By Rupert Hargreaves Lloyd’s of London is one of the City’s great financial institutions, but over the past two decades, this storied insurance market has suffered a slow decline in relevance, driven by a lack of desire or willingness to change. To give the market’s stakeholders their credit, they’ve known Lloyd’s needed to change for some time. An attempt was made in 2001 with the London Market Principles, a set of reform propositions officially called LMP 2001, but this initiative fell by the wayside when a so-called hard market – higher premiums and tighter policy wording – set in the early…