A new three-year contract has extended the faster claims payment service in place at Lloyd’s. Vitesse will continue to provide the service, which is managed on behalf of the Lloyd’s market by LIMOSS (London Insurance Market Operations and Strategic Sourcing). All managing agents in the market have signed up to the service, which currently caters for more than 700 binders.

Earlier in the year, Lloyd’s said the service had the potential to reduce the £1.7bn held in loss funds by up to 80% and that this capital could be used for investment and to provide capacity to write new business.

James Bobbitt, managing director of LIMOSS, said: “FCP is now firmly established as a proven funding and claims solution, and LIMOSS is delighted to be acting on behalf of the market to fulfil their clear desire for a continued FCP service.”

Janine Powell, claims director at the Lloyd’s Market Association, added: “Like all transformation projects this has taken hard work, time and commitment, but we now have an effective, scalable solution that works for the market, and this is reflected in increasing adoption and usage.”

Phillip McGriskin, CEO of Vitesse, said the service had helped to improve capital and improve liquidity across delegated authority business.

He concluded: “It provides a market-proven solution to the ever-increasing priorities for insurance executives of capital management, operating costs and customer care.”