Lloyd’s of London, which employs nearly 50,000 people, is attempting to improve its culture and conduct in the market after some employees’ behaviour has come under scrutiny from regulators [File: Hannah McKay/Reuters]

British insurance and reinsurance market Lloyd’s of London said on Friday that it will simplify its governance structure by merging its two existing boards into one, as it attempts to modernise to fend off competition from cheaper rivals.

United Kingdom-based, 330-year-old Lloyd’s, which has 99 syndicate members offering insurance in specialist areas from ships to sculptures and which conducts much of its business face-to-face, is planning to move onto electronic exchanges and make it quicker and cheaper to set up a syndicate.

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