Lloyd’s Warns Insurance Underwriters: Improve Or Be Expelled (1)

Lloyd’s of London, the world’s largest insurance exchange, has warned some member underwriters to improve their financial performance or risk expulsion.

John Neal, Lloyd’s chief executive officer, told the Times newspaper that there were about 10 syndicates out of 100 whose returns were unacceptable. While most were expected to “sort themselves out”, it would be “up or out” for those that couldn’t address years of weak returns, he said.

Lloyd’s had been on a drive to identify poor performing syndicates for the past three years, Neal said.

“We have been clear in communicating that we expect underperforming syndicates ...