The new moves will be discussed in a business plan that will be presented to the market before the summer by David Rowland, the chairman of Lloyd's.
Within Lloyd's it is felt that the existence of independent members' agencies, which introduce individuals to Lloyd's and the market's syndicates, adds to the cost base of the market. The authorities are keen that members' agencies merge with managing agencies, which run insurance syndicates. Officials feel that such a move would reduce costs.
At present, there are 17 large firms of members' agencies at Lloyd's, some owned by large insurance brokers.
In order to deal with the question of so-called 'open' years at Lloyd's, in which past liabilities cannot be quantified, Lloyd's is considering setting up a central agency to provide a solution for distressed underwriting members facing millions of pounds' worth of losses.
Richard Burgoyne, 54, who founded the insurance broker Burgoyne Alford, which specialised in contact lens insurance and household insurance, died last Saturday. An inquest is to be held.Reuse content