Max Taylor, chairman of Lloyd's, said there would be no move to abolish the annual venture, the means by which Names bring their capital to the market every year.
Names have been seeking the assurance since earlier this year when Ron Sandler, chief executive, attacked the annual venture and said it was impeding Lloyd's competitiveness. Michael Deeny, chairman of the Association of Lloyd's Members, said: "I believe Names are here to stay at Lloyd's and we now have a clear commitment to fair and equitable treatment that will enable us to trade forward."
Lloyd's said it was now leaving the decisions to the free market. Names are already being offered increasing amounts to sell their underwriting capacity by corporate members of Lloyd's. They now underwrite well under 40 per cent of Lloyd's business.Reuse content