Lloyd's Overhauls Management in Modernization Push

Law360, London (November 8, 2019, 2:04 PM GMT) -- Lloyd's of London has announced plans to simplify its management structure, as the 330-year-old specialist insurance market continues its drive toward modernization.

The Council of Lloyd's and the franchise board will be merged into a single 15-member governing board, which will become effective from June 2020. The corporation set out ambitious modernization plans in its "Future at Lloyd's Blueprint One" in September, which places a greater focus on electronic trading for its 99 member syndicates.

The market has also faced calls for it to reform its traditionally male-dominated culture, with accusations of sexual harassment and daytime drinking.

"We are building a...

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