On Friday 11th May, the Chairman of Lloyd’s, John Nelson, launched Vision 2025. The launch was attended by the Prime Minister, David Cameron, and senior figures from the City and Lloyd’s community.
John Nelson described Vision 2025 as follows: “The essence of this strategy is to make sure that Lloyd’s becomes the true global hub for specialist insurance and reinsurance by 2025. We are the only physical insurance market in the world, but the majority of our business comes from the English speaking world.
The challenge we have is to grow the Lloyd’s footprint into the emerging growth countries. So the vision sets out that Lloyd’s growth, over the cycle, should at least match GDP growth in individual countries, and in some fast growth territories we should be looking to exceed this.”
Both Neil Smith, Chief Executive of HAL, and John Francis, senior research analyst at HAL, are involved in the project providing feedback to Lloyd's on their vision for private capital. Interestingly, the Lloyd’s Vision 2025 available here comments in the capital section, as follows: “Private ‘Names’ capital will continue but new ‘Names’ capital will be provided on a more flexible basis and more efficiently, mainly via Special Purpose Syndicates.”
Hampden comment: Lloyd's aims to be the global hub for specialist insurance and reinsurance capable of taking advantage of opportunities worldwide and especially in new and emerging markets. Vision 2025 is not a radical reinvention but an affirmation of Lloyd's core stengths with an eye to developing its worldwide position in the future.
The Vision targets an expanding and diverse capital base: Hampden expects private capital to play a key role in providing both diversity and growth of capital in tandem with Lloyd's plans for sustainable profitable growth.