Lloyd’s of London shakes up its governance with single board
British insurance and reinsurance market Lloyd’s of London
said on Friday that it will simplify its governance structure by merging its two existing boards into one, as it attempts to modernise to fend off competition from cheaper rivals.
United Kingdom-based, 330-year-old Lloyd’s, which has 99 syndicate members offering insurance in specialist areas from ships to sculptures
and which conducts much of its business face-to-face, is planning to move onto electronic exchanges and make it quicker and cheaper to set up a syndicate.
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