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.

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