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ANALYSIS: Lloyd's looks to alter product mix
16 February 2010
Lloyd’s of London’s decision to broaden its product range as part of its strategic plan will not harm the market’s position in its core lines, Sean McGovern, Lloyd’s general council, has told Reactions.
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Lloyd’s of London’s decision to broaden its product range as part of its recently released three year strategic plan, which followed the most extensive review of its business in a decade, will not harm the market’s position in its core lines, Sean McGovern, Lloyd’s general council, has told Reactions.
The move will see Lloyd’s target more small to medium-sized (SME) specialist insurance risks in an effort to counter a shift in recent years towards a greater proportion of catastrophe risks.
McGovern said Lloyd’s would be looking at less volatile and lower margin risks.
“We want to ensure we have an environment that is attractive to higher volume business, but not high street business,” McGovern said, although he conceded that in the end it is “up to them [Lloyd’s managing agents] what they write”.
Last year, Reactions reported that Lloyd’s was growing concerned with...
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