A number of Lloyd's insurers, including Amlin, Hiscox, and Kiln have returned capital to shareholders and several others have said they plan to cut their underwriting capacity in the market to maintain underwriting discipline as risk prices come down.
But new underwriting entities, known as syndicates, have set up in the 300-year old market in recent months, drawn to Lloyd's by their ability to begin competing for business immediately in the global insurance market, thanks to Lloyd's worldwide operating licenses and strong credit agency ratings.
Lloyd's said it would no longer provide details of its annual underwriting capacity, which measures how much business the market could underwrite if it choses to do so, and would switch to reporting how much business it had written in the previous year, bringing it into line with rivals.