Lloyd’s of London will delay its Blueprint Two re-platforming project until at least 2028, with market testing not expected before 2026.
CEO Patrick Tiernan admitted the update will frustrate participants who have waited years for progress on the overhaul of the market’s client infrastructure.
I’m fully aware that the market has waited too long for the delivery of this project, and I acknowledge the challenges this has posed for firms seeking to plan their own technology initiatives with confidence
Lloyd’s CEO Patrick Tiernan
Tiernan added that firms need more certainty to plan their own technology strategies but stressed that “mission-critical” testing cannot be rushed.
Heritage systems will remain in place until at least 2030 to safeguard stability. Tiernan declined to disclose updated costs but said no additional levies or capital raises are expected.
The delay comes as Lloyd’s contends with heightened loss activity and shifting risk. Tiernan said insurers now face more frequent and interconnected shocks, from financial crises and terrorism to extreme weather, cybercrime, and geopolitical instability.
Yet insurance penetration remains “pitifully low,” he argued, reflecting an industry lagging in innovation relative to rising risk.
Lloyd’s financial results underscored that volatility. First-half pretax profit slipped to £4.25 bn ($5.71 bn) from £4.92 bn a year earlier.
Gross written premiums climbed 6.2% to £32.47 bn, but the combined ratio deteriorated to 92.5 from 83.7. Lloyd’s reported a £1.27 bn hit from California wildfires, while aviation claims tied to the Russia-Ukraine conflict also weighed on results.
Pricing softened 3.5% on a risk-adjusted basis. CFO Alexandra Cliff said expenses must be tightly controlled to offset weaker pricing and a 2.2% foreign-exchange drag.
Lloyd’s paid out £14 bn in claims during the half, with reserve releases dropping 1.1% as the market strengthened aviation loss estimates.
Growth came from both new and existing syndicates, with reinsurance the standout segment. Property lines expanded more slowly in competitive U.S. markets.
Lloyd’s maintained full-year targets of a 90–95 combined ratio, GWP near £60 bn, and investment returns around 4%, compared with 3.1% in the first half.
Looking ahead, Chief of Market Performance Rachel Turk said GWP could reach £66 bn in 2026 with a combined ratio of 91.5, supported by multiclass facilities and new entrants. She cautioned, however, that conditions in several lines remain highly fluid.
