Reinsurance News
Lloyd’s Market Association
LMA announces Claims Committee election results
23rd March 2023
The Lloyd’s Market Association (LMA) has announced the results of the LMA Claims Committee (LMACC) elections. The LMACC ballot for five elective membership positions closed at the end of February. Two members of the LMACC who stood for a second term were both re-elected: Nick Doyle from The Hartford, and Steve Yeo ... Read the full article
LMA launches CUO Committee for strategic initiatives
23rd February 2023
The Lloyd’s Market Association (LMA) has announced the launch of the Chief Underwriting Officers’ (CUO) Committee, which will represent the views of the managing agents on issues of strategic importance to Lloyd’s. The committee will also provide guidance and advice to the underwriting community across the Lloyd’s market, the LMA says. Currently, ... Read the full article
LMA sets out strategic priorities for 2023
31st January 2023
The Lloyd’s Market Association (LMA) has published its Member Manifesto, which announces its strategic priorities for 2023 and includes a focus on supporting members’ alignment with Future at Lloyd’s initiatives. Supported by DXC technology, the LMA plans to help the initiative foster a digitised marketplace, including the adoption of a unified ... Read the full article
LMA updates cyber war & operation clauses
25th January 2023
The Lloyd's Market Association (LMA) has updated and replaced a number of its cyber war clauses related to the involvement of states and sovereign actors in cyber attacks and other operations. In particular, the LMA has focused the updates around the use of the term ‘sovereign state’ and how it would ... Read the full article
Lloyd’s Market Association announces renewed approach to membership
22nd November 2022
The Lloyd’s Market Association’s (LMA) Worldwide Property Business Panel (WPP) has announced that it is putting all places up for election and will be asking LMA members to elect managing agents, instead of individuals. It will be the responsibility of each elected managing agent to then put forward the most suitable ... Read the full article
LMA adds three senior market leaders to its Board
21st October 2022
The Lloyd’s Market Association (LMA) has appointed three senior market leaders to its Board. The three new Board members are Jane Warren, Chief Underwriting Officer, Liberty Specialty Markets, Alex Powell, CEO, AEGIS London, and Richard Milner, CEO, Aspen Insurance UK Ltd & Aspen Managing Agency Ltd. Warren has over twenty years of ... Read the full article
LMA publishes Consumer Duty guidance for Managing Agents
19th October 2022
The Lloyd’s Market Association (LMA) has published a general guidance document for the implementation of the FCA Consumer Duty, which has been gradually introduced over the past year in a series of policy announcements. The Consumer Duty sets standards of care that firms are required to give retail customers, including that ... Read the full article
Remediation is bearing fruit at Lloyd’s ahead of 1/1 filled with opportunity: LMA’s Davison
6th October 2022
Following a strong underwriting performance in the first-half of 2022, remediation efforts at the specialist Lloyd’s insurance and reinsurance marketplace are proving successful, which puts the sector in a good position ahead of the important January 1st, 2023, reinsurance renewals. While investment losses dented the market’s overall result for H1, Lloyd’s ... Read the full article
Lloyd’s Market Association appoints Janine Powell as claims director
25th April 2022
The Lloyd’s Market Association (LMA) has appointed Janine Powell as claims director. Powell will join from Lloyd’s, where she is currently head of customer oversight and delegated authorities, which includes responsibility for setting Lloyd’s Customer Standards and overseeing associated performance and compliance by syndicates and third parties. She will join the LMA ... Read the full article
Regulators waive Lloyd’s collateral requirements for US reinsurance
21st April 2022
From October 2022, no Lloyd’s underwriters writing US contracts will be required to provide collateral for their US reinsurance obligations. The change is the result of new rules that come into effect later this year, which will eliminate collateral requirements for financially strong non-US reinsurers writing US reinsurance, following approval as ... Read the full article
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
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
