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Reinsurance 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.
9th January 2020
The specialist Lloyd's of London insurance and reinsurance marketplace, alongside the Board of the Lloyd's Market Association (LMA), has revealed that the pilot classes for the modernised syndication pilot will be Marine Hull and International Casualty Binders. The modernised syndication pilot forms part of the Future at Lloyd's strategy, an ongoing ... Read the full article
8th January 2020
Ongoing challenges associated with reserve deterioration in the re/insurance industry represent a potential inflection point that demands close attention moving into 2020, according to Charles Whitmore, managing director at Guy Carpenter. Speaking at a lecture in Lloyd’s Old Library building, Whitmore described the issue as something spreading - accelerating, even - ... Read the full article
6th January 2020
American Financial Group, Inc. has announced that it is pulling out of underwriting in the Lloyd's marketplace, with its Neon business there set to go into run-off. American Financial Group (AFG) said that it plans to exit the Lloyd’s of London insurance market in 2020. To achieve this, the company said that ... Read the full article
3rd January 2020
Willis Re, the reinsurance arm of global insurance brokerage Willis Towers Watson, has commented on the January 2020 renewals for the Lloyd’s and London reinsurance markets, highlighting a meaningful reduction in capacity. Analysts at Willis Re said that this reduction in overall capacity had come as reinsurers scaled back casualty portfolios ... Read the full article
31st December 2019
Insurance law firm Clyde & Co has suggested that in 2020 we will see Lloyd’s of London take control of its future by implementing the key initiatives proposed in Blueprint One. Analysts from the law firm say Lloyd’s has already taken control of performance via Decile 10, a program they ... Read the full article
30th December 2019
Leading financial hub in the Middle East, Africa and South Asia (MEASA), The Dubai International Financial Centre (DIFC), has signed two key memorandums of understandings (MoU) designed to drive the region’s insurance sector by upskilling talent as well as promoting efficiency and improvement. It’s hoped the MoUs, signed with Lloyd’s and ... Read the full article
24th December 2019
Insurance and reinsurance marketplace Lloyd’s of London is facing enhanced scrutiny after it emerged that its whistleblowing hotline was out of commission for 16 months. Lloyd’s said it had forgotten to renew its contract with the company that managed the line, meaning roughly 1,000 staff had no way to anonymously report ... Read the full article
18th December 2019
Specialty risk solutions business McGill & Partners, founded this year by insurance broking veteran Steve McGill, has grown its employee headcount from five to 134 and is set to oversee $250 million of premium flow going into 2020. The build-out and growth of the business was financed through an initial ... Read the full article
13th December 2019
Re/insurance marketplace Lloyd’s of London has given advance notice of its intention to centralise the reporting of all delegated authority data into the Delegated Authority: Submission, Access and Transformation Solution (DA SATS) platform. DA SATS is a delegated authority reporting platform that collects and validates bordereaux data, holds it in one ... Read the full article
13th December 2019
Helios Underwriting, the Lloyd’s of London investment and underwriting vehicle, has acquired Lloyd's Member Catbang 926 Limited for £5.6 million. The move, intended to increase underwriting capacity through acquisition, will see Helios pay £2 million of the total acquisition price on completion and the balance paid within 60 days of completion. Catbang ... Read the full article
10th December 2019
Coverys, the Lloyd’s managing agent of Syndicates 1975, 1991 and 3330 has appointed Jo Marshall as general counsel. Marshall brings over two decades of legal and compliance experience to the role and joins from Canopius. “Coverys’ reputation has been built on a data and analytics-led approach to underwriting, market-leading expertise in medical ... Read the full article
10th December 2019
Managing general underwriter (MGU) Victor Insurance Holdings has received approval from Lloyd’s to establish Victor Syndicate 2288 and commence underwriting from January 1, 2020. Victor Syndicate 2288 will launch at Lloyd’s with a stamp capacity of £57 million, supporting a business plan of US $100 million. Jill Frances has been named as ... Read the full article
10th December 2019
Re/insurance marketplace Lloyd’s of London has taken steps to help ensure the successful delivery of its Blueprint One strategy, with the formation of a new committee and raising of £300 million of senior debt. Beginning in 2020, Blueprint One is designed to enhance Lloyd’s value proposition by offering better insurance ... Read the full article
9th December 2019
Global specialty insurer and reinsurer Brit has announced the launch of a new Lloyd's of London focused insurance-linked securities (ILS) fund, Sussex Specialty Insurance Fund (SIF). Brit states that the new fund offers ILS investors access to Brit Syndicate 2988 and that it is the first fund structure of its type ... Read the full article
6th December 2019
Staff at insurance and reinsurance marketplace Lloyd’s of London have been warned to behave appropriately ahead of the Christmas party season, according to reports from Financial News. Lloyd’s Chief Executive John Neal told the publication that emails had been sent out to staff and member companies reminding them of the marketplace’s ... Read the full article
