s market to grow, internationalize and diversify,” said Lloyd’s chief executive Richard Ward at a press conference May 11 attended by British Prime Minister David Cameron.

“The level of interest among high quality overseas insurers in coming to Lloyd’s is high, but we will be managing the entrance of these new providers carefully. This is a strategy of steady progress, not rapid revolution.”