Lloyd's said that it plans to launch its own insurance based index, the Lloyd's Index, in the middle of 2016.
Lloyd's said that the index, based on detailed insight into the performance of the market, will provide managing agents, brokers, and other insurers with new options for the managing of risk and form the basis of index-related products that could attract the interest of wider capital markets.
Lloyd's said that it will spend the next few months discussing the initiative with the market and regulators.
Lloyd's chairman, John Nelson, said, “This is an exciting and innovative development for Lloyd's. Our continued success is dependent on being able to develop the tools the market needs and also reflect the environment it is operating in. I believe this proposal would be advantageous to both Lloyd's and non-Lloyd's participants, keeping pace with the evolving insurance industry and the new sources of capital now available. We look forward to hearing the views of the market.”
Learn more: https://www.lloyds.com/.
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].