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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.

Focus of the Future at Lloyd’s strategy narrows in response to COVID-19

27th March 2020

The Lloyd's of London insurance and reinsurance marketplace has decided to rationalise and narrow the focus of the Future at Lloyd's strategy as it adjusts to the impacts of the global COVID-19 pandemic. Speaking during the Lloyd's 2019 annual results call, executives at the world's oldest insurance market noted the broad ... Read the full article

Lloyd’s falls to 2019 underwriting loss, COVID-19 drives down solvency ratio

26th March 2020

The specialist Lloyd's of London insurance and reinsurance marketplace has reported an unprofitable underwriting performance for 2019, with its full year results also revealing a decline in its central solvency ratio as a result of financial market volatility driven by the COVID-19 outbreak. Albeit improved on the previous year, Lloyd's has ... Read the full article

LMA introduces Coronavirus contingency clause

13th March 2020

The Lloyd’s Market Association (LMA) has published policy language designed to prevent customers being left without cover in the event of a Coronavirus-related market shutdown. Drawn up by the LMA on behalf of its members, the clause ensures continuity of coverage for Lloyd’s re/insureds should, for more than one day during ... Read the full article

Lloyd’s announces Coronavirus stress test measures

12th March 2020

In the face of rising uncertainty surrounding Coronavirus’ impact on the re/insurance industry, Lloyd’s has announced a series of actions designed to test market resilience. On Friday 13 March, Lloyd’s will close the underwriting room at 1 Lime Street in London and invoke its Emergency Trading Protocol for 24 hours in ... Read the full article

Lloyd’s promotes Sabrina Miesowitz to US General Counsel

3rd March 2020

The Lloyd's of London insurance and reinsurance marketplace has revealed the promotion of Sabrina Miesowitz to US General Counsel as Joe Gunset retires from the position after nearly two decades with the market. Miesowitz previously served as Deputy US General Counsel and will take over from Gunset when he retires at ... Read the full article

New Lloyd’s policy to cover cryptocurrency wallets

2nd March 2020

Insurance and reinsurance marketplace Lloyd’s of London has launched a new insurance policy designed to protect cryptocurrency held in online wallets against theft or other malicious hacks. The policy was created by Lloyd’s syndicate Atrium in conjunction with Coincover to protect against losses arising from the theft of cryptocurrency held in ... Read the full article

Lloyd’s confirms 2020 priorities in Blueprint One update

26th February 2020

Insurance and reinsurance marketplace Lloyd’s of London has published an update to Blueprint One of its Future at Lloyd’s strategy for change, outlining its progress so far as well as key priorities for 2020. As part of its execution plans for the first phase of strategy, Lloyd’s confirmed that it will ... Read the full article

UK / EU reinsurance equivalence not guaranteed: Lloyd’s Chairman

26th February 2020

Lloyd’s of London Chairman Bruce Carnegie-Brown has warned that it would be “extraordinary but perhaps not entirely surprising” for the UK to lose reinsurance regulatory equivalence with the European Union (EU) after Brexit. Addressing the EU Financial Affairs Sub-Committee today, Carnegie Brown said that a loss of equivalence could pose a ... Read the full article

London Market upping tech investment to maintain relevance: survey

25th February 2020

Research from consulting and IT services provider NTT DATA UK suggests London Market investment in modernisation efforts will double over the next three years. The research surveyed 100 senior London Market syndicates, brokers and managing agents, and revealed that 60% of respondents consider business-as-usual to be unacceptable over the next three ... Read the full article

Syndicates forecast deteriorating Lloyd’s results for 2017/2018

19th February 2020

A number of Lloyd's of London syndicates have been reporting updated forecasts for their results on the 2017 and 2018 years of account in recent days and there are signs of some deterioration. The performance of Lloyd's syndicates has been a focus over the last year, of course, as the market ... Read the full article

Questions remain over Lloyd’s modernisation initiatives, says UK regulator

19th February 2020

The UK Financial Conduct Authority (FCA) has said that “questions remain” about whether the modernisation initiatives at Lloyd’s of London do enough to address underlying issues in the market. The regulator noted that the London Market’s operational expense ratio is 9% higher than similar global re/insurance centres, highlighting an urgent need ... Read the full article

Aspen appoints former VIBE Re CEO Milner, adds new head of MEA

17th February 2020

Former Chief Executive Officer of VIBE Reinsurance, Richard Milner, is set to join the reinsurance arm of Aspen Insurance as senior managing director, Aspen Re International. Milner brings over 20 years’ experience and prior to his tenure at VIBE spent over a decade at AXIS Re, where he eventually served as ... Read the full article

PPL adoption trends continue through Q4: LMG

17th February 2020

Data from the London Market Group (LMG) shows that adoption of of Placing Platform Limited (PPL) continued to increase through the fourth quarter of 2019. Lloyd’s of London syndicates accepted 73% of in scope risks through electronic placement last quarter, and 39% of submissions were electronic. In Q3, syndicates accepted ... Read the full article

Lloyd’s narrows scope of Blueprint One goals for 2020

14th February 2020

Insurance and reinsurance marketplace Lloyd’s of London has narrowed the focus of its Blueprint One goals to prioritise just three key targets in 2020. In a statement ahead of the first detailed update to the Future at Lloyd’s strategy, Lloyd’s said that its priorities would include the development of PPL, the ... Read the full article

Lloyd’s confirms inaugural members of Culture Advisory Group

11th February 2020

The specialist Lloyd's of London insurance and reinsurance marketplace has today confirmed the membership of its Culture Advisory Group, established as part of the market's comprehensive action plan to drive long-term culture change across the organisation. The new, independent Culture Advisory Group will provide expert advice and robust challenge to ensure ... Read the full article

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