The world’s leading insurance and reinsurance market, Lloyd’s of London, has delayed the rollout of its strategy to digitalise the market for the fourth time.
Blueprint Two was launched six years ago, labelled an “ambitious strategy” by the market. The programme was pitched as delivering a “profound” change in the market through digitalisation.
Lloyd’s, together with the market associations and Velonetic, is aiming to build a system to help digitalise the market.
Lloyds initially estimated that phase one would launch in June 2024, but it was pushed back to July 2024, and then again to October 2024.
Back in March, it was reported that Lloyd’s had announced this rollout would not happen in 2025, pushing back the date to 2026.
However, within the pages of its results this morning, the market’s new CEO, Patrick Tiernan, stated that the re-platforming element of Blueprint Two is unlikely to go live before 2028.
Lloyd’s of London beset with delays
This comes as Lloyd’s reported a profit before tax of £4.2bn for the first half of 2025. Gross written premiums climbed to £32.5bn, up from £30.6bn reported for the same period last year.
Tiernan stated the market “delivered a solid half-year performance”, adding that looking ahead, the market’s focus “remains on facilitating sustainable and attractive returns on capital through the economic cycle.”
Commenting on the news, Caroline Wagstaff, CEO of the London Market Group, said: “The re-platforming element of Blueprint Two is both complex and critical. The system handles billions of dollars and millions of messages.”
“Getting it right is vital and, while the timing may be disappointing, the clarity now on costs and next steps should offer market firms considerable comfort on the delivery of a robust infrastructure that will deliver genuine efficiency,” she added.
Lloyd’s Market Association (LMA) CEO Sheila Cameron said the move “reflects a commitment to doing what’s right, prioritising the operational resilience and effectiveness of the London insurance market over speed”.
She explained that in 2024, the London market handled 287m messages between counterparties.
“These volumes highlight the importance of having an infrastructure that can reliably and securely support the scale and complexity of the market. This is the real purpose and win of this long-term project,” she added.
