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.

Asta to support BPBUW, equestrian underwriter David Ashby

15th January 2020

Lloyd's third party managing agent Asta has agreed to provide its MGA platform and operational services to newly-formed underwriting agency BPBUW Management. BPBUW said that it hopes to build out a number of specialist niche MGA subsidiaries, with the key underwriters in each holding an equity stake in their own ... Read the full article

Lloyd’s of London’s Jon Hancock to step down in 2020

14th January 2020

The specialist Lloyd's of London insurance and reinsurance marketplace has announced that Performance Management Director, Jon Hancock, has decided to step down in 2020. In 2019, Hancock took the lead on Blueprint One as part of the Future at Lloyd's strategy, designed to modernise the oldest insurance market in the world. His ... Read the full article

Lloyd’s, LMA confirm business lines for modernised syndication pilot

9th January 2020

The specialist Lloyd's of London insurance and reinsurance marketplace, alongside the Board of the Lloyd's Market Association (LMA), has revealed that the pilot classes for the modernised syndication pilot will be Marine Hull and International Casualty Binders. The modernised syndication pilot forms part of the Future at Lloyd's strategy, an ongoing ... Read the full article

Reserve deterioration a potential inflection point in 2020: GC’s Whitmore

8th January 2020

Ongoing challenges associated with reserve deterioration in the re/insurance industry represent a potential inflection point that demands close attention moving into 2020, according to Charles Whitmore, managing director at Guy Carpenter. Speaking at a lecture in Lloyd’s Old Library building, Whitmore described the issue as something spreading - accelerating, even - ... Read the full article

Neon goes into run-off as AFG pulls out of Lloyd’s

6th January 2020

American Financial Group, Inc. has announced that it is pulling out of underwriting in the Lloyd's marketplace, with its Neon business there set to go into run-off. American Financial Group (AFG) said that it plans to exit the Lloyd’s of London insurance market in 2020. To achieve this, the company said that ... Read the full article

Willis Re highlights capacity reduction at Lloyd’s & London renewals

3rd January 2020

Willis Re, the reinsurance arm of global insurance brokerage Willis Towers Watson, has commented on the January 2020 renewals for the Lloyd’s and London reinsurance markets, highlighting a meaningful reduction in capacity. Analysts at Willis Re said that this reduction in overall capacity had come as reinsurers scaled back casualty portfolios ... Read the full article

2020 will be a turning point in Lloyd’s history, says Clyde & Co

31st December 2019

Insurance law firm Clyde & Co has suggested that in 2020 we will see Lloyd’s of London take control of its future by implementing the key initiatives proposed in Blueprint One. Analysts from the law firm say Lloyd’s has already taken control of performance via Decile 10, a program they ... Read the full article

DIFC signs MoU with Lloyd’s, CII

30th December 2019

Leading financial hub in the Middle East, Africa and South Asia (MEASA), The Dubai International Financial Centre (DIFC), has signed two key memorandums of understandings (MoU) designed to drive the region’s insurance sector by upskilling talent as well as promoting efficiency and improvement. It’s hoped the MoUs, signed with Lloyd’s and ... Read the full article

Lloyd’s facing enhanced scrutiny after whistleblowing hotline error

24th December 2019

Insurance and reinsurance marketplace Lloyd’s of London is facing enhanced scrutiny after it emerged that its whistleblowing hotline was out of commission for 16 months. Lloyd’s said it had forgotten to renew its contract with the company that managed the line, meaning roughly 1,000 staff had no way to anonymously report ... Read the full article

McGill & Partners highlights “dramatic” early growth, names key hires

18th December 2019

Specialty risk solutions business McGill & Partners, founded this year by insurance broking veteran Steve McGill, has grown its employee headcount from five to 134 and is set to oversee $250 million of premium flow going into 2020. The build-out and growth of the business was financed through an initial ... Read the full article

Lloyd’s set to mandate use of delegated authority platform

13th December 2019

Re/insurance marketplace Lloyd’s of London has given advance notice of its intention to centralise the reporting of all delegated authority data into the Delegated Authority: Submission, Access and Transformation Solution (DA SATS) platform. DA SATS is a delegated authority reporting platform that collects and validates bordereaux data, holds it in one ... Read the full article

Helios Underwriting to acquire CatBang for £5.6m

13th December 2019

Helios Underwriting, the Lloyd’s of London investment and underwriting vehicle, has acquired Lloyd's Member Catbang 926 Limited for £5.6 million. The move, intended to increase underwriting capacity through acquisition, will see Helios pay £2 million of the total acquisition price on completion and the balance paid within 60 days of completion. Catbang ... Read the full article

Coverys appoints Canopius’ Jo Marshall general counsel

10th December 2019

Coverys, the Lloyd’s managing agent of Syndicates 1975, 1991 and 3330 has appointed Jo Marshall as general counsel. Marshall brings over two decades of legal and compliance experience to the role and joins from Canopius. “Coverys’ reputation has been built on a data and analytics-led approach to underwriting, market-leading expertise in medical ... Read the full article

Victor sets up Lloyd’s Syndicate 2288, names Active Underwriter

10th December 2019

Managing general underwriter (MGU) Victor Insurance Holdings has received approval from Lloyd’s to establish Victor Syndicate 2288 and commence underwriting from January 1, 2020. Victor Syndicate 2288 will launch at Lloyd’s with a stamp capacity of £57 million, supporting a business plan of US $100 million. Jill Frances has been named as ... Read the full article

Lloyd’s raises £300m of senior debt to fund Blueprint One

10th December 2019

Re/insurance marketplace Lloyd’s of London has taken steps to help ensure the successful delivery of its Blueprint One strategy, with the formation of a new committee and raising of £300 million of senior debt. Beginning in 2020, Blueprint One is designed to enhance Lloyd’s value proposition by offering better insurance ... Read the full article

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