The Corporation of Lloyd’s has approached all of its 1,100 members of staff inviting them to register their interest in voluntary redundancies amid ongoing efforts to revamp its operating model, according to reports.

The news was first broken by The Insurance Insider, which said the number of potential job cuts is yet to be determined by the Corporation.

A Lloyd’s spokesperson said: “We have been looking at the future operating model for Lloyd’s including our proposed structure, our processes and technology, so it can ensure that we are easy and efficient to do business with.”

"What we are announcing is the opportunity for people to register their interest in the programme, and this will help inform how we continue to develop our plans around the operating model.”

Further details are due to be announced to the market by the end of the third quarter.

Last December, Lloyd's announced that it was restructuring and simplifying its operations following a review by niche consultancy One6.

"This new structure and various initiatives will allow us to become more effective and efficient, ensuring the market has clear routes into the Corporation, avoiding duplication, whilst freeing up teams to look at the issues and opportunities around ensuring Lloyd's remains at the heart of global insurance and reinsurance,” remarked Lloyd’s CEO Inga Beale at the time.

"These changes are about making it easier for us to play the role the market expects."

Meanwhile, Lloyd’s has also reduced the costs of market subscriptions by 10 percent for 2017 as part of efforts to remain competitive.

Amid an ongoing soft market environment, carriers have been under pressure to become more efficient and reduce their operating costs in a bid to improve margins and Lloyd’s is no exception.

The Corporation’s expense ratio has steadily increased over the years, climbing from 34.7 percent in 2010 to 40.6 percent in 2016, driven by rising acquisition costs.