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Lloyd’s of London news

Lloyd’s of London insurance and reinsurance market news, covering the happenings at the world’s oldest reinsurance market housed in the iconic Lloyd’s building in the City of London.

AI will help automate bespoke policies: Lloyd’s Trevor Maynard

17th June 2019

Artificial intelligence (AI) will create some “interesting possibilities” in terms of automating how the insurance market delivers bespoke products, according to Trevor Maynard, Head of Innovation at Lloyd’s. Speaking at the MMC Rising Professionals’ Global Forum in London last week, Maynard addressed the “wave of technology” currently sweeping across the market, ... Read the full article

S&P turns stable on Lloyd’s due to underwriting improvements

14th June 2019

S&P Global Ratings has revised the outlook on its ratings for Lloyd’s of London from negative to stable, citing improved underwriting performance driven by the efforts of the new leadership team. The revision applies to Lloyd’s, the Society of Lloyd’s, and its core subsidiaries, and S&P has also affirmed its issuer ... Read the full article

Risk modeller Kovrr adds Lloyd’s of London’s David Clouston to Advisory Board

4th June 2019

Israel-headquartered cyber risk modeller Kovrr has added David Clouston to its Advisory Board. Clouston previously served as interim Head of Catastrophe Risk at Lloyd’s of London and currently advises multiple global firms on exposure management processes and cyber strategy. His previous roles have included underwriter, broker, reinsurance buyer, IT systems, and run-off ... Read the full article

Hiscox launches London market cyber product

30th May 2019

Global re/insurer Hiscox has announced the launch of CyberClear365, a new London Market cyber product. CyberClear365’s cover includes first-party incident costs such as regulatory response, bricking for disabled electronic devices and a reward fund. In the event of a claim, CyberClear365 offers assured mitigation coverage and a percentage excess discount if Hiscox ... Read the full article

AIG’s Talbot restructures with closure of Australia & Lloyd’s China units

30th May 2019

AIG-owned reinsurer, Talbot Underwriting is to close its office in Australia and also its Lloyd's China unit and will now service its renewals through its Singapore and London branches. Talbot has said that it is to combine its regional underwriting capabilities into a single hub domiciled in Singapore, which it states ... Read the full article

Lloyd’s misconduct cases could appear by next week: Carnegie-Brown

21st May 2019

Lloyd’s Chairman Bruce Carnegie-Brown has said that two or three cases of serious misconduct in the insurance and reinsurance marketplace could emerge by next week, according to reports from City A.M. Speaking to the publication at the City Week conference in London, Carnegie Brown revealed that there were “two or three ... Read the full article

LMA adds Execs from TMK, Beazley & AXA XL to Board

15th May 2019

The Lloyd’s Market Association (LMA), an organisation set up to represent the interests of the Lloyd's community, has announced the results of its recent Board election process. Effective from the Annual General Meeting (AGM) on May 22, the members will include Paul Culham, Group Chief Underwriting Officer, Tokio Marine Kiln; Adrian ... Read the full article

Lloyd’s to implement faster approval process for syndicate business plans

14th May 2019

Lloyd’s of London, the insurance and reinsurance marketplace, is planning to implement a faster approval process for syndicates’ 2020 business plan and capital submissions. In a recent market bulletin, Director of Performance Management Jon Hancock explained that Lloyd’s will commit to approving plans in four weeks by introducing a phased approach ... Read the full article

Lloyd’s partners with BSB to survey market behaviour & conduct

14th May 2019

Lloyd’s of London, the insurance and reinsurance marketplace, has commissioned the Banking Standards Board (BSB) to conduct an independent, market-wide culture survey on its behalf. The annual survey, which Lloyds claims is the largest ever conducted by the re/insurance sector, is intended to provide insight into standards of behaviour and conduct, ... Read the full article

Increased Q1 PPL uptake across Lloyd’s while IUA usage drops

13th May 2019

First quarter data released by the Board of Placing Platform Limited (PPL) shows increased adoption levels across Lloyd’s syndicates, whereas uptake among International Underwriting Association (IUA) companies fell behind the strong numbers put up in the previous quarter. Data shows that Lloyd’s syndicates, led in the rankings by Liberty Managing ... Read the full article

A&P Worldwide Solutions registers as Lloyd’s broker

13th May 2019

A&P Worldwide Solutions Limited, a reinsurance broker based in London, has announced that it has been granted the status of a Lloyd’s broker. Registering with Lloyd’s will allow A&P to expand its operations while continuing to provide its current levels of service, the broker explained. "We are delighted to achieve Lloyd's broker ... Read the full article

Lloyd’s proposes merging Franchise Board into Council

13th May 2019

Insurance and reinsurance marketplace Lloyd’s of London has detailed a proposal to merge its Franchise Board into the Lloyd’s Council as part of its ongoing drive for increased efficiency. Lloyd’s explained that the operation of both bodies leads to duplication and occasional questions around which body should undertake specific activities. Governance reports ... Read the full article

Lloyd’s participants that fail to meet standards could face deregistration

10th May 2019

The specialist Lloyd's of London insurance and reinsurance marketplace has warned that failure to meet its expectations regarding harassment, bullying, discrimination or misconduct related to alcohol or drugs, could result in deregistration from the marketplace. As Lloyd's continue to modernise, it recently published a bulletin introducing an updated set of rules applicable ... Read the full article

Lloyd’s modernisation plans entail high execution risk: Moody’s

9th May 2019

The modernisation reforms proposed by insurance and reinsurance market Lloyd’s of London are credit positive, according to analysts at Moody’s, but will be subject to a high degree of execution risk due to the substantial investments and cultural changes required. The plans, which aim to reduce the cost of doing business ... Read the full article

Lloyd’s targets simplified market access, lower costs, higher client value

1st May 2019

The specialist Lloyd's of London insurance and reinsurance marketplace has announced a new strategy focused on delivering higher quality risk protection for the market's clients. Lloyd's describes its new strategy as bold, and explains that it includes several transformational initiatives that have the potential to shape the future of the global ... Read the full article

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