I am delighted that Richard has agreed to join Lloyd's at such a critical time. [There] is much to do to improve efficiency and move to the next level.

Lloyd's has made huge progress in recent years and is in good shape.

It's just nuts. The idea that someone is just going to switch it off in three or four weeks, even if it's only in the United States, is crazy.

Lloyd's has made huge progress in recent years and is in good shape, but we are clear there is still much to do to improve the market's efficiency and move to the next level.