Report discloses price tag of Lloyd's ambitious overhaul plan

The price tag of Lloyd’s of London’s ambitious plan to become “the most advanced marketplace in the world” has been revealed. Lloyd’s CEO John Neal’s “Blueprint One” plan will cost £300 million (around $394.5 million) and will be funded by debt, according to a Financial Times report. The plan was unveiled in September after several years of declining performance and complaints about the high cost of doing business in the 330-year old insurance marketplace. Under Neal’s plan, Lloyd’s will cut costs by streamlining processes and launching initiatives such as an electronic risk exchange.