PracticeAuditNew accounting rules for Lloyd’s of London

New accounting rules for Lloyd's of London

Lloyd's of London is expected to annnounce a radical overhaul of its accounting rules tomorrow.

The insurance market is undertaking a massive review of its structure and a key strategy group is expected to publish its findings tomorrow.

A spokesman for Lloyd’s said none of the proposed changes had yet been made public but reports in today’s press suggested one of the big changes would be to reform the market’s three year accounting period.

The changes are understood to have been prompted by a desire to satisfy corporate investors who now make up more than 80% of Lloyd’s underwriting capacity.

The full proposals are expected tomorrow (Thursday) afternoon.

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