In 2025, the LMA worked closely with managing agents, Lloyd’s, regulators and the wider (re)insurance ecosystem to enable the success of our members and the market. We advanced the simplification and digitisation of the market, strengthened our policy and regulatory influence, supported and represented Lloyd’s underwriters, and continued to invest in the talent pipeline that will shape the future of the Lloyd’s market.
Here are the highlights.
1. Simplifying and digitising the market
Advocating for managing agents on Blueprint Two
We played a central role in representing managing agents’ needs for the go-live of Blueprint Two Phase One programme of work in 2025:
- The Exit plan agreement was issued to all managing agents, enabling Velonetic to progress its work in 2025.
- We started negotiations for the renewal of the FERN central services contract, which expires at the end of 2026. This will require material outsourcing notification (MON) for the regulator and will involve vendors, customer panels, signing co-ordination and legal reviews.
- We clearly defined the needs for testing and customer engagement – for example, notification timelines for resource allocation agreed with Velonetic and the need for quality assurance, leading to improvements in testing application and maturity.
- A full data copy was reviewed and approved to allow a copy of heritage data to be transferred to the new environments for Blueprint Two. This allowed for data profiling and informed the ongoing software development work.
Velonetic central services pricing negotiations concluded successfully, securing a 10% gross reduction in Velonetic message-processing fees in 2026 for managing agents. The contract value is approximately £80m per year for the Lloyd’s market.
We also continued to press for a clearly defined Lloyd’s data strategy as part of the Lloyd’s strategy.
Progress on data standards and Core Data Record (CDR) adoption
- Treaty CDR and Claims CDR were published, and the Claims CDR is now out for consultation. The consultation work concludes in Q2 2026 for delegated authorities.
- A cross‑market coalition was established, bringing together brokers, managing agents, the company market and Lloyd’s to test and implement CDRs in specific use cases to help guide the “how to” of adoption and implementation.
Simplifying reporting for managing agents
We continued to advocate for simplification of Lloyd’s reporting, including QMA (financial statement returns), QMB (performance data) and Solvency UK implementation.
Computable Binding Authority Agreement contracts
Good progress has been made, including the creation of 400+ revised binding authority wordings, with publication of final wordings and the data information model scheduled for 2026.
Streamlined compliance for coverholders
Working with Lloyd’s, we agreed the initial question set for streamlined compliance, with ongoing reviews to simplify and implement using a central system. This approach is designed to drive simplicity and apply ‘ask once, share with many’ principles for coverholder compliance work.
Operational resilience
Working with Lloyd’s and the regulators, we have supported the April 2025 go-live and benchmarking for operational resilience across the market. We are also leading shared vendor testing for market participants.
2. Leveraging the market’s technical expertise to influence policy
Strengthening LMA’s global policy footprint
2025 saw major progress in regulatory and policy engagement:
- Extensive engagements with Lloyd’s Insurance Company (LIC) in Paris and Brussels, including EIOPA, Insurance Europe and the Global Federation of Insurance Associations.
- Deepened relationships with Lloyd’s Europe and Lloyd’s US.
- A new monthly legal and regulatory horizon scanning report launched.
- Played a pivotal role in shaping and delivering LIC’s Funds Withheld model, successfully securing full adoption across all managing agents.
Consumer definition and regulatory competitiveness
We lobbied European and UK regulators on changes to their definition of ‘consumer’ as part of a broader drive towards a competitive regulatory framework for specialty insurance.
Improving oversight, culture and claims practices
Working closely with Lloyd’s, we secured agreement on annual change cycles for Principles for Business Oversight, supporting smoother transitions for managing agents.
Advocacy on business planning and capital oversight
A pilot with Lloyd’s for a three‑year business planning model was initiated, laying the groundwork for a move toward continuous oversight.
Representing members’ interests to regulators
We reviewed 244 consultations and submitted 66 responses on behalf of LMA members. Our challenge and advocacy resulted in several important changes, including:
- Pull back on the FCA’s policy approach to Name and Shame and Non-Financial Misconduct.
- Reduction in the scope of the Consumer Duty and widening of ‘Bespoke’ definition.
- Removal of Lloyd’s two-stage complaints process.
- Managing agents being out of scope for solvent exit planning.
- Commercial business being excluded from the Financial Ombudsman Service levy.
3. Supporting, engaging, representing and finding solutions for Lloyd’s underwriters
Committee and wordings leadership
We helped resolve market issues raised through the committee matrix and our wordings work. 4,000 individuals were actively involved in 70+ LMA committees and we published 120 model wordings in 2025.
Events and knowledge sharing
Across the year, we published several in-depth thought leadership and research reports on topics including, enhanced underwriting, Lloyd’s results analysis, systemic cyber risk, artificial intelligence and trade credit claims.
We delivered an extensive programme of 60+ market events, including Subscription Market Brokerage: Lessons from the Past and Guidance for the Future, 10 Years of the Insurance Act, the Underwriting Talent Summit, the Claims Awards, Underwriting the Transition roundtables and a series of non-financial misconduct workshops, to name just a few.
In August, we launched the new LMA website, providing members with a more modern and improved user experience.
4. Increasing the market’s technical expertise and broadening its talent pool
Claims talent strategy
Our online claims job simulations attracted 2,500 new potential entrants into the claims talent pipeline, significantly widening market reach. We launched a video series showcasing professionals from a range of disciplines sharing their journeys, perspectives and advice for those considering a career in claims.
LMA Academy expansion
2025 was a milestone year for our award-winning LMA Academy, with six new courses launched and 67 events delivered to 1,181 delegates, totalling 12,580 hours of training across the Lloyd’s market. We also introduced the Early Talent Kickstarter Programme – an immersive four-week development programme for early-career professionals.
Supporting female underwriting talent
We supported the market in progressing Lloyd’s executive director targets, particularly for female underwriters. We spotlighted the declining senior female pipeline through a dedicated video series featuring female leaders, targeted media articles and events exploring the issue, including our sell-out Underwriting Talent Summit in November – and provided firms with practical actions to help strengthen their pipelines.
Looking ahead to 2026
The Lloyd’s market continues to evolve at pace and the LMA’s role is to ensure that managing agents have a strong, unified voice in shaping its future. We bring the market together to build consensus on complex issues, ensuring that the solutions we advocate deliver real benefit to our members. Our 2026 priorities reflect this commitment, focusing on underwriting innovation, strengthening technical expertise, simplifying processes through digitalisation, and influencing regulatory frameworks to protect and enhance the market’s position globally.