Lloyd's Blueprint Two Reinsurance: What the CDR Means
On this page
- Lloyd's Blueprint Two: What the Core Data Record Means for Reinsurance Placement
- Key Takeaways
- What Was Lloyd's Blueprint Two, and What Happened to It?
- What Is the Core Data Record?
- What Does CDR v3.3 Change for Treaty Reinsurance?
- Worked Example: How Written-Line Data Drives Treaty Settlement
- When Should Your Team Adopt CDR Fields?
- Which Mistakes Do Firms Make With the CDR?
- How Should Firms Implement the CDR for Treaty Business?
- How Does This Affect Operational Resilience and Regulation?
- What Does the London Market Look Like After Blueprint Two?
- Checklist for Heads of Reinsurance Operations
- Key Terms
- Sources
- Frequently Asked Questions
Lloyd's Blueprint Two: What the Core Data Record Means for Reinsurance Placement
Last reviewed: November 2026
Lloyd's Blueprint Two was the Lloyd's and London market programme to digitise placement, accounting, settlement and claims, and in March 2026 Lloyd's announced it would sunset the programme's name and original vision. Its most durable output for reinsurance is the Core Data Record (CDR), the market standard for the data captured at written line.
The CDR has outlived the programme that created it. In May 2026 the London Market Group's Data Council released CDR v3.3, which extends the standard to treaty reinsurance for the first time.
This guide is for COOs, heads of reinsurance operations, treaty underwriters, brokers and finance teams placing or writing reinsurance in the London market. It explains what happened to Blueprint Two, what the CDR requires, and what to do with your treaty data now.
Key Takeaways
- Blueprint Two, launched in 2020, was sunset in March 2026 after repeated delays to its first phase.
- Lloyd's has refocused Velonetic on incremental modernisation and operational resilience.
- The Core Data Record holds the transactional data captured at written line for four downstream processes.
- CDR v3.3 (May 2026) extends the standard to proportional and non-proportional treaty reinsurance.
- CDR standards are published on the LIMOSS Market Business Glossary and aligned with ACORD standards.
- Clean written-line data reduces settlement breaks whatever happens to market platforms.
What Was Lloyd's Blueprint Two, and What Happened to It?
Blueprint Two was Lloyd's plan, launched in 2020, to move the London market to digital, data-first processing. It aimed to replace document-based placement and rekeying with structured data flowing from placement through to claims.
Delivery proved difficult. The first phase, focused on digital processing services through the market's central processing provider, was delayed several times, and Velonetic later indicated that its cutover had moved into 2026.
What Did Lloyd's Announce in March 2026?
Lloyd's announced with its full-year results on 19 March 2026 that its council had approved sunsetting the name and original vision of Blueprint Two. Lloyd's now says it has decided to transition away from Blueprint Two, because market technology has advanced markedly since the programme was conceived.
Lloyd's will refocus Velonetic, which runs the core processing services behind the London insurance and reinsurance market, on incremental technology modernisation that protects operational resilience. It will work with Velonetic, DXC and the IUA on a revised plan.
What Continues?
Lloyd's has said it has a critical role in setting standards and organising data, and that it will share useful data with the market. Market associations have described the core data standards as one of the programme's lasting successes.
The Lloyd's Market Association has stressed that the change is not a complete stop. Its 2026 priorities include maintaining operational resilience across the existing systems and finalising the CDR standards.
What Is the Core Data Record?
The Core Data Record is the set of critical transactional data that must be captured at written line. It aligns with ACORD technical standards, which are the agreed method for exchanging data in the London market.
Lloyd's describes four downstream processes the CDR supports:
- Premium validation and settlement
- Claims matching at first notification of loss
- Tax validation and reporting
- Regulatory validation and core reporting
Each process breaks when written-line data is missing or wrong. That is why the CDR matters even without a new central platform.
How Does the CDR Relate to the MRC v3?
Data captured in the MRC v3 during placement can be extracted to complete the CDR. In a data-first approach, the CDR can be used to help create the MRC v3.
CDR v3.2 and a refreshed MRC v3 were published together on 29 March 2023. Both are available on the LIMOSS Market Business Glossary, which Lloyd's describes as a centralised source of business definitions, standards and reference data for the London market.
Who Governs the CDR?
The London Market Group's Data Council publishes the CDR, working with Lloyd's, the IUA, LIIBA, the LMA, ACORD, brokers, carriers and vendors. Changes to the CDR and MRC are managed through LIMOSS under committee guidance.
What Does CDR v3.3 Change for Treaty Reinsurance?
CDR v3.3 brings treaty reinsurance into the standard. The earlier v3.2 covered open market and facultative placements, while v3.3 extends to proportional treaties such as quota share and surplus, and non-proportional treaties such as excess of loss and stop loss.
The Data Council released v3.3 in May 2026 after consulting 68 organisations across the Lloyd's and company markets. The standard also includes minor changes to v3.2 and aligns with ACORD placing standards.
The CDR programme has since extended further. The Data Council has worked on claims and delegated authority records, aiming to cover all contract types and classes.
The table below shows how the picture has changed.
| Topic | Under Blueprint Two (Original Vision) | After the March 2026 Reset |
|---|---|---|
| Overall approach | Large-scale market re-platforming in phases | Incremental, market-led modernisation |
| Central processing | New digital processing services via Velonetic | Velonetic focused on resilience and incremental change |
| Data standards | CDR as the core data set for digital processing | CDR continues as a market standard, extended to treaty |
| Treaty reinsurance | Outside the early CDR scope | Covered by CDR v3.3 from May 2026 |
| Adoption driver | Cutover to new market services | Firms embedding standards in their own systems and with partners |
The practical shift is from a central switchover to firm-level adoption. Your treaty data quality is now your own responsibility, not a by-product of a market cutover.
Worked Example: How Written-Line Data Drives Treaty Settlement
This example is illustrative and simplified, and uses USD. It shows why the CDR's first downstream process, premium validation and settlement, depends on correct written and signed lines.
Placement: a property catastrophe excess of loss layer, USD 20 million xs USD 10 million, with a 100% minimum and deposit premium of USD 2,000,000. Brokerage is 10%, and the layer is 120% subscribed, so lines are signed down to 100%.
| Market | Written Line | Signed Line (Written ÷ 1.2) | Gross Premium (USD) | Net of 10% Brokerage (USD) |
|---|---|---|---|---|
| Syndicate A | 40% | 33.3333% | 666,667 | 600,000 |
| Company B | 35% | 29.1667% | 583,333 | 525,000 |
| Syndicate C | 25% | 20.8333% | 416,667 | 375,000 |
| Reinsurer D | 20% | 16.6667% | 333,333 | 300,000 |
| Total | 120% | 100% | 2,000,000 | 1,800,000 |
Now introduce two common data errors.
| Error | What Happens | Effect on Settlement |
|---|---|---|
| Written lines recorded instead of signed lines | Premium allocated on 120% instead of 100% | USD 2,400,000 billed against USD 2,000,000 due; USD 400,000 overstated |
| Syndicate A's signed line keyed as 33% instead of 33.3333% | Lines total 99.6667% | USD 6,667 of gross premium unallocated |
Both errors are small at the keyboard and costly in reconciliation. Each one creates a settlement break that someone must investigate, often months later.
The same data drives claims. If signed lines are wrong, every claim on the layer is also allocated wrongly across the four markets.
The lesson for reinsurers and brokers: the CDR is not paperwork. It is the minimum set of data that lets premium and claims settle correctly the first time.
The lesson for cedents: treaty data captured once and correctly at written line flows into bordereaux, settlement and recoveries. Errors at placement surface later as receivables disputes.
When Should Your Team Adopt CDR Fields?
Most London market participants should adopt the CDR now, because it is the shared definition of good placement data. The table below maps roles to the usual priority.
| Role | Adoption Priority | Why |
|---|---|---|
| Lloyd's syndicate or managing agent writing treaty | High; map treaty data to v3.3 now | Settlement and regulatory reporting depend on written-line data |
| London company market reinsurer | High | The same settlement and claims processes apply |
| Placing broker | High; own the data at placement | Brokers create most of the placement data the CDR defines |
| Cedent buying through London | Medium to high | Clean data speeds onboarding, settlement and recoveries |
| Non-London reinsurer on London-placed treaties | Medium | Aligning with ACORD-based data reduces rekeying |
| Delegated authority business | Watch closely | The delegated authority record extends the standard to binders and lineslips |
Adoption does not need a market platform. It needs your systems to capture, validate and pass on the CDR data set.
Which Mistakes Do Firms Make With the CDR?
Six mistakes slow adoption or create false confidence. Most come from treating the CDR as a market project rather than a firm-level data standard.
Assuming the CDR Died With Blueprint Two
The programme was sunset, but the standards were not. Firms that paused CDR work in March 2026 now have catching up to do.
Mapping Only Open Market Fields
Many firms mapped v3.2 for open market and facultative business. Treaty placements now need the v3.3 extension.
Capturing Data After Binding
The CDR defines data captured at written line. Data entered after binding, from documents, reintroduces the rekeying the standard was meant to remove.
Not Agreeing Data Ownership With Brokers
Brokers, carriers and cedents each assume someone else validates the data. Without agreed ownership, errors pass through every party.
Ignoring Contract Changes After Placement
Endorsements change treaty data after binding. If the changes are not captured as structured data, the CDR record goes stale, which our piece on contract amendment change control explains.
Leaving Treaty Terms in PDFs and Email
Treaty terms held only in documents cannot feed settlement, claims or reporting. We cover the fix in treaty terms trapped in email and PDF attachments.
How Should Firms Implement the CDR for Treaty Business?
Firms should implement the CDR as a data-quality programme, starting with the fields that drive settlement. The steps below put that into practice.
- Get the standard. Download CDR v3.3 and the MRC v3 from the LIMOSS Market Business Glossary.
- Map your treaty data. Compare your system fields with the CDR, line by line, for each treaty type.
- Fix the settlement-critical gaps first. Prioritise parties, written and signed lines, premium and instalments, deductions and tax.
- Validate at written line. Build checks that stop incomplete or inconsistent records before binding.
- Agree responsibilities with brokers. Define who captures, who validates and who corrects each data group.
- Track changes after binding. Treat endorsements as structured data updates, not new documents.
Which Data Groups Matter Most for Treaty Settlement?
| Data Group | Why It Matters for Treaty |
|---|---|
| Parties: cedent, broker, each reinsurer | Settlement goes to the right counterparty |
| Contract period and attachment basis | Determines which losses fall in which treaty year |
| Written and signed lines, signing-down basis | Allocates every premium and claim |
| Premium, deposit, instalments and adjustments | Drives cash flow and premium validation |
| Brokerage and other deductions | Determines net settlement amounts |
| Tax and regulatory classification | Supports tax validation and regulatory reporting |
| Unique placement and contract references | Links claims to the right contract at first notification |
Use your own systems' field names when you map. The authoritative field definitions sit in the LIMOSS Market Business Glossary.
Structured intake also helps upstream. Our reinsurance email intelligence system captures submission data as structured fields at the point of intake.
How Does This Affect Operational Resilience and Regulation?
The reset puts operational resilience at the centre of London market technology. Lloyd's has said Velonetic will focus on protecting market operational resilience, and the LMA's 2026 priorities include extending resilience across the existing market systems.
UK regulators have increased their focus on operational incidents and third-party dependencies. Firms that rely on central market services should treat their own data flows and connectivity as part of their resilience planning.
Clean structured data supports this. A firm that holds its own complete treaty record can keep settling and reporting even when a central service is disrupted.
What Does the London Market Look Like After Blueprint Two?
The London market is moving from a single programme to incremental, market-led modernisation. Firms now choose their own platforms and connect through shared standards.
That raises the value of standards like the CDR and ACORD messaging. Without a central cutover, interoperability depends on every firm capturing the same data the same way.
For reinsurance, the treaty extension in CDR v3.3 is the most important change since the programme began. Treaty placements finally have a market-agreed data definition.
Checklist for Heads of Reinsurance Operations
Use this checklist to plan CDR adoption for your treaty business.
- CDR v3.3 and MRC v3 have been downloaded from the LIMOSS Market Business Glossary
- Treaty system fields are mapped to the CDR for each treaty type
- Settlement-critical fields are validated at written line, before binding
- Written and signed lines, and the signing-down basis, are captured as structured data
- Data responsibilities are agreed with every placing broker
- Endorsements update the structured record, not just the document file
- Data flows and connectivity are included in operational resilience planning
- Treaty terms and settlements run on a controlled system rather than spreadsheets
For the last point, a reinsurance treaty management platform holds treaty terms, commission rules and settlement calculations in one place.
Key Terms
Blueprint Two: The Lloyd's and London market digital transformation programme launched in 2020, sunset in March 2026.
Core Data Record (CDR): The set of critical transactional data captured at written line, used for settlement, claims matching, tax and regulatory reporting.
CDR v3.3: The May 2026 version of the CDR that extends the standard to proportional and non-proportional treaty reinsurance.
MRC v3: The current version of the market reform contract, aligned with the CDR so placement data can populate it.
LIMOSS Market Business Glossary (MBG): The central London market source of business definitions, standards and reference data, including the CDR.
London Market Group Data Council: The cross-market body that publishes and develops the CDR.
Velonetic: The provider of core processing services for the London insurance and reinsurance market.
Written line vs signed line: The written line is the share a market accepts at placement. The signed line is its final share after any signing down.
ACORD: The standards body whose technical data standards the London market uses to exchange data.
Sources
Frequently Asked Questions
What was Lloyd's Blueprint Two?
Lloyd's Blueprint Two was the Lloyd's and London market digital transformation programme launched in 2020 to move placement, accounting, settlement and claims onto digital, data-first processes. Lloyd's announced in March 2026 that it would sunset the name and original vision after a review.
Is Lloyd's Blueprint Two cancelled?
Lloyd's Blueprint Two, as originally conceived, has been sunset. Lloyd's said in March 2026 it would transition away from the programme and refocus Velonetic on incremental technology modernisation and operational resilience, while continuing to set standards and organise market data.
What is the Core Data Record?
The Core Data Record is the set of critical transactional data that must be captured at written line in the London market. The Core Data Record supports premium validation and settlement, claims matching at first notification of loss, tax validation and reporting, and regulatory validation and reporting.
Does the Core Data Record cover treaty reinsurance?
The Core Data Record covers treaty reinsurance from version 3.3, released by the London Market Group's Data Council in May 2026. CDR v3.3 extended the standard to proportional treaties, such as quota share and surplus, and non-proportional treaties, such as excess of loss and stop loss.
Is the Core Data Record still relevant after Blueprint Two?
The Core Data Record remains relevant after Blueprint Two. The London Market Group's Data Council continued to publish CDR standards through 2026, and Lloyd's has said it will keep a critical role in setting standards and organising data for the market.
How does the Core Data Record relate to the MRC v3?
The Core Data Record and MRC v3 are aligned. Data captured in the MRC v3 during placement can be extracted to complete the Core Data Record, and in a data-first approach the Core Data Record can help create the MRC v3.
Where can I find the Core Data Record standard?
The Core Data Record standard is published on the LIMOSS Market Business Glossary, which Lloyd's describes as a centralised source of business definitions, standards and reference data for the London market. Lloyd's also provides a CDR glossary dashboard in its Insights Hub.
What should reinsurers do about the Core Data Record now?
Reinsurers should map their treaty data to Core Data Record v3.3 fields, capture complete data at written line, and agree data responsibilities with brokers. Clean written-line data reduces premium settlement breaks and claims matching problems, whatever the future of market platforms.
Hitul Mistry
CEO, Insurnest
An InsurTech leader with more than a decade of experience across insurance and technology, focused on solving business problems with the help of technology. Has worked with brokers, insurance carriers, and reinsurance firms across the India, UAE, and US markets.
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