Lloyd’s has flagged further delays to its Blueprint Two digital transformation, warning of “cost implications” as the market keeps its old systems running until at least 2030.

“I recognise that this update will come as a disappointment to many,” CEO Patrick Tiernan said. “I am fully aware the market has waited too long for the delivery of this project.

“I acknowledge the challenges this has posed for firms seeking to plan their own technology initiatives with confidence.”

He gave the update in Lloyd’s half-year report after an independent review of the project.

“I need to reset expectations around the milestones of market testing, dress rehearsals and safe cutover,” he said.

Market testing will not begin before next year and Lloyd’s does not expect the replatforming element of Blueprint Two to be completed before 2028.

“There will be cost implications of this more realistic timeline,” Mr Tiernan said. “We have not yet completed the full assessment of what these may be and I’m therefore not able to share them with the market ... However, my expectation is that it will not require any further market levies or capital raises. This will be confirmed once the full assessment has been completed.”

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