Lloyd's of London is contemplating a debt raise to fund a strategic transformation plan that would charge market participants using a pay-per-use model, The Insurance Insider reported, citing unnamed sources.

The potential scenario would see users charged each time they used central Lloyd's services such as its data and research ecosystem and its IT platforms. However, alternative financing methods are still under consideration, the Insider said.

To put the plan into action, some London market businesses will help, with about 100 to 200 secondees drafted in, according to the report. Lloyd's is set to reveal details of the cost involved in the strategic shift in October.