Reinsurance News
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Lloyd’s new data tool models global economic impact of extreme weather events
11th October 2023
Re/insurance marketplace Lloyd's has launched a systemic risk scenario that models the global economic impact of extreme weather events leading to food and water shocks, estimating the loss to be around $5 trillion over a five year period. According to the announcement, the scenario examines how a hypothetical, but plausible increase ... Read the full article
ICMR calls for holistic approach to ESG at Lloyd’s
11th October 2023
Analysis by Insurance Capital Markets Research’s (ICMR) highlights the need for a holistic approach to environmental, social, and corporate governance (ESG) within the Lloyd's insurance and reinsurance marketplace. ICMR notes that while there's a lot of activity around ESG within Lloyd's, including the LMA's recently launched ESG academy, much of the ... Read the full article
Lloyd’s emphasises need to regularly check validity of LOCs as marketplace adjusts guidance
3rd October 2023
London-based specialist insurance and reinsurance marketplace, Lloyds, has issued a new market bulletin for members which outlines some changes to the use of letters of credit (LOCs) within Tier 2 capital limits, and underlines the need for frequent confirmation of the validity of each LOC issued. It appears as though this ... Read the full article
RiverStone implements Clearwater platform to drive investment strategy
2nd October 2023
RiverStone International, the largest provider of legacy solutions in the Lloyd’s market, has successfully implemented the Clearwater platform to drive its investment strategy. Clearwater Analytics is a leading provider of SaaS-based investment management, accounting, reporting, and analytics solutions. According to the announcement, RiverStone selected the platform for its investment accounting and reporting ... Read the full article
MGA Redline Underwriting achieves Lloyd’s coverholder status
26th September 2023
Managing General Agent, Redline Underwriting, has been approved as a Lloyd’s coverholder as it continues expanding its operations. Redline Underwriting, legally known as Reinsurance Distribution Lines LLC, is based in Miami with presence in Mexico City, which makes it ideally positioned to serve Latin America, the company claims. Its rapid growth has ... Read the full article
Lloyd’s Lab plays significant role in driving value into the global marketplace: Dawn Miller
25th September 2023
Addressing Lloyd's participants and partners, Dawn Miller, Lloyd’s Commercial Director, stated that the Lloyd's Lab has played a "significant role in driving value into the global marketplace". Speaking at the Lloyd’s latest quarterly market update, Miller highlighted how of the 100 different companies who have passed through the previous 10 cohorts ... Read the full article
Cost, confidence and relevance key to success of insurance: Carnegie-Brown, Lloyd’s
21st September 2023
For the insurance industry to successfully address some of the key risks facing the world and support resilience, inclusivity, and sustainability, it's vital that there's a real focus on cost, confidence, and relevance, according to Bruce Carnegie-Brown, Chairman of Lloyd's, the specialist insurance and reinsurance marketplace. During an insightful discussion with ... Read the full article
Lloyd’s yet to demonstrate same zeal for rate adequacy in casualty book: Tiernan
21st September 2023
"As a market, we have not yet demonstrated the same zeal for rate adequacy in the casualty book as we've seen in property, this is particularly true for US general liability, where rate is barely keeping up with inflation, despite the continuing deterioration of the 2014-2018 years of account," suggests ... Read the full article
Lloyd’s unveils UNCDF & Insurance Task Force partnership
20th September 2023
Lloyd’s, on behalf of the Sustainable Markets Initiative’s Insurance Task Force, has announced a partnership with the United Nations Capital Development Fund (UNCDF) to scale insurance access for climate-vulnerable countries. Through this partnership, all parties aim to collaborate to design innovative insurance products that will deliver financial resilience against climate shocks ... Read the full article
LMA announces the launch of its ESG Academy
20th September 2023
The Lloyd’s Market Association (LMA) has announced the launch of its Environmental, Social and Governance (ESG) Academy, designed for professionals within the Lloyd's market and the global re/insurance sector. With a comprehensive range of courses and resources, the Academy looks to equip professionals with the knowledge and tools necessary to navigate ... Read the full article
Lloyd’s considering expanding LCM 5 peak perils list: Tiernan
20th September 2023
The Lloyd's insurance and reinsurance market is considering expanding its list of the five main peak perils it considers in natural catastrophe exposure management, to include some of the so-called secondary perils that now have materiality to the market almost on the same scale. This is according to Patrick Tiernan, Chief ... Read the full article
Descartes Underwriting names UK & Ireland Business Development Director
18th September 2023
Insurtech Descartes Underwriting has announced the appointment of Ola Jacob to the role of UK & Ireland Business Development Director. The insurtech is structured as a managing general agency (MGA) specialised in parametric and data-driven risk transfer products. Its parametric covers are especially attuned to offering a new form of balance ... Read the full article
Lloyd’s & Moody’s to develop emissions accounting solution through Lloyd’s Lab
14th September 2023
Lloyd’s has announced a collaboration with Moody’s Analytics to develop a solution that will help quantify greenhouse gas emissions across managing agents’ underwriting and investment portfolios. According to Lloyd's, the solution will aid managing agents in meeting expected regulatory reporting requirements. Under current frameworks like Streamlined Energy and Carbon Reporting (SECR), ... Read the full article
Ogier advises IFRC on launch of its new risk transfer mechanism
14th September 2023
Ogier's Banking and Finance team in Guernsey has advised the International Federation of Red Cross and Red Crescent Societies (IFRC) on the launch of its new risk transfer mechanism, which will "transform the organisation's approach to disaster response." Ogier provides legal advice on BVI, Cayman, Guernsey, Irish, Jersey and Luxembourg ... Read the full article
Consilium appoints Richard Ellis as Associate Partner
12th September 2023
Aventum Group's global speciality re/insurance broking business, Consilium, has announced the appointment of Richard Ellis as Associate Partner, placing specialist and complex property risks. Ellis is a market veteran with over 38 years of industry experience in retail and wholesale property and liability experience. In the new role at Consilium, Ellis’ remit ... Read the full article