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Lloyds of London to Cut Staff 10%

In her half-year email to members, Lloyd’s of London CEO Inga Beale said Lloyd's will introduce a new organization structure in the fourth quarter, which will include job cuts...
June 28, 2017

Lloyds of London

In her half-year email to members, Lloyd’s of London CEO Inga Beale said Lloyd's will introduce a new organization structure in the fourth quarter, which will include job cuts. The insurance market currently employs around 800 people in the United Kingdom, and about 10 percent of staff will be cut as the market looks to streamline operations and reduce costs amid continued pricing pressure.

Lloyd’s insurers have seen profitability squeezed by low interest rates and pricing pressure from hedge funds following five years with below-average catastrophe claims. Beale indicated that distribution and administration costs are “unsustainable at current rates,” and managing agents and brokers need to lower internal costs and work more efficiently. She added that the insurance market should shrink this year and next as underwriters maintain strong discipline.

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