Reinsurance News
International Underwriting Association
Lloyd’s, DXC & IUA extend London Market digitalisation contract
27th May 2022
The shareholders of the London Market Joint Venture – Lloyd’s, DXC Technology, and the International Underwriting Association (IUA), have announced a $465 million USD contract extension. The extension is to ensure seamless continuity for the activities of London insurance market customers, whilst DXC moves forward with the transformation of the market’s ... Read the full article
London’s IUA targets climate change, BI and regulation in 2022
14th January 2022
The International Underwriting Association (IUA) of London's 2022 business plan will have a focus on climate change, business interruption, regulatory changes, and pandemic responses. These issues are among the top concerns to London company market clients and will be addressed by the IUA as the marketplace moves through 2022. The Climate Risk ... Read the full article
Lloyd’s announces plans to lower market processing costs by 40%
12th January 2022
The transformation of the specialist Lloyd's insurance and reinsurance marketplace has taken another step forward with an agreement between the market, DXC Technology and the International Underwriting Association (IUA) which aims to cut processing costs by 40%. An agreement between Lloyd’s, DXC Technology, the Boards of the Lloyd's Market Association ... Read the full article
London insurance market vital to UK recovery, says IUA Chairman
22nd September 2021
Rob Kuchinski, Chairman of the International Underwriting Association (IUA), has asserted that London’s specialty insurance market will be “vital” in helping the UK recover economically from the effects of the COVID-19 pandemic. Speaking at the IUA’s annual general meeting, Kuchinski outlined how the body has assisted official in underwriting underwriters’ risk ... Read the full article
IUA endorses UK building safety bill
16th July 2021
International Underwriting Association (IUA) has lent its support to the UK Government’s Building Safety Bill, which aims to provide insurers with greater confidence to develop new products for construction professionals. However, the IUA warns that the core aims of the legislation must be properly implemented, resourced and enforced. “The Bill is good ... Read the full article
Zurich’s Robert Kuchinski elected as IUA Chairman
1st February 2021
Robert Kuchinski, Head of Commercial Insurance at Zurich UK, has been elected as the new Chairman of the International Underwriting Association (IUA). He replaces Patrick Tiernan who recently announced he would be leaving his role as Managing Director UK Commercial Lines & Global Corporate & Specialty at Aviva to become Chief ... Read the full article
IUA business plan prioritises climate risks in 2021
26th January 2021
The International Underwriting Association (IUA) has confirmed its business plan for 2021, which identifies climate risks as a key priority for the London company market. The organisation also revealed details of a strategic review that will include a reassessment of the way it supports member firms in the light of Covid-19 ... Read the full article
London company market premium up 10% in 2019: IUA
7th October 2020
New data from the International Underwriting Association (IUA) shows that premium income for the London company market grew by 10% last year with £21.436 billion of large commercial and wholesale risks underwritten by firms in the City. The IUA also found that a further $6.197 billion was written in other offices ... Read the full article
AVIVA elects new Chairman for International Underwriting Association
24th September 2020
London-headquartered insurer, Aviva has announced the election of Patrick Tiernana as the new Chairman of the International Underwriting Association. Tiernan has been a member of the IUA Board since 2017 and accepted his new role as Chairman at the association’s annual general meeting on Wednesday 23 September. He takes over from Malcolm ... Read the full article
IUA forms underwriting group for commercial crime business
12th March 2020
The International Underwriting Association (IUA) has established a new London Market underwriting group for companies writing commercial crime business. The Commercial Crime Underwriting Group will initially focus on dealing with cyber risks by either affirmation or exclusion, the implications of capital withdrawal from the sector, and the promotion of education and ... Read the full article
IUA plans to prioritise climate & cyber in 2020
3rd January 2020
As part of its new business plan for 2020, the International Underwriting Association (IUA) has announced that it plans to establish a new market group to focus on climate change. The committee will be tasked with examining the growing impact of climate change policies on a range of insurance activities, including ... Read the full article
IUA launches London Market construction committee
24th October 2019
The International Underwriting Association has established a new London market committee for underwriters providing professional indemnity cover to the construction industry. The IUA says a particular focus for the international group will be issues around the use of cladding and fire protection following the Grenfell fire, which claimed 72 lives in ... Read the full article
Insurers’ post-Brexit European branches generate more business in 2018: IUA
10th October 2019
As London market participants continue to prepare for the uncertain impacts of Brexit, the amount of new business being generated through established European branches and the volume of controlled business written in Europe (excluding the UK and Ireland), increased by more than 9% to £4.89 billion in 2018, reports the ... Read the full article
IUA adds exclusion clauses for silent cyber risks
6th June 2019
The International Underwriting Association (IUA) has published two new London Market model clauses to help underwriters manage cyber losses and address issues related to non-affirmative cover. The Cyber Loss Absolute Exclusion Clause provides re/insurers with an option to exclude any loss arising from the use of a computer system, network or ... Read the full article
Questions remain, but London market is prepared for no-deal Brexit: IUA CEO
4th February 2019
Dave Matcham, the Chief Executive Officer (CEO) of the International Underwriting Association (IUA), has said that were the UK to leave the European Union (EU) under a no-deal scenario, the London market is well prepared. With the March 29 Brexit deadline fast-approaching, widespread uncertainty, confusion and generally an overall lack of ... Read the full article
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