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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.

Fitch turns Negative on Lloyd’s as underwriting deteriorates

29th June 2017

In response to the continued deterioration in underwriting performance and increasing catastrophe risk exposure, Fitch Ratings (Fitch) has revised the Lloyd's of London's and Lloyd's Insurance Company (China) Ltd's outlook to Negative from Stable. At the same time international financial services rating agency, Fitch, has also affirmed the Insurer Financial Strength (IFS) Ratings at ... Read the full article

Lloyd’s seeks 10% headcount reduction in efficiency drive: Beale

26th June 2017

The Corporation of Lloyd's, the body that oversees and supports the Lloyd’s market to ensure efficient operation, will find its headcount reduced by around 10% in the upcoming organisational restructure, Chief Executive Inga Beale said today. In a half-yearly letter to employees and the Lloyd's of London insurance and reinsurance market, ... Read the full article

Lloyd’s needs to address “unsustainable” underwriting performance: Hancock

26th June 2017

John Hancock, the Performance Management Director at Lloyd's of London, warned that the market needs to "address its decline in underwriting performance because the current trend is not sustainable" in a recent speech. Speaking to private or independent capital providers to the insurance and reinsurance market at the Association of Lloyd's ... Read the full article

CATRisk launches Lloyd’s sponsored Middle East earthquake risk model

20th June 2017

CATRisk Solutions has released a new Lloyd's sponsored earthquake risk model, which offers bespoke solutions for risk assessment in the Middle Eastern region - where according to the model, nearly one fifth of the population live in areas at risk of earthquakes. The new risk tool, which has been released on the Oasis ... Read the full article

Bruce Carnegie-Brown starts as Lloyd’s Chairman today

15th June 2017

Bruce Carnegie-Brown has formally begun his position as the Chairman of the Lloyd's of London specialist insurance and reinsurance market today. Carnegie-Brown takes over from the outgoing John Nelson who has retired from the position. Carnegie-Brown commented on the appointment; “I am very excited to get started. In the months since my ... Read the full article

Patria Re hires Nick Benardout to manage Lloyd’s SPS operations

13th June 2017

Mexican reinsurer Patria Re, or Reaseguradora Patria, has appointed Nick Benardout to manage its special purpose syndicate (SPS) at Lloyd's and the firms London operations. Benardout joined Patria Re yesterday to run the firms PAT6125 special purpose syndicate at Lloyd's of London. He has been hired to run the London office ... Read the full article

Lloyd’s needs to raise its profile to be a market for the future: Cavanagh

7th June 2017

The growth of insurance and reinsurance centres around the world, the consolidation of the broker community, and challenging market conditions have created an increasingly competitive operating landscape, driving a need for the Lloyd's of London marketplace to raise its profile, warns Willis Re Chief Executive Officer (CEO), John Cavanagh. International ratings agency A.M. ... Read the full article

Re/insurers need proactive cyber development and marketing strategies: Inga Beale

5th June 2017

Speaking at Mexico's AMIS Insurance Conference, Lloyd's Inga Beale reiterated the urgency of getting aboard the cyber insurance market, which she said could triple in size to $7.5 billion by 2020. "I don’t think that, as a sector, we are doing enough to promote the benefits of cyber insurance and make ... Read the full article

Reinsurers should work against rising tide of protectionism: Inga Beale

1st June 2017

Lloyd's Chief Executive Officer (CEO) Inga Beale has urged reinsurers to get to work against the trend of growing protectionism, citing increasing obstacles confronting reinsurers as barriers to international trade continue to go up across the globe, in the European re/insurance federation's latest annual report. "We need to continue our engagement and ... Read the full article

Mexico and Latin America seen as growth markets for Lloyd’s: Inga Beale

30th May 2017

Inga Beale highlighted Latin America and Mexico as a key region and growth opportunity for Lloyd's, as the centuries-old re/insurer positions itself for further growth in the emerging market and seeks to strengthen ties, perhaps especially in light of a post-Brexit operating environment, in a speech at the Mexico AMIS ... Read the full article

Lloyd’s market hit a “turning point” in 2016, listed insurers outperforming market: RBC

25th May 2017

Difficult global insurance and reinsurance market conditions over the past few years intensified in 2016 fuelling additional earnings pressure on both listed Lloyd's insurers and the overall, Lloyd's of London marketplace. And analysts at RBC Capital Markets feel that those with less correlation to Lloyd's market trends are likely to ... Read the full article

ProAssurance puts $200m into Dale Syndicate 1729

25th May 2017

ProAssurance Corporation has expanded its commitment to Lloyd's of London insurance and reinsurance underwriting group Dale Underwriting Partners, adding $200 million to its capital commitment to Syndicate 1729, through to the 2022 year of account. Duncan Dale chief executive, Dale Underwriting Partners, commented on the capital injection; "ProAssurance has been keen ... Read the full article

Beazley, Talbot, and Chaucer develop Asian Political Risk Consortium

19th May 2017

Lloyd's of London re/insurers Beazley, Chaucer, and Talbot have collaborated on the launch of a Political Risk Consortium in Asia, providing capacity of up to $130 million for individual risks. The new Political Risk Consortium in Asia will offer increased capacity for a variety of political and contract frustration exposures. Offering ... Read the full article

Lloyd’s agrees to pay compensation for South Korea Sewol ferry victims

17th May 2017

Lloyd's of London and Korean Re have reached an agreement to pay more than 100 billion won (US$89 million) for South Korea's Sewol ferry accident victims after two years of negotiating whether or not insurance claims were valid due to the ferry owner failing to operate according to regulations, the ... Read the full article

Tokio Marine Kiln updates on Lloyd’s Syndicates improvements

15th May 2017

Tokio Marine Kiln has revealed the latest forecasts for its Lloyd's Syndicates, announcing improvements on the 2015 year of account driven by favourable claims development. Tokio Marine Kiln Syndicates Limited operates Syndicates 510, 557, and 308 at the Lloyd's of London specialist insurance and reinsurance marketplace, and has now released ... Read the full article

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