The Ninth International Reinsurance Congress, presented by Coopers & Lybrand, in association with Hawksmere plc, opened three days of discussions at the Princess Hotel yesterday with the focus on issues relating to the Lloyd's market.

Two speeches, in particular, painted a positive future for the market that the world once revered.

Corporate capital will drastically reshape the Lloyd's of London landscape in only a few years, said the executive director of Lehman Brothers' insurance team in London.

"We think the changes will take place quickly.

"We believe the future architecture of the Lloyd's market will be in place in two to three years not five or ten,'' said Mr. Marty Dolan.

Mr. Dolan led the project team which spearheaded the Chairman Group's dedicated corporate capital vehicle, the first and largest such vehicle at Lloyd's.

On January 1, 1994, Lloyd's broadened its capital base by adding limited liability corporate capital.

Prior to that, underwriting membership at Lloyd's was restricted to individual members or "names'' who acted as sole traders with unlimited liability accepting insurance risks for personal profit or loss.

"Obviously there is growing interest in the future of Lloyd's, especially in Bermuda,'' he said.

"In Bermuda, opinions vary about corporate capital in Lloyd's,'' he said.

"The concept of corporate capital is not going to go away.'' "We are undertaking a fundamental restructuring of the market and the impact of the restructuring will be substantial and quick,'' he said.

"Those who put the capital in won't be content to have (the current structure) continue,'' he said.

The historical structure -- capital on one side, syndicates or names in the middle and risks on the other side -- is set up for conflicts of interest, Mr.

Dolan said.

Lloyd's is currently working on six different capital projects to raise a projected $1.6 billion, he said.

The first 25 corporate entities to be admitted raised $1.3 billion and provided $2.4 billion capacity for 1994.

Mr. Dolan said it is believed the decision to admit corporate capital will work because money tends to follow profitable operations.

And some of Lloyd's businesses have shown very good returns on investment.

Brokers will play a positive role while many insurers and capital providers have substantial investment income which could be directed to corporate vehicles, he noted.

As well as restructuring, corporate capital will lead to more specialised vehicles and likely mean fewer, larger syndicates as well as a "flight to quality.'' He believes the public securities and insurance industry will be interested.

Against a corporate capital backdrop, in three to five years Lloyd's will turn its attention to restructuring broker distribution, he said.

This change will be as "fundamental as the current capital restructuring,'' he said.

"Investors will have to recognise and capitalise on opportunities.

"The old relationships will be severely strained and there will be opportunities for new players,'' he said.