Lloyd's of London is planning to cut 10% of itsstaff in the U.K. as the world's oldest insurance market looks tostreamline operations and reduce costs amid continued pricingpressure on its members.

Lloyd's plans to introduce a new organization structure in thefourth quarter and the job cuts will be part of that change,Chief Executive Officer Inga Beale wrote in herhalf-year email to members. The insurance market currently employsaround 800 people in Britain, a spokesman said on Monday.

Voluntary severance program

"We are seeking to minimize the impact on our people by openingup a voluntary severance program and through redeployment withinthe organization," the CEO wrote.

Continue Reading for Free

Register and gain access to:

  • Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.