![]() ![]() Stung by combined losses of 3 billion pounds ($3.9 billion) over the last two years, John Neal, the new chief executive of an insurance market founded in a London coffee house in 1688, is under growing pressure to drag Lloyd’s into the 21st century.įollowing a six-month review, Neal will unveil a new strategy next week expected to include a push to automate arcane processes, a shift away from risky catastrophe insurance, a hard look at the middlemen who drive up the cost of doing business at Lloyd’s and ways to attract new sources of capital. Old-fashioned business practices, exposure to natural disasters, competition from rival centres and Brexit are all threatening Lloyd’s reputation as the place to insure anything from ships to sculptures to soccer stars’ legs. ![]() A man enters the Lloyd's of London building in the City of London financial district in London, Britain, April 16, 2019. ![]()
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