Six years ago, life in the Lloyd’s of London insurance market was beset with uncertainty.

Fears that losses from the September 11 2001 terrorist attacks could be the final straw for a weakened market were passing, while the jump in premium rates across the insurance world were helping to reverse years of losses. However, Lloyd’s was beginning the biggest shake-up of its structure and management ever seen – the establishment of a franchise system to strengthen its capital base and the oversight of its underwriting practice. Nick Prettejohn, chief executive at the time, said it faced “gut-wrenching changes”.