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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.

Satellite imagery hastening Florence and Michael claims payments

16th October 2018

Aided by the London Market Association's satellite imagery and intelligence service, Lloyd’s managing agents have started the process of assessing and paying claims to policyholders affected by hurricanes Florence and Michael. The service, which was introduced last year and is now used by all Lloyd’s managing agents, utilises detailed satellite imagery ... Read the full article

Lloyd’s welcomes new CEO John Neal

15th October 2018

John Neal has today been welcomed by Lloyd’s as its new Chief Executive Officer; he replaces Inga Beale who has led the specialist re/insurance marketplace for the past five years. Neal, whose appointment was approved unanimously by a meeting of the Council of Lloyd’s, most recently served as Group CEO of ... Read the full article

Troubled London marine energy market remains in flux: Lloyd & Partners

15th October 2018

The marine energy re/insurance market in London, and Lloyd’s in particular, remains in a ‘state of flux’ at 3Q 2018 as the class struggles to break even, according to a report from Lloyd & Partners. The report noted that the recent ‘Performance Management Directorate’ at Lloyd’s has forced re/insurers to contend ... Read the full article

Chairman of LIIBA welcomes Lloyd’s post-brexit claims commitment

12th October 2018

The Chairman of the London and International Insurance Brokers' Association, Roy White, has welcomed Lloyd’s announcement that the market will honour valid claims in the event the UK leaves the European Union with no transition or implementation period. White stated that LIIBA welcomes the publication of the Lloyd’s statement of ... Read the full article

Ascot Underwriting CEO Brooks announced as next Chairman of the LMA

11th October 2018

The Lloyd's Market Association (LMA) has announced that the Chief Executive Officer (CEO) of Ascot Underwriting Ltd., Andrew Brooks, has been named as the next Chairman of the LMA, effective January 1st, 2019. Brooks has been a member of the LMA Board since 2012, and succeeds Neil Maidment, who is to ... Read the full article

Lloyd’s commits to pay all valid claims in no-deal brexit scenario

10th October 2018

Lloyd’s has announced that it is working towards the transfer of all European Economic Area business to Lloyd’s Brussels before the end of 2020 via a Part VII transfer. In the event that the UK leaves the European Union before then with no transition or implementation period, Lloyd’s underwriters will continue ... Read the full article

Lloyds is ‘accelerating’ Brexit plans over no-deal fears, says CEO Beale

8th October 2018

Lloyd’s of London is ‘accelerating’ its Brexit contingency plans, which include contract transfers to its new subsidiary in Brussels, due to a growing concern that the UK will leave the European Union (EU) in 2019 in a ‘no-deal' scenario, according to its Chief Executive Officer (CEO) Inga Beale. Speaking in an ... Read the full article

CNA Hardy scales back Lloyd’s activity as senior duo depart

4th October 2018

CNA Hardy, a UK specialist commercial re/insurer, has announced its decision to exit Property Treaty, Marine Hull and CAR/EAR business on the Lloyd’s platform. The lines had struggled to deliver consistent profitability despite improving market conditions. Furthermore, Chief Underwriting Officer Patrick Gage has confirmed his departure from the company; he will remain ... Read the full article

Philippines turns to Lloyd’s & World Bank for infrastructure risk transfer advice

2nd October 2018

As the Philippine Government prepares to invest as much as $170 billion into the country’s infrastructure over the coming years, national newspaper the Manila Standard reports that assistance has been sought on risk transfer and insurance from Lloyd’s of London and the World Bank. The country’s Finance Secretary Carlos Dominguez III ... Read the full article

Lloyd’s performance stabilises but further improvements needed: Peel Hunt

27th September 2018

The underlying underwriting performance at Lloyd’s stabilised over the first half of 2018 as rate increases fed through and the marketplace clamped down on underperforming syndicates, according to analysts at Peel Hunt. However, Peel Hunt stated that more needs to be done to place the Lloyd's market on a firmer footing ... Read the full article

Further digital integration key to Lloyd’s efficiency, says COO Khoury-Haq

25th September 2018

Adapting to technological change and better integrating digital capabilities to make placing and processing business more efficient is the key to overcoming the challenges of poor expense ratios at Lloyd’s, according to Chief Operating Officer Shirine Khoury-Haq. Implementation of key parts of the London Target Operating Model (LM TOM), as well ... Read the full article

Lloyd’s managing agents enjoy InsurTech advantages, analysts find

21st September 2018

Lloyd’s managing agents hold significant advantages in the technology ‘arms race’ due to their ability to quickly deploy supplier InsurTechs and take distribution platforms global, according to a new study undertaken for the Lloyd’s Market Association (LMA) by management consultancy Oxbow Partners. Analysts noted that Lloyd’s managing agents are generally more ... Read the full article

Lloyd’s new Brussels subsidiary doesn’t secure full EU access post-Brexit

21st September 2018

The specialist Lloyd's of London insurance and reinsurance marketplace could lose access to both the Polish and German market for treaty reinsurance from 1/1 2019, regardless of its new Brussels subsidiary. Lloyd's Chief Executive Officer (CEO), Inga Beale, explained during the company's H1 2018 earnings call this morning that regarding ... Read the full article

Lloyd’s performance improves & premiums grow, but investments dent results

21st September 2018

Lloyd’s of London’s interim report has revealed an uptick in gross written premiums, pre-tax profits of £0.6 billion and improved performance, while investment returns have declined considerably to £0.2 billion against £1.0 billion in June 2017. Gross written premiums increased 2.4% to £19.3 billion H1 2018, compared to £18.9 billion in ... Read the full article

Lloyd’s Lab innovation accelerator opens after global search

4th September 2018

The specialist Lloyd's of London insurance and reinsurance marketplace has announced the opening of its new innovation accelerator, Lloyd's Lab, after a global search for talent that attracted over 200 applicants from 36 countries. The event, which was attended by the Economic Secretary to the Treasury, John Glen MP, and the outgoing ... Read the full article

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