Lloyd's has decided not to pursue admitted status in the United States, according to Chief Executive Officer Richard Ward, who joined the market in late April.
In a six-month status report issued last month to Lloyd's franchisees, Mr. Ward–who has yet to speak directly with the media about his plans for the world's oldest insurance market–said that no action will be taken for the time being to obtain admitted status in this country.
"The main reasons for this were the associated regulatory burden, limited franchisee interest and Lloyd's distribution profile within the U.S.," Mr. Ward explained.
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