Reinsurance News
Lloyd’s Market Association
LMA names digital transformation as top priority
3rd March 2022
The Lloyd’s Market Association (LMA) has revealed its ongoing agenda, with digital transformation at the top. According to the LMA, Future at Lloyd’s is its highest priority, with a specific focus on digitisation and adoption of standardised, high-quality data through the Data Council, Lloyd’s/DXC’s joint solution for risk, premiums and claims, ... Read the full article
LMA to offer “at the box or in the office” availability
7th February 2022
The Board of the Lloyd’s Market Association (LMA) has entered a market-wide agreement on “at the box or in the office” availability, ensuring Lloyd’s underwriters be physically present for in-person trading with brokers. Its broker will be available on Tuesdays, Wednesdays, and Thursdays, and will either be based in Lloyd’s Underwriting ... 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
LMA adds six new board members
14th September 2021
The Lloyd’s Market Association (LMA) has appointed six new board members, adding expertise in areas such as digital trading, underwriting leadership, strategy, corporate development, data analysis and syndicate management. The new board members include Hugh Brennan, CEO of RenaissanceRe Syndicate Management; Dominick Hoare, Group CUO of Munich Re Syndicate; and Kate ... Read the full article
LMA reveals new model for Delegated Authority business
22nd June 2021
The Lloyd’s Market Association (LMA) has revealed its new model and vision for Delegated Authority business, a project that’s been in the making for the past six-months. The key components of the new model will enable the transparency of distribution activities at costs in a way that benefits the market, distribution ... Read the full article
LMA introduces Coronavirus contingency clause
13th March 2020
The Lloyd’s Market Association (LMA) has published policy language designed to prevent customers being left without cover in the event of a Coronavirus-related market shutdown. Drawn up by the LMA on behalf of its members, the clause ensures continuity of coverage for Lloyd’s re/insureds should, for more than one day during ... Read the full article
LMA sets Future at Lloyd’s & Brexit as key objectives for 2020
10th February 2020
The Lloyd’s Market Association (LMA) has revealed its objectives for 2020, which include a focus on the Future at Lloyd’s reforms and Brexit planning. Engaging with Lloyd’s on the delivery of its new strategy is the primary objective for the LMA this year, and is expected to underpin the Association’s priorities ... Read the full article
Lloyd’s, LMA confirm business lines for modernised syndication pilot
9th January 2020
The specialist Lloyd's of London insurance and reinsurance marketplace, alongside the Board of the Lloyd's Market Association (LMA), has revealed that the pilot classes for the modernised syndication pilot will be Marine Hull and International Casualty Binders. The modernised syndication pilot forms part of the Future at Lloyd's strategy, an ongoing ... Read the full article
LMA highlights unique strengths of non-payment insurance
5th December 2019
In its response to the European Commission's (EC) consultation on the implementation of the Basel III reforms, the Lloyd's Market Association (LMA) has said that banks' use of non-payment insurance should be recognised in regulatory capital calculations. In light of proposed changes to the Capital Requirement Regulation (CRR) and the Capital ... Read the full article
LMA warns of “continued uncertainty” for US terrorism act renewal
2nd December 2019
The Lloyd’s Market Association (LMA) has published a letter to its members warning of “continued uncertainty” around the US Terrorism Risk Insurance Act (TRIA), which is currently set to expire in December 2020. The LMA said it was confident that the renewal will be achieved in good time in advance of ... Read the full article
LMA cyber clauses provide clarity for property and marine
15th November 2019
The Lloyd’s Market Association (LMA), an organisation set up to represent the interests of the Lloyd's community, has published a number of new clauses for the property and marine markets that aim to provide clarity for cyber coverage under first-party property damage policies. The publication comes as part of a push ... Read the full article
Market groups commend collaborative approach of Lloyd’s Blueprint One
1st October 2019
Representatives from various market groups have released statements commending the approach proposed by Lloyd’s Blueprint One, which outlines the first phase of the marketplace’s new strategy for change. Industry executives praised the collaborative approach utilised by Lloyd’s, which says it has attempted to respond to the demands of the market. “This Blueprint ... Read the full article
LMA heads pledge support to Lloyd’s harassment actions
24th September 2019
The Board of the Lloyd’s Market Association (LMA) has pledged to work actively through a CEO reporting network to tackle sexual misconduct in the market, following the implementation of new inclusivity measures at Lloyd’s. Lloyd’s said earlier today that it would introduce the new program of measures after the results ... Read the full article
LMA appoints new Operations, Finance Director
7th March 2019
The Lloyd's Market Association (LMA) has appointed Rob Myers and Paul Davenport as Operations Director and Finance Director, respectively. Myers began his career nearly 20 years ago at Lloyd’s and has since held a number of senior roles in Xchanging, and most recently CSC and DXC Technology. Davenport has held senior positions ... Read the full article
Sustained underwriting discipline, seamless digitisation top priorities for the LMA in 2019: CEO Cameron
28th February 2019
Sheila Cameron, the Chief Executive Officer (CEO) of the Lloyd's Market Association (LMA), has underlined the pursuit of seamless digitisation and achieving sustained underwriting discipline as top priorities for the LMA in 2019. Cameron outlined the LMA's priorities for 2019 to CEOs from across the Lloyd's of London managing agency community ... Read the full article