Core Insights - The Lloyd's Market Association, LIMOSS, and Vitesse have agreed to extend the Lloyd's faster claims payments (FCP) service for a minimum of three years, emphasizing an "insured-first approach" that enhances payment efficiency and capital return to carriers' balance sheets [1][2] - The FCP service has achieved full enrollment from all managing agents, indicating strong market adoption and integration into Lloyd's processes [1][2] - Vitesse will continue to manage the FCP service, which is seeing increased involvement from brokers and delegated claims administrators as its adoption grows [2][3] Financial Implications - Currently, over 700 live binders are being managed using the FCP service, showcasing its widespread implementation within the market [2] - Lloyd's holds $2.3 billion (£1.7 billion) in loss funds for payouts, and the FCP service can potentially reduce this amount by up to 80%, thereby freeing up capital for investment and new underwriting opportunities [4] Strategic Importance - The renewal of the FCP contract reflects the Lloyd's Market's commitment to customer-centric payment solutions that are also capital efficient, as stated by the claims director of the Lloyd's Market Association [2][4] - Vitesse's CEO highlighted the agreement as a reinforcement of their role as a trusted provider within the Lloyd's market, emphasizing the importance of their financial infrastructure in enhancing liquidity across Delegated Authority business [5][6] - The FCP service is designed to ensure immediate availability of funds for claimants, addressing the critical priorities of insurance executives regarding capital management, operational costs, and customer care [6]