Lloyd’s has published a set of Franchise Standards to help managing agents assess their overall performance. Minimum standards for underwriting and risk management have been issued to the market along with extensive guidance. They set the benchmark for all franchisees to meet or exceed, bringing into one place for the first time what Lloyd’s expects of businesses trading in the market in these areas.

Lloyd’s three-year strategic plan – Building the Optimal Platform – calls for ‘a clear and transparent performance framework’. These standards help to achieve that by ensuring clear communication of what Lloyd’s expects from franchisees, offering help as to how the standards could be met, but leaving firms to decide how best to meet them within their individual businesses.