London market leaders must accelerate the pace of electronic processing or face sanction, Lloyd's Chief Executive Officer Richard Ward has warned.

In a recent letter to managing agents, Mr. Ward said the Lloyd's Franchise Board will take “firm action where necessary” to ensure that progress is made. “The pace of change is still too slow. Improvements to the market's processes are fundamental to the ongoing competitiveness of Lloyd's market,” his message read.

The market's still relatively new CEO, who has made modernization of the paper-intensive Lloyd's market his top goal, declined to specify what action would be taken against recalcitrant managing agents.

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