This week Lloyd’s announced it had got its broker with Aon, Marsh and Willis publicly backing “a key stage in progressing market modernisation by agreeing to pilot the Exchange for endorsements using the latest agreed version of the ACORD standard”.

The Exchange according to Lloyd’s is “a market utility that checks and enforces one information standard across the market. It provides a service to send messages between multiple parties through a single connection”.

Mr Ward said he was delighted with the news adding: “The Exchange, which was an initiative originated by Lloyd’s, will be a key facilitator in continuing to modernise the market and the top three brokers are critical to driving live use and proving the value. I am grateful to all who are committed to make it succeed and we are now working with the London Market Group (LMG) to review the governance and ensure it becomes a true market Exchange.”

His views were echoed by the three brokers.

"Aon is completely supportive of modernization of the Lloyd’s marketplace to create more efficiency and better insurance solutions for our clients," said Aon Corp President and CEO Greg Case.

Marsh CEO, Dan Glaser added: "Marsh is delighted to support the development of the Exchange by piloting a key facet of the operation. With ease of electronic access and process transparency, the Exchange provides clarity, quality and efficiency in exchanging standardized information. Ultimately, it’s our clients who stand to benefit from a more efficient marketplace and contract certainty – and that’s a compelling value proposition."

Joe Plumeri, Chairman and Chief Executive Officer Willis Group Holdings Limited, also backed the Exchange the market’s modernisation plans.

"Modernisation of the London Market is essential,” he said. “A more efficient marketplace will deliver benefits for all participants, most importantly for our clients. We look forward to working with the other brokers and underwriters on the endorsements pilot."