London is trying to make itself more appealing to the insurance industry as it strives to beat off competition from the likes of Bermuda.

In a meeting between City of London leaders and Britain's Finance Minister Gordon Brown, Lloyd's of London chairman Lord Levene presented proposals to introduce electronic trading to the insurance sector, create a London insurance university and host a global risk "summit".

These measures are the result of a review to examine the competitiveness of the London insurance market announced at a first meeting of Brown's high-level working group in October. One conclusion was a need to widen the pool of skilled insurance personnel and to make a career in insurance attractive to young people.

Something of an exodus from London to Bermuda has taken place over the last year, prompting UK insurance leaders to request cuts in the rate of corporate tax. In March, Brown cut the rate from 30 percent to 28 percent. Last year Lloyd's mainstays Hiscox and Omega Underwriting announced their plans to move their headquarters to the Island. Amlin PLC, set up a Bermuda subsidiary. And Brit Insurance Holdings, a London-based insurer and reinsurer, said last month it would be the lead investor behind Norton Re, a new Bermuda-based reinsurer focused on catastrophe coverage.

Brown is seen as the likely successor to prime minister Tony Blair, who yesterday announced his plans to tender his resignation on June 27. And Wednesday's meeting was seen as an opportunity for Brown to re-establish good relations with financial services leaders before he takes power.

London's Financial Times newspaper reported that Ed Balls, City minister and key allay of Brown, also launched a new International Centre for Financial Regulation in London to carry out research and offer training on international regulation.