Reinsurance 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.
21st September 2021
Over two thirds of Lloyd’s capacity is now available via the online re/insurance pricing and placing platform Tremor Technologies, a figure equating to $33 billion. Tremor says 33 Lloyd’s Syndicates representing over 70% of its Managing Agents have entered into agreements to offer coverage directly on its marketplace. The Syndicates are described ... Read the full article
16th September 2021
Dale Partners Limited, the holding company of Dale Underwriting Partners (DUP), has been granted approval by Lloyd’s to form its own managing agency. The new entity, Dale Managing Agency Limited, will now submit its regulatory business plan, seeking approval from the PRA and FCA during 2022. DUP, an independent, owner-managed underwriting business, ... Read the full article
9th September 2021
The specialist Lloyd's insurance and reinsurance market has reported profit of £1.4 billion for the first-half of 2021, as the marketplace returned to underwriting profitability with an improved combined ratio of 92.2%. The overall result at Lloyd's has improved significantly from the net loss of £400 million reported for the same ... Read the full article
8th September 2021
Specialist professional services and technology firm Davies has acquired Lloyd's third party managing agent Asta in an effort to add strength and reach to its global insurance services practice. London-based Asta was key in the development of Lloyd’s recent Syndicate-in-a-box (SIAB) framework and is seen as a way to widen Davies' ... Read the full article
1st September 2021
Analysts at Peel Hunt have warned that Hurricane Ida could result in a major hit to both the Lloyd’s and energy re/insurance markets, in addition to massive costs for the US P&C sector. Ida made landfall in Louisiana as a Category 4 hurricane just south west of New Orleans on Sunday ... Read the full article
27th August 2021
Analysts at insight and consultancy firm Insurance DataLab have stressed that, despite substantial rate increases over recent months, further price rises will be needed to offset losses within the Lloyd’s market. Lloyd’s premiums have increased by more than 50% year-on-year in every quarter since the start of the pandemic, the firm ... Read the full article
26th August 2021
Analysts at Jefferies expect the Lloyd’s of London re/insurance market to benefit from a number of promising tailwinds going forward, despite a challenging year in 2020. Last year, the Lloyd’s market reported a combined ratio of 110.3%, largely driven by the adverse impact of the COVID-19 pandemic, which caused some £3.4 ... Read the full article
19th August 2021
Insurance and reinsurance marketplace Lloyd’s of London has released updated forecasts for its 2019 and 2020 years of account, which show improved forecasts for most syndicates. Overall, 16 syndicates are reporting an improved forecasts, with the largest improvements at SPAs 6107 (Beazley) and 6104 (Hiscox), although some syndicates continued to report ... Read the full article
17th August 2021
Specialist lines-focussed managing general agency Occam Underwriting has announced Hudson Structured Capital Management's decision to become a majority shareholder. Additional investment from HSCM, an asset manager specialising in the re/insurance and transportation sectors, is expected to help Occam expand into new lines via new talent acquisitions and upgrades to its various technology platforms. As ... Read the full article
11th August 2021
Lloyd's of London Chairman Bruce Carnegie-Brown says the marketplace’s brand could be “damaged” by re/insurers that have proved slow to withdraw their backing for carbon-intensive activities. Speaking to the Financial Times, Carnegie-Brown warned that climate laggards could “let down” efforts at Lloyd’s, which has already come under fire from climate activists ... Read the full article
22nd July 2021
The specialist Lloyd's of London insurance and reinsurance marketplace has named Vicky Carter of reinsurance broker Guy Carpenter as its new Deputy Chair, effective September 1st, 2021. Carter has served as a member of Lloyd's Council since February 2019 and has worked for the Lloyd's marketplace for over 40 years, having ... Read the full article
21st July 2021
Specialist managing general agency Medical & Commercial International (MCI) has received ‘in-principle’ approval from Lloyd’s for Syndicate 1902 to underwrite business incepting on or after 1 January 2022. The syndicate will write gross written premium (GWP) of £45 million in year one. It will be established under ... Read the full article
15th July 2021
Apollo Syndicate Management, the independent specialist insurer and reinsurer, has been granted in principle approval from The Council of Lloyd’s to convert Special Purpose Arrangement (SPA) 1971 into a standalone syndicate. However, the approval remains subject to the completion of the Lloyd’s ‘making it happen’ (MIH) process. The ibott SPA 1971 was ... Read the full article
13th July 2021
Lloyd’s is set to welcome Eleanor Bucks to the newly created role of Chief Investment Officer, established in order to build and lead the marketplace’s new investment platform for the market. Effective September 2021, Bucks will be ensuring Lloyd’s new platform creates greater scale and provides access to a broader range ... Read the full article
1st July 2021
Law firm Gordon Legal has initiated a Federal Court case against underwriters at Lloyd’s of London and filed a class action lawsuit against QBE in Australia over business interruption (BI) claims related to the pandemic, according to reports from the Australian Financial Review. Gordon Legal says the cases relate to claims ... Read the full article
