Lloyd’s combines oversight functions to reduce complexity

Lloyd's is combining its oversight functions and changing its operating structure as part of an effort to reduce bureaucracy and the cost of doing business in the market.

A new Oversight and Performance function will bring together governance, performance, reserving and syndicate-level capital setting under Rachel Turk, currently chief of market performance and strategy and a member of Lloyd’s Council.

The restructuring will eliminate Caroline Sandeman-Allen’s chief of market oversight role. She will support the transition before leaving Lloyd’s in 2027.

Lloyd’s is also introducing a global functional model across its offices, while its capital modelling and aggregation teams will report to Chief Financial Officer Jim Bichard.

Jacob Palmer will join the executive leadership team as chief strategy officer from Boston Consulting Group, where he was a managing director and partner in its insurance practice.

The changes support Lloyd’s strategy launched in March 2026. A principal target is to reduce the additional cost of operating at Lloyd’s, compared with operating outside the market, to no more than its headline charge of 1% of gross written premiums.