Lloyd's of London met a second-quarter target to complete at least half of ...
LONDON - Lloyd’s of London met a second-quarter target to complete at least half of its insurance under-writing deals electronically, as part of efforts to modernize operations and save costs.
In May, Lloyd’s, which relies heavily on face-to-face trading, said all participants would move to electronic exchanges next year, as the 330-year-old market responds to competition from cheaper rivals. Lloyd’s, which has 99 syndicate members comprising British and international insurers, accepted an average of 60.2% of in-scope risks electronically, trade body the London Market Group said in a statement. All Lloyd’s members met the target, it said.
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