FILE PHOTO: A doorman stands outside Lloyds of London's headquarters in the City of London, Britain, July 31, 2018. REUTERS/Simon Dawson/File Photo

(Reuters) - Lloyd’s of London is proposing merging two of its governance bodies, the council and the board which together oversee the insurance market, to reduce overlap, a source familiar with the matter said.

The proposal has been put out for consultation until June 30, the source added.

The council regulates the 300-year-old insurance market, while the board is responsible for its day-to-day management.

The plan to combine the bodies comes as Lloyd’s, which has 99 syndicate members comprising British and international insurers, is under pressure to cut costs and speed up automation after two years of steep losses.

Earlier this month Lloyd’s proposed to move all its participants to electronic exchanges next year, as it responds to competition from cheaper rivals.