Reinsurance News
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 Lab plays significant role in driving value into the global marketplace: Dawn Miller
25th September 2023
Addressing Lloyd's participants and partners, Dawn Miller, Lloyd’s Commercial Director, stated that the Lloyd's Lab has played a "significant role in driving value into the global marketplace". Speaking at the Lloyd’s latest quarterly market update, Miller highlighted how of the 100 different companies who have passed through the previous 10 cohorts ... Read the full article
Lloyd’s yet to demonstrate same zeal for rate adequacy in casualty book: Tiernan
21st September 2023
"As a market, we have not yet demonstrated the same zeal for rate adequacy in the casualty book as we've seen in property, this is particularly true for US general liability, where rate is barely keeping up with inflation, despite the continuing deterioration of the 2014-2018 years of account," suggests ... Read the full article
Lloyd’s unveils UNCDF & Insurance Task Force partnership
20th September 2023
Lloyd’s, on behalf of the Sustainable Markets Initiative’s Insurance Task Force, has announced a partnership with the United Nations Capital Development Fund (UNCDF) to scale insurance access for climate-vulnerable countries. Through this partnership, all parties aim to collaborate to design innovative insurance products that will deliver financial resilience against climate shocks ... Read the full article
LMA announces the launch of its ESG Academy
20th September 2023
The Lloyd’s Market Association (LMA) has announced the launch of its Environmental, Social and Governance (ESG) Academy, designed for professionals within the Lloyd's market and the global re/insurance sector. With a comprehensive range of courses and resources, the Academy looks to equip professionals with the knowledge and tools necessary to navigate ... Read the full article
Lloyd’s considering expanding LCM 5 peak perils list: Tiernan
20th September 2023
The Lloyd's insurance and reinsurance market is considering expanding its list of the five main peak perils it considers in natural catastrophe exposure management, to include some of the so-called secondary perils that now have materiality to the market almost on the same scale. This is according to Patrick Tiernan, Chief ... Read the full article
Lloyd’s leads re/insurers tightening Taiwan cover as conflict risks increase
10th August 2023
According to a recent Reuters report, Lloyd's of London underwriters are leading insurers in increasing rates and cutting coverage for risks involving Taiwan as "concerns grow over possible military action by China." "Availability of cover for Taiwan has got tighter," Crispin Hodges, head of trade and political risk with insurer Canopius, ... Read the full article
Lloyd’s General Counsel Peter Spires to step down
9th August 2023
Lloyd's, the global insurance and reinsurance marketplace, has announced that Peter Spires has decided to step down as General Counsel to pursue new challenges in the Lloyd’s market. Spires joined Lloyd’s in 1995 and spent the early years of his career at Lloyd’s focused on Reconstruction and Renewal and then the ... Read the full article
Wildfire Defense Syndicate 1996 receives Lloyd’s approval
24th July 2023
Lloyd’s has approved the Wildfire Defense Syndicate 1996, a syndicate in a box (SIAB) targeting California-exposed commercial property risks in the excess and surplus (E&S) market. The syndicate, developed by Lloyd’s coverholder Wildfire Defense Systems (WDS) in collaboration with re/insurance broker Aon and Polo Managing Agency Limited (PMA), started underwriting on ... Read the full article
Lloyd’s performance & capital strong, market positioned to meet challenges: Aon
18th July 2023
"Lloyd’s performance and capital are strong, positioning the market to meet the challenges of an ever more complicated global risk environment... A healthy marketplace is critical to enabling innovation and meeting clients’ complex needs," suggests Rupert Moore, UK CEO, Reinsurance Solutions, Aon. Moore's comments stem from a new Aon report on ... Read the full article
Beckmann joins Munich Re as CUO Casualty for Lloyd’s & Bermuda Markets and Global Clients
13th July 2023
Lucas Beckmann has joined global reinsurance giant Munich Re in a new position as Chief Underwriting Officer (CUO) Casualty for Lloyd's & Bermuda Markets and Global Clients. Beckmann has over fifteen years of experience working with Munich Re in various roles. He most recently served as the CUO for Munich Re Facultative ... Read the full article
Lloyd’s names Rebekah Clement as Corporate Affairs Director
12th July 2023
Lloyd's, the global insurance and reinsurance marketplace, appointed Rebekah Clement to the newly created role of Corporate Affairs Director, effective immediately. In this position, Clement will report directly to Lloyd's CEO, John Neal. The establishment of a dedicated Corporate Affairs function aims to consolidate Lloyd's capabilities across government policy, external stakeholder ... Read the full article
Specialty MGA UK gets Lloyd’s accreditation
7th July 2023
Recently formed Specialty MGA UK, which is focused on providing additional capacity for specialty lines of businesses, has been approved as a Lloyd’s Coverholder. After being set up last year, Lloyd’s accreditation represents another significant step for the company as it builds its international offering. Philippe Bara, Chief Underwriting Officer at ... Read the full article
Average ROE of reinsurers in Fitch peer group decreased to 1.2% in 2022
6th July 2023
A group of reinsurers in Fitch Ratings' universe saw their average return on equity (ROE) fall from 8.5% in 2021 to 1.2% in 2022 as mark-downs on investments, high inflation and increased losses from natural catastrophes drove a significant dip in profits. The global reinsurance companies in the peer group are ... Read the full article
IRL becomes first ever InsurTech-focused broker to enter the Lloyd’s market
23rd June 2023
Innovative Risk Labs (IRL), a leading InsurTech specialist dedicated to launching, incubating and supporting start-ups in the insurance technology space, has secured a license to operate within the Lloyd’s market. This “ground-breaking achievement” makes IRL the only exclusive InsurTech-focused broker permitted to conduct trade within the Lloyd's market. Under the leadership of ... Read the full article
Aon & Lloyd’s collaborate with VIG to support Ukraine’s reconstruction
21st June 2023
Global professional services firm Aon and Lloyd’s have announced a collaboration with Vienna Insurance Group (VIG) to bolster Ukraine’s economic resilience and support the country’s recovery and reconstruction. As part of the UK-Ukraine Private Finance Partnership, both Lloyd’s and Aon have committed to deliver fast-track access to supplementary foreign re/insurance capacity, ... Read the full article
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