LONDON (Bloomberg) — Lloyd's of London's said Steve Quiddington has left his post as director of operations as chief executive officer Richard Ward executes his plans to modernise the three century-old insurance market."Steve has made a significant contribution across a number of areas," said Ward in an e-mailed statement. The operations division will now report directly to Luke Savage, finance director, he added.

Ward, who joined Lloyd's in March from the International Petroleum Exchange, plans to overhaul underwriting at the market with the development of electronic trading and other reforms. Companies trading at Lloyd's, including Hiscox Plc, plan to re-domicile to Bermuda to benefit from low tax rates and lighter regulation.

Quiddington joined Lloyd's in 2000 and was a former director of strategy of retail and commercial businesses for National Westminster Bank Plc, now owned by Royal Bank of Scotland Group Plc.