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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.

Lloyd’s Central Fund cover will enable faster market growth

17th June 2021

Lloyd's of London Chief Financial Officer (CFO) Burkhard Keese has explained that the primary motivation behind the £650 million reinsurance cover that Lloyd's has purchased for its Central Fund is to facilitate the rapid pace of growth that the market has achieved recently, and is continuing to target. In a press ... Read the full article

Lloyd’s gets £650m cover for Central Fund: Report

17th June 2021

The Lloyd's of London insurance and reinsurance market has taken out a £650 million cover from an investment bank and reinsurers to protect its Central Fund against significant loss events, according to a report from the FT. The Central Fund reinsurance, or perhaps retrocession, arrangement, will have a five-year term and ... Read the full article

Helios reports drop in 2020 profit off Covid-driven market pressures

28th May 2021

Lloyd’s of London investment and underwriting vehicle Helios has announced a £336,000 profit for 2020, down from the £2.4 million reported in 2019. Helios says profitability has been significantly impacted by poor underwriting conditions and by the impact of COVID-19 losses. In its wake, the expectation of improved underwriting margins has allowed ... Read the full article

Lloyd’s signs up DXC for Blueprint Two delivery

27th May 2021

Lloyd’s, DXC Technology, the Boards of the Lloyd’s Market Association (LMA), and the IUA (International Underwriting Association) have signed new Heads of Terms to support the delivery of the Future at Lloyd’s Blueprint Two. The agreement brings together both the Lloyd’s and insurance company markets in London in a new joint ... Read the full article

Lloyd’s catastrophe risk exposure declined to £1.4bn in 2020: Moody’s

20th May 2021

According to a Moody’s report, Lloyd’s exposure to catastrophe risk has declined significantly in recent years to end last year at £1.4 billion (USD 2bn), or 6% of the solvency capital requirements (SCR). The report noted that at year-end 2016, so prior to the severe and costly natural catastrophe events of ... Read the full article

Anderson Benson appointed Coverholder by Lloyd’s

19th May 2021

Nashville-based independent insurance and risk management broker Anderson Benson has been appointed as a Coverholder by Lloyd’s of London for a worldwide Media Liability errors and omissions (E&O) program. The music industry-focused coverage includes copyright, publishing, film and social influencing and will be tailored for each group. Groups includes songwriters, composers, music ... Read the full article

As Lloyd’s re-opens re/insurers have work to do: London FOIL President

17th May 2021

With lockdown restrictions further relaxed around the UK today, the specialist Lloyd's of London insurance and reinsurance marketplace has reopened its underwriting room. Initially, the world's oldest insurance market has only reopened its famous underwriting room for those who need to be in, with plans to further relax restrictions at 1 ... Read the full article

Lloyd’s advocates human capital insurance solutions in wake of pandemic

14th May 2021

A new report by insurance and reinsurance marketplace Lloyd’s of London has explored the potential benefits of human capital insurance solutions for workforce management in the wake of the pandemic and future systemic risks. The report, published in collaboration with KPMG, looks at how human capital, or the collective abilities and ... Read the full article

Stephen Redmond joins Asta Managing Agency’s board as non-exec director

12th May 2021

Third-party Lloyd’s managing agent Asta has announced the appointment of Stephen Redmond to the board of Asta Managing Agency as independent non-executive director. Redmond joins from Antares/QIC Global where he served as active underwriter, managing director and most recently, chief transformation officer. He played a key role in establishing Antares as an ... Read the full article

Canada’s Apollo Insurance Solutions secures Lloyd’s coverholder status

30th April 2021

Canadian online insurance provider, Apollo Insurance Solutions Ltd., has secured coverholder status with the specialist Lloyd's of London insurance and reinsurance marketplace, providing it with access to an expanded product portfolio. Additionally, by obtaining coverholder status at Lloyd's, Apollo also gains the ability to develop unique products to respond even more ... Read the full article

LMA appoints Ramage to succeed retiring legal director van der Klugt

30th April 2021

The Lloyd’s Market Association (LMA) has appointed Arabella Ramage to replace legal director Kees van der Klugt following his retirement in September this year. Ramage joins from AXA XL, where she is currently general counsel for International Insurance and Reinsurance. She leads a large team of lawyers and wordings specialists across 17 ... Read the full article

Lloyd’s appoints KBRA as additional rating agency, is graded AA-

22nd April 2021

Insurance and reinsurance marketplace Lloyd’s of London has appointed Kroll Bond Rating Agency (KBRA) to provide an additional independent opinion of its financial strength. Accordingly, KBRA has assigned an AA- insurance financial strength rating (IFSR) to Lloyd’s with a stable outlook. This complements existing financial strength ratings of A+ (Strong) from Standard ... Read the full article

Price Forbes launches digital General Aviation facility

20th April 2021

Independent insurance broker Price Forbes has launched a new digital General Aviation facility designed to quickly quote and bind risks with a leading Lloyd’s syndicate. This development within Price Forbes’ proprietary EDGE platform is expected to improve speed of service and placement for clients by delivering quotes in real time. EDGE is ... Read the full article

Lloyd’s announces Manchester hub, consults on historic underwriting room redesign

15th April 2021

Lloyd’s has announced plans to establish a hub in Manchester in an effort to recruit talent and enhance its digitalisation capabilities. The historic insurance and reinsurance marketplace says Manchester was selected for its high density of talent, and that it should be up and running by January 2022. There’s expected to be ... Read the full article

Normal loss year should yield underwriting profit for Lloyd’s: ICMR

15th April 2021

Insurance and capital markets quantitative analysts ICMR have forecast that the Lloyd’s market could turn its first underwriting profit since 2015 if this year turns out to be a ‘normal’ one in terms of losses. Lloyd’s recently reported another loss-making year for 2020, with a pro-forma combined ratio of 110%. Overall ... Read the full article

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