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Lloyd’s of London news

Lloyd’s CEO Beale and DFID back InsurTech solutions for developing countries

20th April 2018

Penny Mordaunt, Secretary of State for the Department for International Development (DFID), has joined Dame Inga Beale, Chief Executive Officer (CEO) of Lloyd's of London, at a Lloyd's event to discuss how science, innovation, and the City of London can help developing countries recover from natural disasters. Beale and Mordaunt showcased ... Read the full article

London market must embrace tech to stay competitive, says Jon Hancock, Lloyd’s

17th April 2018

Jon Hancock, Performance Management Director at Lloyd’s of London, has asserted that re/insurers in the London market must do more to embrace innovative technology, and has outlined several key areas in which Lloyd’s is supporting tech integration. Speaking in an interview with Willis Towers Watson in the company's Energy Market Review, ... Read the full article

Underwriting pressure drives negative 2018 outlook for London market: Fitch

6th April 2018

Fitch Ratings has reported a negative sector outlook for London market re/insurance in 2018, citing underwriting pressure from the high cost of business as a driving factor. High acquisition and administration costs have affected underwriting performance, and although expense ratios remain high at 40%, the trend is now broadly flat year-on-year ... Read the full article

Lloyd’s expands North African presence with Casablanca office

5th April 2018

Lloyd’s has established a new office in Morocco’s Casablanca Finance City (CFC), a North African economic and financial hub. The office will allow Lloyd’s to better provide tailored risk solutions to the North African market, and was officially inaugurated on 3 April 2018, with Salah El-Kadiri as its General Representative. Speaking at ... Read the full article

Lloyd’s Chairman outlines disruptive technology challenges for re/insurers

3rd April 2018

In a recent interview with CNBC, Lloyd’s of London Chairman Bruce Carnegie-Brown has outlined how he believes disruptive technologies will impact the re/insurance market, and which sectors are likely to be susceptible to technological innovation. He explained that the sectors most likely to be affected were those “very highly commoditised ... Read the full article

Hannover Re capitalises new Argenta SPA 6134 at Lloyd’s

3rd April 2018

German reinsurance firm Hannover Re is capitalising a newly established Special Purpose Arrangement at Lloyd's to enhance the capacity available to Argenta Syndicate 2121. Argenta Holdings Ltd., now a subsidiary of Hannover Re since the reinsurer bought the Lloyd's managing agency and private capital specialist, owns the vehicle, and its ... Read the full article

AEGIS London outperforms Lloyd’s 2017 market result by 15%

29th March 2018

Specialist insurer and reinsurer AEGIS London has reported a combined ratio of 99% for its Lloyd's Syndicate 1225 over 2017, which is 15% better than the overall results for the Lloyd’s of London market. AEGIS also saw gross written premiums (GWP) of £462 million for the year, a 23% increase from ... Read the full article

Lloyd’s Managing Agents survey finds worrying trends: Mazars

28th March 2018

In its annual Lloyd’s Coverholder Management Survey, global accounting and advisory firm Mazars has reported that Lloyd’s Managing Agents have increasingly widespread concerns about resources, conduct risk, and tech reliability, despite confidence in the new Lloyd’s Market Coverholder Audit Scope (LMCAS). Mazars’ report found that 55% of Lloyd’s Managing Agents are ... Read the full article

Lloyd’s challenge for 2018: the pace of market wide adoption of tech upgrades

27th March 2018

In recognition of the challenges facing Lloyd's with an expense ratio that's been materially higher than that of its competitors, the market has taken seriously the need to adapt to remain relevant and has introduced a dual strategy of cost-cutting and investing in its technological future; the challenge for 2018 ... Read the full article

Lloyd’s Inga Beale warns of climate change impact on re/insurers

26th March 2018

Lloyd's Chief Executive Officer Inga Beale has added her voice to industry experts who warn of climate change having altered the risk landscape after Lloyd's paid out £4.5 billion last year for large claims net of reinsurance. Beale said the re/insurance industry is seeing the impact of climate change, and ... Read the full article

Hiscox CEO named Chair of London Market Group’s PPL

22nd March 2018

The Board of the London Market Group's Placing Platform Limited (PPL) has announced that Hiscox Chief Executive Officer (CEO), Bronek Masojada, has been appointed Chair, replacing outgoing Chair David Ledger. Commenting on his new appointment, Masojada said: "I look forward to becoming PPL Chair. David and all those involved in PPL have ... Read the full article

Lloyd’s Chairman Carnegie-Brown highlights shift towards risk-based oversight

22nd March 2018

In an annual investor call last year, Lloyd's Chief Executive Officer (CEO), Inga Beale, reiterated Lloyd's efforts towards making market oversight increasingly risk based as well as a new approach adopted by account managers in which portfolio assessment identifies worse performing portfolios and syndicates. Now in a recent letter to the ... Read the full article

Lloyd’s market falls to £2bn pre-tax loss on catastrophes

21st March 2018

The Lloyd's of London insurance and reinsurance market fell to a £2 billion pre-tax aggregated loss across the market in 2017, due to the impact of the major catastrophe loss events. This compares to a pre-tax profit of £2.1 billion achieved in the more benign catastrophe year of 2016. The hurricanes and ... Read the full article

Lloyd’s introduces electronic placement mandate for syndicates

20th March 2018

The Lloyd’s of London marketplace has announced that it is to issue a mandate for electronic placement, which will require syndicates to progressively write more of their risks electronically. After Q2 2018, all Lloyd’s syndicates will be required to write at least 10% of their risks electronically, rising to 20% in ... Read the full article

Lloyd’s names Dawnmarie Black as U.S. Northeast Regional Director

20th March 2018

The specialist Lloyd’s of London insurance and reinsurance marketplace has named Dawnmarie Black, who joins from London broker BMS Group, as U.S. Northeast Regional Director. Based in the Boston area, Black will assume responsibility for market development activities in a 12 state region stretching from Maryland to Maine, and Washington D.C. Lloyd’s ... Read the full article

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