Who has the responsibility of managing the affairs of Lloyd's?

The responsibility of managing the affairs of Lloyd's is held by the Members of Council. The Council operates similarly to a board of directors for Lloyd's and is composed of elected members who represent the various stakeholders within the Lloyd's market. Their primary role is to oversee the strategic direction and governance of Lloyd's, making key decisions to ensure its effective operation and adherence to regulatory requirements.

Members of Council are instrumental in shaping policy, maintaining market integrity, and ensuring that Lloyd's remains a resilient and competitive marketplace. They bring diverse experience from their respective firms within the insurance and reinsurance sectors, providing valuable insights that help steer Lloyd's towards achieving its objectives.

While other entities like the Board of Directors and the Group Chief Executive play important roles within their organizational structures, they operate under the authority and guidance of the Members of Council, who hold the ultimate accountability for Lloyd's operations. The Insurance Brokers Association, although significant in supporting the broker community, does not have a direct role in managing the affairs of Lloyd's.