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.
Insurtech MIC Global to establish Lloyd’s Syndicate 5183
28th January 2022
Insurtech MIC Global has received 'in-principal' approval from Lloyd’s to launch Syndicate 5183, which is scheduled to underwrite business incepting on or after April 1st, 2022. The new syndicate will be managed by Asta, a third-party managing agent at the specialist Lloyd’s insurance and reinsurance marketplace. MIC provides end-to-end digital micro insurance ... Read the full article
Success of the Lloyd’s market depends on Blueprint Two goals: John Neal
27th January 2022
Ahead of the publication of the second edition of the Lloyd's Blueprint Two Interactive Guide and roadmap, Chief Executive Officer (CEO) John Neal has stressed that the success of the Lloyd's market depends on the effective implementation of this strategy. The roadmap, due for public release tomorrow, runs from Q1 2022 ... Read the full article
Is a ‘Green Cold War’ coming?
25th January 2022
The world should expect to enter a ‘Green Cold War’ in coming years, where states around the world form ‘climate blocs’ that will compete for dominance, according to a new report from Lloyd’s. The report, Shifting Powers: Climate Cooperation, Competition, or Chaos?, was released recently, and is aimed ... Read the full article
Lloyd’s appoints Dawn Miller as commercial director
21st January 2022
Dawn Miller is to join Lloyd’s as its new commercial director in a role set to begin in Q2 2022. According to Lloyd’s, Butler is to oversee Lloyd’s global network across the Americas, Europe, APAC, and MEA. She will be responsible for distribution, market development, global engagement with brokers, and new ... Read the full article
CyberCube designs scenarios for Lloyd’s RDS exercise
20th January 2022
Cyber analytics specialist CyberCube has designed three cyber-specific scenarios to be used as part of Lloyd’s of London’s annual Realistic Disaster Scenarios (RDS) exercise. The three scenarios include a cyber power outage, a widespread malware event and a cloud outage event. These will allow Lloyd’s managing agents and syndicates to stress test ... Read the full article
LMG welcomes inquiry into UK’s commercial re/insurance market
18th January 2022
The London Market Group has welcomed The House of Lords Industry and Regulators Committee’s inquiry into the regulation of the London insurance market, which was announced recently. The inquiry is to “explore the extent to which regulatory policy is well-designed and proportionately applied and the possibilities for optimising policy following ... Read the full article
Lloyd’s CFO to take on COO duties
17th January 2022
Lloyd’s CFO Burkhard Keese is lining up to take on COO duties when incumbent Jennifer Rigby departs towards the end of this month. The new structure, under which Keese will maintain both roles, is being put in place to facilitate the delivery of Lloyd’s Blueprint Two programme. That programme is the second ... Read the full article
Lloyd’s announces plans to lower market processing costs by 40%
12th January 2022
The transformation of the specialist Lloyd's insurance and reinsurance marketplace has taken another step forward with an agreement between the market, DXC Technology and the International Underwriting Association (IUA) which aims to cut processing costs by 40%. An agreement between Lloyd’s, DXC Technology, the Boards of the Lloyd's Market Association ... Read the full article
FEMA sees decline in participating Lloyd’s Syndicates at 2022 NFIP reinsurance renewal
10th January 2022
The U.S. Federal Emergency Management Agency's (FEMA) January 2022 flood reinsurance renewal for the National Flood Insurance Program (NFIP) saw a reduction in the number of participating Lloyd's syndicates, which could be a reflection of the heavy catastrophe load. FEMA recently announced the procurement of $1.064 billion of flood reinsurance ... Read the full article
Lloyd’s releases Product Launchpad
7th January 2022
Lloyd’s has released its new Product Launchpad to further the work of the Product Innovation Facility and enable the Lloyd’s market to keep partnering with Insurtech, advancing innovation and developing new insurance solutions. Under the oversight of the Lloyd’s Lab team, potential ideas reaching the Lab through its expanding programme can ... Read the full article
Lloyd’s & London Market see stable conditions at 1/1: Gallagher Re
6th January 2022
Analysts at Gallagher Re have reported that Lloyd’s and the London Market experienced more stable conditions than were seen last year during the January 1, 2022 renewals, despite being generally quite late to market. In its 1st View report on the critical renewal period, Gallagher Re observed “mixed outcomes” for ... Read the full article
Carbon Underwriting places Lloyd’s property consortium with Howden Re
23rd December 2021
Carbon Underwriting Limited (Carbon), the specialist, independent managing general underwriter (MGU) and Lloyd’s syndicate, has placed a new Lloyd’s property consortium with independent reinsurance broker, Howden Re. The placement marks the first Variable Delegated Underwriting Authority consortium as well as the first consortium supporting a Syndicate in a Box. Carbon says the ... Read the full article
Lloyd’s Asia sets up renewable energy consortium
23rd December 2021
Insurance and reinsurance marketplace Lloyd’s has launched a new renewable energy consortium for the APAC region and supporting countries. Developed by the Lloyd’s Asia platform, the consortium pools underwriting expertise and capacity among the participating syndicates for renewable energy risks. The new consortium has been developed by Chaucer, Markel, and Munich Re ... Read the full article
Lloyd’s welcomes Nephila’s Syndicate 2358
21st December 2021
Lloyd’s of London has joined investment manager Nephila Capital in announcing the launch of Syndicate 2358. Nephila's new Syndicate focuses on short to medium term business lines, with capital provided through London Bridge Risk PCC (LBR PCC). The new transaction provides reinsurance capital from a varied group of investors, ... Read the full article
Nephila to launch new ILS investor-backed Lloyd’s syndicate
21st December 2021
Nephila Capital, the world’s largest insurance-linked securities (ILS) investment manager, has announced plans for its Lloyd’s specialty syndicate 2358, as the firm looks to provide investors with greater access to the wider specialty insurance market. Set to commence trading in the new year, syndicate 2358 will focus on short to medium ... Read the full article