After attending the first U.S. public address by Lloyd's CEO Richard Ward, then listening to him dissect the formidable challenges he faces over lunch with a select group of business journalists, I came away with the firm impression he's the right person to transform the world's oldest insurance market.
Lloyd's is so incestuous that everyone knows everyone else–and, worse yet, just about everyone owes everyone else–so it would be that much harder for anyone coming from inside the market to turn everything upside down and force long overdue changes in standard operating procedure.
That won't be a problem for Mr. Ward, who came to Lloyd's last April after spearheading a successful rebirth of the London-based International Petroleum Exchange–rebranded as ICE Futures–from a wild trading pit into a fully electronic market.
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