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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 names Aviva’s Patrick Tiernan as Chief of Markets

22nd January 2021

The specialist Lloyd's of London insurance and reinsurance marketplace has appointed Aviva's Patrick Tiernan to the newly created role of Chief of Markets, which will see him take oversight of market performance and distribution. Tiernan joins the market from Aviva where he currently serves as Managing Director, UK Commercial Lines & ... Read the full article

THB places first risk with Global Health Risk Facility via Syndicate 1796

18th January 2021

Specialist re/insurance broker THB has placed the first risk with the newly launched Global Health Risk Facility (GHRF). A public-private collaboration developed by insurtech Parsyl, GHRF is designed to help protect and support the global distribution of critical health commodities, including existing and newly-emerging vaccines. THB was approached to put in place ... Read the full article

Lloyd’s CFO Keese predicts strong interest in market’s ILS platform

14th January 2021

As the specialist Lloyd's of London insurance and reinsurance marketplace continues to evolve and enable additional modern ways of insurance financing, interest in the market sponsored London Bridge Risk PCC is expected to be robust, according to Burkhard Keese, Chief Financial Officer (CFO) at Lloyd's. Earlier today, Lloyd's announced that ... Read the full article

Lloyd’s creates London Bridge Risk PCC as regulators approve new mISPV

14th January 2021

In a move which provides investors with easier access to the specialist Lloyd's of London insurance and reinsurance marketplace, regulators in the UK have approved the creation of a new multi Insurance Special Purpose Vehicle (mISPV). As part of the Future at Lloyd's strategy, the receipt of regulatory approval from both ... Read the full article

Aston Lark acquires Lloyd’s broker CRS Yachts

8th January 2021

Aston Lark, a chartered insurance broker backed by Goldman Sachs, has announced the acquisition of Lloyd’s broker CRS Yachts. CRS Yachts is based in London and offers a bespoke service focussed solely on serving superyacht owners. The company will maintain its existing brand but will play an active and significant role in ... Read the full article

Optio establishes European office in Malta

7th January 2021

Specialty MGA and Lloyd’s broker Optio has established a European office in Malta after receiving the necessary regulatory approvals. Optio Europe has been launched to serve as the growth engine for the company’s underwriting and broking portfolios across the region. Optio Europe’s Malta-based team comprises Martin Rimmer as director and general manager ... Read the full article

Lloyd’s to close underwriting room again

5th January 2021

Insurance and reinsurance marketplace Lloyd’s of London has announced that its underwriting room will be closed once again following the introduction of new lockdown measures in the UK this week. The UK Government re-introduced lockdown restrictions yesterday in a bid to control the more infectious COVID-19 variant that has spread in ... Read the full article

Lloyd’s announces changes to Claims Scheme amid COVID-19

23rd December 2020

Lloyd’s of London has announced changes to the Claims Scheme as part of its response to challenging market operations caused by COVID-19. Lloyd’s, the oldest insurance market in the world, announced the review in April. The changes, which are effective immediately, amend the Claims Scheme requirements with an aim of empowering ... Read the full article

Lloyd’s limits underwriting room access under tier 4 rules

22nd December 2020

Following the introduction of tier 4 COVID restrictions in London this week, insurance and reinsurance marketplace Lloyd’s of London has decided to limit access to its underwriting room to just one day per week. The room will remain open for all classes of business on Wednesdays in order to continue providing ... Read the full article

Lloyd’s ups electronic placement targets to 90% in 2021

21st December 2020

The Lloyd’s of London insurance and reinsurance marketplace has announced an update to its Electronic Placement Mandate, increasing the target on risks bound for all classes to 90% by Q2. The electronic placement target has been 80% of risks bound throughout 2020, and will remain so during the first quarter ... Read the full article

MS Amlin adds Margot Cronin to non-exec board role

17th December 2020

Lloyd’s re/insurer MS Amlin Underwriting has appointed Margot Cronin to its board, effective from January 1. Cronin will join as a notified independent non-executive director and brings over 30 years’ experience to the role. She spent the last 18 years of her executive career with Aviva in several senior, group and regional ... Read the full article

MNK Re adds Bragg, Zarate to international property team

17th December 2020

Specialty Lloyd’s broker MNK Re has added Adam Bragg and Andrea Zarate to its international property team. Bragg will serve as managing director of its international facultative property division and joins from Gallagher Specialty, where he was the head of their Latin American property team. Zarate joins from Lucy A. Raymond and will ... Read the full article

Lloyd’s underlines sustainability, inclusivity targets in ESG report

17th December 2020

Lloyd’s has detailed a number of Environmental, Social and Governance commitments it says will help integrate sustainability and inclusivity into the speciality re/insurancemarketplace’s business activities. Lloyd’s will create a cultural toolkit and set of regularly measured targets, including a phase one target of 35% female representation in leadership positions across the ... Read the full article

Lloyd’s & Parsyl partner on COVID vaccine distribution initiative

15th December 2020

Lloyd’s of London has partnered with supply chain data platform Parsyl to launch an insurance initiative for the distribution of COVID-19 vaccines. The public-private collaboration includes 14 global re/insurers and aims to address critical risks faced by COVID-19 vaccines and other health commodities during distribution. The initiative involves the launch of a ... Read the full article

Lloyd’s insurers to retain more business as pricing improves: analysts

11th December 2020

Analysts at RBC Capital Markets predict that Lloyd’s insurers are likely to retain more business on their own balance sheets as pricing in the market continues to improve. There had been a clear trend of passing more business on to reinsurers as profitability in the Lloyd’s and London markets deteriorated, RBC ... Read the full article

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