Underwriters appear keen to take on board ideas thrown up by the reforming of Lloyd's market business processes, according to a report published today.

The fourth Lloyds's underwriting survey, follows another set of figures issued by the Market Reform Group (MRG) indicating that the London market has made significant progress in its target of reforming processes.

Rolf Tolle, Lloyd's director of franchise performance, said: "The global economy and managing the cycle are foremost in underwriters’ minds as we start 2008, and we are currently seeing a number of them pulling back on their underwriting in the face of current market conditions."

Lloyd's has 75 syndicates underwriting approximately £15.95 billon worth of business.

They are managed by 46 agents and supported by 176 brokers.

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