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Report: Lloyd's raises £300M senior debt to fund modernization program

Lloyd's of London has raised £300 million of senior debt to fund an overhaul in line with its previously announced plan to modernize the business, the Financial Times reported.

The company unveiled some key concepts in the company's modernization plan, the Future at Lloyd's Blueprint One, in September. The plan includes the creation of a digital platform for the placement of hard-to-cover risks, the launch of a risk exchange and its "syndicate-in-a-box" concept.

Lloyd's said it will release funding in stages for the modernization plan, which is expected to be implemented over several years. The company intends to release an update in February 2020, which will include detailed plans for the implementation of the first stage of Blueprint One, according to the report.

COO Jennifer Rigby will be in charge of the overhaul, while Deputy Chairman Andy Haste will lead a committee to oversee the project, according to the report.