Reinsurance News
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.
WCL to support Velonetic with mappings service for Blueprint Two addoption
25th March 2024
Web Connectivity Limited (WCL), a wholly owned subsidiary of insurtech provider Zywave, has agreed to supply its ACORD4ALL mappings to Velonetic, a joint venture between Lloyd's, tech firm DXC and the International Underwriters' Association. This will be a key element that will support a critical component of the Blueprint Two programme ... Read the full article
Agile Underwriting receives ‘in-principle’ approval to establish Syndicate 2427 at Lloyd’s
21st March 2024
Agile Underwriting Services has received ‘in-principle’ approval from the Lloyd’s insurance and reinsurance marketplace to create Agile Syndicate 2427 (AUS 2427), and anticipates writing £34.1 million of gross written premium (GWP) for the 2024 year of account. Syndicate 2427 will be established under the ‘syndicate-in-a-box' framework and be managed by Asta ... Read the full article
Lloyd’s teams with UNCDF to run parametric insurance training in climate vulnerable countries
19th March 2024
Lloyd’s, the world’s oldest insurance and reinsurance marketplace, and the United Nations Capital Development Fund (UNCDF) are set to run parametric insurance training in climate vulnerable countries. According to the announcement, Lloyd's has progressed a partnership with the UNCDF and the Sustainable Markets Initiative’s Insurance Task Force with the delivery of ... Read the full article
Lloyd’s and BMA spark initiative to drive innovation and education access
14th March 2024
The Lloyd’s insurance and reinsurance market and the Bermuda Monetary Authority (BMA) have committed to developing an initiative that will reportedly drive closer collaboration and alignment on sharing risk expertise between the two major (re)insurance hubs. Lloyd's stated that the focus of this initiative will be on fostering innovation through the ... Read the full article
One good year not sufficient to earn back trust of capital: Lloyd’s CFO
14th March 2024
Lloyd’s CFO Burkhard Keese has noted that despite stellar underwriting conditions in 2023, very little fresh capital flowed into the insurance market, with many promising capital-raising initiatives having to be abandoned, highlighting the need for the industry to focus more on investor needs. Keese's comments stem from Lloyd’s Q1 2024 Market ... Read the full article
Nord Stream sues UK insurers over gas pipeline explosions
13th March 2024
Nord Stream is reportedly in pursuit of more than €400 million from UK insurance companies, including Lloyd's of London, for refusing to cover the 2022 explosions that ruptured pipelines designed to transport Russian gas to Germany. The Switzerland-based firm has named Lloyd's Insurance Company and Arch Insurance as defendants in its ... Read the full article
Insurance industry must be proactive as GenAI reshapes cyber landscape: Lloyd’s
12th March 2024
The impact of Generative Artificial Intelligence (GenAI) technology on the cyber landscape is expected to increase the frequency, severity, and diversity of attacks, and as the threats evolve, it's imperative that the insurance industry takes proactive steps, according to Lloyd's. A new report from Lloyd's, the world's oldest insurance and reinsurance ... Read the full article
Lloyd’s exceeds weighted average cost of capital in 2023: ICMR, LMA
11th March 2024
After realising preliminary results for 2023 last week, analysis by ICMR and the LMA reveals that the specialist Lloyd's insurance and reinsurance marketplace has, in aggregate, exceeded its weighted average cost of capital (WACC) for the first time in the last decade. ICMR notes that although it's a challenge to establish ... Read the full article
“Outstanding” 2023 leads to best underwriting result in recent history: Lloyd’s
7th March 2024
In a trading update for its full year 2023 financial performance, global insurance and reinsurance marketplace Lloyd’s has revealed its underwriting profit increased by £3.3 billion to £5.9 billion. Burkhard Keese, Lloyd’s CFO commented, “2023 was an outstanding year for the Lloyd’s market. We continued to see sustainable, profitable growth and ... Read the full article
Lloyd’s changes its way of operating in two countries
4th March 2024
Lloyd’s Insurance Company S.A. (Lloyd’s Europe) has announced its will provide non-life insurance business services on a Freedom to provide Services basis only in Lithuania and Malta from February 29, 2024. According to the announcement, the National Bank of Belgium (NBB), as Lloyd’s Europe’s home supervisor, has confirmed it has no ... Read the full article
Marsh McLennan, Lloyd’s backed Unity expands coverage to boost Ukrainian economy
1st March 2024
Marsh McLennan, a re/insurance broker, in collaboration with the Ukrainian government and Lloyd’s, announced the expansion of its Unity insurance facility (Unity) to now cover war risk insurance for ships carrying all non-military cargo. Initially launched in November 2023 to provide affordable war risk insurance for grain shipments and other ... Read the full article
Lloyd’s confirms Claire Schrader’s position as General Counsel
19th February 2024
Lloyd’s, the global insurance and reinsurance marketplace, has confirmed Claire Schrader as General Counsel, responsible for managing legal risk at Lloyd’s. Schrader, who also will also remain a member of Lloyd’s Executive Committee, had been performing this role on an interim basis since August 2023 as Peter Spires, Lloyd’s former ... Read the full article
Mitsui Sumitomo reportedly to increase underwriting capacity in London to £3bn
15th February 2024
Japanese insurer Mitsui Sumitomo Insurance (MSI), owner of Lloyd’s of London underwriter MS Amlin, is investing in the UK hub as it announces its plans to increase its underwriting capacity to £3 billion in the next five years. According to a recent report by the Financial Times, Mitsui Sumitomo plans to ... Read the full article
Amwins MGA Unicorn Underwriting secures box at Lloyd’s
13th February 2024
Unicorn Underwriting, the London-based Managing General Agent (MGA) of Amwins, has announced it has secured a box at Lloyd's, demonstrating the firm's commitment to "maintaining excellent service levels" and its belief in face-to-face trading. Simon Jackson, Managing Director of Unicorn Underwriting, commented, "We're so pleased to be taking this Lloyd's box. "In ... Read the full article
Lloyd’s of London investment in Axio to support company growth and benefit the market
8th February 2024
Re/insurance marketplace Lloyd’s of London has announced investment in Axio to support further development of insurance solutions within the London insurance market. According to the announcement, the investment is a direct result from Axio’s selection into, and participation in Lloyds’s Lab Cohort 10, where it successfully piloted an extension of the ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
