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Insurance Hound


The Corporation of Lloyd’s oversees the market, establishing standards and providing services to support its activities It also manages Lloyd’s worldwide licences. The Corporation’s Executive Team exercises the day-to-day powers and functions of the Council and the Franchise Board. The Corporation (including its subsidiaries) had 886 employees worldwide, as at 31 December 2009. As well as providing cost-effective services to aid the smooth running of the market, the Corporation strives to raise the standards and improve the performance. The Corporation’s work is split into two main areas: 1. Overall risk and performance management of the market. Setting the level of capital Lloyd’s members must provide to support their proposed underwriting. Overseeing the market’s business activities by operating a minimum standards framework and monitoring the performance of syndicates in areas such as exposure management, cycle management, claims management and operational risk management. Working with the managing agents of underperforming syndicates to improve performance, intervening if stronger action is required. Managing financial and regulatory reporting for the market, including the production of its results and the Financial Services Authority (FSA) return. 2. Maintaining and developing the attractiveness of the market's capital providers, distributors and clients while preserving Lloyd’s diversity and London based business model. Managing and developing Lloyd’s global network of licences and the Lloyd’s brand. Taking action in the long-term interests of the market.

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