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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 appoints Spyropoulos CEO of Asia

3rd August 2020

Specialist re/insurance marketplace Lloyd’s of London has appointed Pavlos Spyropoulos as country manager of Singapore and Chief Executive Officer of Lloyd's Asia. Spyropoulos has been with Lloyd's for over 12 years and has served across a number of senior positions. He relocated to Singapore in 2014 in order to assume responsibility for Lloyd’s ... Read the full article

Lloyd’s targets 35% female representation in leadership

31st July 2020

Insurance and reinsurance marketplace Lloyd’s of London has set an interim target of 35% female representation in leadership positions by the end of 2023, and 20% female representation in Boards and Executive Committees. Going forward, new market entrants will be expected to meet the new gender leadership targets on arrival. The new ... Read the full article

SRL makes rating adjustments for Lloyd’s syndicates 4472, 2003

27th July 2020

Syndicate Research Limited (SRL) has provided rating adjustments for Liberty Mutual-owned Lloyd’s syndicate 4472 and AXA’s syndicate 2003. Syndicate 4472 is ultimately 100% backed by Liberty Mutual and with a 2020 capacity of £1.1bn, writes an Excess of Loss-orientated account. SRL has affirmed the syndicate’s B+^ (Above Average) Continuity Opinion, while its ... Read the full article

Lloyd’s creates Syndicate 1796 to insure transportation of COVID-19 vaccine

23rd July 2020

The specialist Lloyd's of London insurance and reinsurance marketplace has announced the creation and in principal approval of Syndicate 1796, a new "syndicate in a box" designed to insure both the storage and transportation of a COVID-19 vaccine once developed to emerging economies. The marketplace's newest syndicate in a box has ... Read the full article

Google-backed Lloyd’s syndicate Ki adds Dan Hearsum as MD

23rd July 2020

Ki, the first fully digital and algorithmically-driven Lloyd’s syndicate has announced the appointment of Dan Hearsum as Managing Director. Launched in collaboration with Brit Limited and Google Cloud, Ki was launched to reduce the amount of time taken for brokers to place their follow capacity. In his new role, Hearsum will report to ... Read the full article

Apollo expands Syndicate 1969 specie and cargo team

20th July 2020

Independent specialist re/insurer Apollo Syndicate Management has announced a new leadership structure for its expanding specie and cargo business. Richard Panter joins as head of specie & cargo at Apollo Syndicate 1969 and will report to Paul Letherbarrow, head of aviation and member of the executive committee. With over 37 years’ broking ... Read the full article

Lloyd’s confirms priorities for H2 2020

20th July 2020

Insurance and reinsurance marketplace Lloyd’s of London has confirmed that its three main priorities for the second half of 2020 will be placement, delegated authority and claims. These priorities form part of the Future at Lloyd’s strategy and will be underpinned by new data and technology capabilities, Lloyd’s says. Alongside middle and ... Read the full article

Whitespace secures “fully recognised” status with Lloyd’s ePlacing systems

17th July 2020

Whitespace, the digital e-trading platform for brokers and re/insurers, has been granted “fully recognised” status by Lloyd’s in its list of approved systems for the electronic placing mandate for managing agents. Whitespace was launched at the end of August 2019 and brought its 100th customer on board earlier in July. The platform ... Read the full article

Market conditions & remedial actions to boost Lloyd’s performance: AM Best

17th July 2020

AM Best has affirmed the credit ratings of Lloyd’s, reasoning that improving market conditions and robust remedial actions will support improvements in performance over the next few years. Analysts maintained the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings of ‘a+’ of Lloyd’s (United Kingdom), Lloyd’s Insurance ... Read the full article

Argo-backed Lloyd’s Syndicate 1200 downgraded

16th July 2020

Syndicate Research Limited (SRL) has downgraded the B (Average), under review for possible downgrade, Continuity Opinion of Argo Group-backed Lloyd's Syndicate 1200. SRL, which provides research on all trading syndicates operating in the Lloyd’s market, says this decision was driven in part by the announcement of the syndicate’s 2019 annual results and ... Read the full article

Insurtech Previsico develops new underwriting tool at Lloyd’s Lab

16th July 2020

Live flood forecasting specialist Previsico has launched a new underwriting tool, developed during its time at the Lloyd’s Lab, to enhance insurers’ flood risk models for both residential and commercial property, and fine art risks. The new underwriter modelling solution was designed with input and analysis from leading re- insurers over ... Read the full article

Lloyd’s to focus on US reinsurance and E&S, drops admitted licenses

10th July 2020

Insurance and reinsurance marketplace Lloyd’s of London has announced that it plans to strengthen its focus on the US reinsurance and excess and surplus (E&S) markets. As part of this strategy to focus on its core markets, Lloyd’s will relinquish its admitted licences in the US Virgin Islands (US VI), Kentucky ... Read the full article

Kovrr releases open framework to measure catastrophic cyber risk exposure

10th July 2020

Cyber risk modelling company Kovrr has developed an open framework designed to measure and understand catastrophic cyber risk exposure. The CRA-Zones framework defines the minimal elements needed to provide a view of cyber risk aggregations, allows for analysis across multiple portfolios of risks and allows for monitoring of exposure trends. CRA-Zones group ... Read the full article

PPL use hits all-time high

8th July 2020

Data from the London Market Group (LMG) reveals that use of the Placing Platform Limited (PPL), the London market's electronic placement platform, continued to swell through the second-quarter of 2020, reaching an all-time high. A total of 8,031 risks were bound on the platform in the week commencing June 29th, which ... Read the full article

LMA announces establishment of Delegated Authority Committee

8th July 2020

The Lloyd's Market Association (LMA) has announced the establishment of a new Delegated Authority Committee (DAC), designed to both inform and guide the evolution of this aspect of Lloyd's underwriting, distribution, and claims. According to the LMA, this type of business accounts for 40% of the Lloyd's market's annual gross written ... Read the full article

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