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.
State-backed cyber exclusions at Lloyd’s could cause disputes: RPC
11th May 2023
Proposals by Lloyd’s of London to exclude state-backed cyber attacks from standard cyber insurance policies could lead to disputes between insurers and the businesses they insure, according to analysts at international law firm RPC. Lloyd’s is proposing that state-backed attacks are excluded from standard cyber insurance policies to reduce the insurance ... Read the full article
Major DC migration of London insurance market completed by DXC Technology
10th May 2023
DXC Technology, a global technology services provider, working closely with the London Market Joint Ventures (XIS and XCS), has announced the successful completion of a major data centre migration for the London insurance market. Over a single weekend in February, some 70 billion rows of data, 700 IT assets, over 200 ... Read the full article
Second-gen cyber modelling offers vital visibility for risk transfer market: DeNexus’ Seara
21st April 2023
Cyber risk modeller DeNexus' CEO José Seara said Lloyd's of London must balance protecting its business while recognising the importance of second-generation cyber modelling in providing necessary risk visibility for effective risk transfer. Lloyd’s of London, the 330-year-old institution, has responded to the growing cyber risk landscape by clamping down on ... Read the full article
Lloyd’s offers to insure NHS for unexpected costs such as pandemic
17th April 2023
According to a report from the Guardian, Lloyd’s of London CEO John Neal has proposed a deal with the UK government to help the NHS meet unexpected costs triggered by major events like the pandemic, as well as government cover for floods or droughts. The Guardian said that Neal "floated the ... Read the full article
BIBA partners with specialist re/insurance marketplace Lloyd’s
13th April 2023
The British Insurance Brokers’ Association (BIBA) has partnered with specialist insurance and reinsurance marketplace Lloyd’s. BIBA said many of its members and Lloyd’s have always worked closely together and it was pleased to welcome Lloyd’s on board as an official partner. "We will continue to work with Lloyd’s on issues relevant to ... Read the full article
Parsyl launches perishable insurance consortium at Lloyd’s
6th April 2023
Parsyl has announced the launch of its new Essential Consortium at Lloyd’s of London, in a multi-year arrangement that will initially bring $20m in new capacity to the perishable cargo market. The arrangement will leverage Parsyl’s data-driven insurance solutions and expertise in temperature-sensitive and ambient goods. The firm states that additional capacity ... Read the full article
Lloyd’s FCP solution now covers over 70% of delegated business
4th April 2023
Insurance and reinsurance marketplace Lloyd’s of London said it made "significant progress" against its Blueprint Two goals in first-quarter 2023 in market adoption of the Faster Claims Payment (FCP) solution, which now covers over 70% of delegated business. Lloyd’s said that work has been completed to define the delegated authority data ... Read the full article
PPL Next Gen platform rolls out fully after successful trial
3rd April 2023
PPL Next Gen, the new version of the London insurance market’s electronic trading platform, has been opened to placements for the entire market following four weeks of limited access while market firms completed training and preparation activities. During this time, the platform was also tested to ensure any “teething issues” ... Read the full article
Lloyd’s Lab reveals insurtechs for Europe-focused cohort
29th March 2023
Re/insurance marketplace Lloyd’s has announced the 13 insurtech firms set to join the 10th cohort of its innovation hub, the Lloyd’s Lab, which will include a focus on the European market this time around. For this cohort, the insurtechs were selected based on solutions geared towards three themes: European Digital and ... Read the full article
Scope to close semiconductor supply chain risk protection gaps: Lloyd’s & WTW
17th March 2023
A new report by re/insurance marketplace Lloyd’s, delivered in collaboration with broker WTW, has warned that the global electronics industry is threatened by semiconductor supply chain risks, which are set to be exacerbated by a lack of available insurance solutions. The semiconductor industry is estimated to have a market value of ... Read the full article
Bob James named COO at Lloyd’s
14th March 2023
Specialist insurance and reinsurance marketplace Lloyd’s has announced a number of changes to its Executive Committee, including the appointment of Bob James as Chief Operations Officer (COO). Previously Lloyd’s Market Transformation Director, James will now focus on aligning the Blueprint Two programme with the wider Corporation Operations function. Meanwhile, Burkhard Keese, Read the full article
Lloyd’s has a duty to lead in cyber: Patrick Tiernan
13th March 2023
Patrick Tiernan, Chief of Markets at Lloyd’s, says the insurance and reinsurance marketplace has a duty to provide leadership in the cyber market and ensure sustainable underwriting practices. With the cyber market set to continue it’s rapid growth, it is “encumbent on Lloyd’s to be a leader in this space,” Tiernan ... Read the full article
Lloyd’s sees uptick in reinsurance submissions in recent weeks: Tiernan
9th March 2023
The Lloyd’s insurance and reinsurance market is seeing an uptick in reinsurance submissions in the first-quarter of 2023, as syndicates and participants work through the impacts of the January renewals, according to Chief of Markets Patrick Tiernan. At the same time, Tiernan noted that, only those syndicates that demonstrate they can ... Read the full article
ICMR forecasts below 90% combined ratio for Lloyd’s
3rd March 2023
Specialist analytics and consulting firm Insurance Capital Markets Research (ICMR) is forecasting that insurance and reinsurance marketplace Lloyd’s will report a sub-90% combined ratio for 2022. Using the reported data of the RISX index constituents, ICMR predicts that Lloyd’s will report its best underwriting result since 2014. The RISX index comprises the ... Read the full article
LMA sets out strategic priorities for 2023
31st January 2023
The Lloyd’s Market Association (LMA) has published its Member Manifesto, which announces its strategic priorities for 2023 and includes a focus on supporting members’ alignment with Future at Lloyd’s initiatives. Supported by DXC technology, the LMA plans to help the initiative foster a digitised marketplace, including the adoption of a unified ... Read the full article
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