Lloyd's of London is making changes that will make it more successful this year, its new chief executive said on Friday.
The 300-year-old insurance market publishes the 2018 results in aggregate of the more than 80 syndicates under its roof next week.
Large natural catastrophes such as hurricanes, typhoons and wildfires led to losses in the market in 2017, driving Lloyd's last year to tell its syndicates to withdraw from loss-making areas of business.
Natural catastrophe losses were also heavy in 2018.
John Neal, who joined Lloyd's as CEO in Oct 2018, told the Marine Insurance London conference that the results were "not a pretty story" but the market had been working to address problems.
"On paper at least, we are set up for success in 2019," he said.
Reporting by Carolyn Cohn