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Reinsurance News

Lloyd’s of London

The Lloyd’s capital base can be relied upon post-event: Inga Beale, CEO

12th September 2017

We spoke with Inga Beale, Chief Executive of Lloyd's of London at the Monte-Carlo Reinsurance Rendezvous this week, to discuss the current events affecting the market as well as her views on a number of key market issues. We began by asking what the Lloyd's CEO thinks about the impacts of ... Read the full article

Lloyd’s faces a mix of profitability headwinds, warns Moody’s

5th September 2017

Competition and emerging re/insurance hubs combined with declining reserves and profitability headwinds suggests that the Lloyd's of London insurance and reinsurance marketplace is to come under increasing pressure in the months and years ahead, according to Moody's Investors Service. In a new report, Moody's has said that it expects premium growth ... Read the full article

Peel Hunt warns of modest hurricane losses as Harvey approaches Texas

24th August 2017

As Tropical storm Harvey continues to track towards the state of Texas, analysts at Peel Hunt have warned that despite the benign catastrophe experience witnessed in 2017, so far, a series of modest hurricane losses could push some Lloyd's players to a loss as the soft market persists. According to the National ... Read the full article

Inga Beale to become the next Chartered Insurance Institute President

3rd August 2017

Lloyd's Chief Executive Officer (CEO), Dame Inga Beale, was elected to 121st president of the Chartered Insurance Institute (CII) at the insurance body's Annual General Meeting held in London yesterday. She is set to succeed John Moore MBE, Chartered Insurance Broker and Chairman at Thomas Carroll Group. Beale said she has chosen New Talent ... Read the full article

Lloyd’s of London sued over Kanye West tour

2nd August 2017

U.S. rapper Kanye West's touring company, Very Good Touring, Inc., is reportedly suing the specialist Lloyd's of London insurance and reinsurance marketplace for $10 million (roughly £7.6 million) over his cancelled tour last November after he was admitted to hospital, according to numerous industry reports. Reports claim the touring company is suing ... Read the full article

Dale receives Lloyd’s approval to set up a Special Purpose Arrangement

31st July 2017

Dale Underwriting Partners, managed by Asta, has received Lloyd's Franchise Board approval to set up a special purpose arrangement (SPA) to support the firm's contingency and specialty property business portfolio. Tom Phillipson will be joining Dale from Swiss Re in September to lead the SPA which is set to begin underwriting business ... Read the full article

Will brokers role in value chain be disrupted by digital? Inga Beale

27th July 2017

As market middle men the role of brokers has come under fire with re/insurers moving further on down the value chain to access risk directly as their revenue and profitability is squeezed by the softening reinsurance market environment, and with the digital revolution disrupting all industry players, the brokers role in ... Read the full article

Collaboration between re/insurers & cyber modellers a “positive step” says A.M. Best

26th July 2017

In light of a recent cyber risk report produced by the Lloyd's of London marketplace and cyber risk analytics firm, Cyence, rating agency A.M. Best has welcomed the collaborative effort to improving the understanding and management of cyber risk, describing the report as "a positive step forward." The report, Counting the ... Read the full article

Lloyd’s competitive position challenged: A.M. Best

26th July 2017

Rating agency A.M. Best says that the "increasingly difficult operating environment" poses a challenge to the Lloyd's of London insurance and reinsurance market's competitive position. Despite benefiting from its structure, scale and access to business, the Lloyd's business model faces pressures like every other insurance and reinsurance entity today. A.M. Best warns ... Read the full article

Evolving business models and risks are “massive opportunity”: Inga Beale

24th July 2017

Lloyd's CEO Inga Beale said in an interview with Pia Tischhauser, a BCG senior partner and the firm’s insurance segment global leader, that as the new digital economy causes businesses in all sectors to re-examine and change business models, an evolving set of risks is emerging that constitute the next ... Read the full article

Lloyd’s introduces new measures for faster post-Market Turning Event response

21st July 2017

Lloyd's has revealed new measures to facilitate faster response in case of a market turning-event (MTE) as it aims to improve market support with "smarter, stronger" oversight. Lloyd’s said it would focus on shortening the review and agreement process of business and capital plans, allowing syndicates to respond more effectively to ... Read the full article

Hannover Re completes acquisition of Lloyd’s focused Argenta Holdings

21st July 2017

German reinsurance firm Hannover Re has announced the completion of its acquisition of Lloyd's of London focused player Argenta Holdings Limited, which gives the reinsurer a ready-made syndicate and Lloyd's private capital manager. The acquisition, which was completed yesterday and is effective today, sees Hannover Re gain a Lloyd's syndicate manager ... Read the full article

SART Specialty gains Lloyd’s Coverholder status in expansion push

18th July 2017

SART Specialty Limited (SART Specialty), which is part of one of Hong Kong's largest Managing General Agents (MGA), SART Group, has received all necessary approval to become a Lloyd's of London Coverholder, supporting its expansion plans. SART Specialty will underwrite specialist marine business lines, including marine hull, marine cargo, ports and terminals liabilities, ... Read the full article

Cyber losses could be far higher than expected, suggests Lloyd’s

17th July 2017

Lloyd's and Cyence have produced a report that highlights potential economic losses of up to $121 billion from cyber attacks with less than a fifth being covered by re/insurance, revealing a cyber protection gap in the tens of billions of dollars. The report looks at both a cloud service provider hack and a ... Read the full article

AXIS Capital gains approval to establish Lloyd’s Managing Agency

14th July 2017

Bermudian Insurer and reinsurer AXIS Capital Holdings Limited and its operating subsidiaries, have received all the necessary approval from Lloyd's of London, the Prudential Regulation Authority (PRA) unit of the Bank of England and the Financial Conduct Authority (FCA), to establish its own Lloyd's managing agent. Effective August 4th, 2017, AXIS Managing ... Read the full article

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