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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.

Lloyd’s extols customer benefit of parametric insurance & smart contracts

11th July 2019

New reports by insurance and reinsurance marketplace Lloyd’s of London has endorsed parametric insurance and smart contracts as a way to help re/insurers offer customers better products and services. Lloyd’s acknowledged that parametric policies offer insurers more scope to design products for risks that could otherwise be uninsurable or underinsured. Parametric policies ... Read the full article

Lloyd’s eyes improved insurance contracts for customers

8th July 2019

Lloyd’s has announced the launch of Contract Confidence, a tool which leverages advanced search techniques to scan contracts and check for errors and discrepancies. For example, the tool is able to run checks against 1,400 open market rules and highlight where the contract has failed or may fail a check. It also ... Read the full article

Lloyd’s Lab insurtech ClauseMatch reveals findings of 10-week pilot

5th July 2019

Lloyd’s Lab, the innovation accelerator launched last year by the Lloyd’s market, has revealed the findings of insurtech ClauseMatch following the completion of its 10-week long pilot project. ClauseMatch, a software technology company that enables financial institutions to comply with internal corporate governance documentation, was required to use state-of-the-art technology to ... Read the full article

New Lloyd’s mandate to require clarity on silent cyber coverage

4th July 2019

Insurance and reinsurance marketplace Lloyd’s of London is to mandate that all policies clearly state whether they will provide affirmative coverage for cyber risks. From January 1, 2020, Lloyd’s underwriters will be required to clarify whether first-party property damage policies affirm or exclude cyber cover. For liability and treaty reinsurance, the requirements ... Read the full article

Barbican adds Markel’s Antony Hope as D&O Class Underwriter

4th July 2019

Barbican Insurance Group, which underwrites re/insurance predominantly through its Lloyd's platform, has announced the appointment of Antony Hope as Class Underwriter for Directors’ & Officers’ (D&O) liability insurance, with immediate effect. He will report to Gavin Stanley, the company’s Head of Financial Lines, and work alongside Sarah McGurk. Hope brings over 23 ... Read the full article

Lloyd’s set to tighten third party oversight rules in 2020

3rd July 2019

Insurance and reinsurance marketplace Lloyd’s of London has announced that it plans to make significant changes to its framework for third party oversight, which will come into effect from Q1 2020. The changes will be aligned with the new Future at Lloyd’s strategy, and will aim to modernise current arrangements, reduce ... Read the full article

Lloyd’s outlines electronic placement mandate targets for H2 2019

3rd July 2019

Insurance and reinsurance marketplace Lloyd’s of London has outlined a set of updated targets for its electronic placement mandate, which will require syndicates to progressively write more of their risks digitally. In the third quarter of 2019, each syndicate will be required to have written no less than 60% of its ... Read the full article

Lloyd’s names Jennifer Rigby Chief Operations Officer

2nd July 2019

The specialist Lloyd’s of London insurance and reinsurance marketplace has announced that Jennifer Rigby has been appointed Chief Operations Officer (COO). After joining the Lloyd’s marketplace in 2017, Rigby has been serving as interim Lloyd’s COO since March 2019, following the departure of previous COO, Shirine Khoury-Haq. As COO of the ... Read the full article

Lloyd’s targets “syndicate in a box” launches for October: CEO John Neal

2nd July 2019

Lloyd's is targeting the launch of its first two "syndicates in a box" for October 1st, as it begins to implement its new strategic initiatives, according to CEO John Neal. The specialist Lloyd’s of London insurance and reinsurance marketplace recently announced a new strategy focused on modernisation and delivering higher ... Read the full article

Lloyd’s makes leadership appointments within EMEA region

1st July 2019

The specialist Lloyd's of London insurance and reinsurance marketplace has appointed Mark Cooper to the newly created role of Head of Market Development for the European Market, and has also named Amit Khilosia as the new Regional Head for Africa. Cooper has been with Lloyd's since 2015 and in his new ... Read the full article

Lloyd’s launches product innovation facility to tackle complex risks

25th June 2019

Insurance and reinsurance marketplace Lloyd’s of London has launched a new initiative to speed up re/insurance product development for complex and non-standard risks, called The Product Innovation Facility. The solution was led by senior underwriters Tokio Marine Kiln, Beazley, MS Amlin, Talbot, Liberty Specialty Markets, Hiscox, Ascot, Chubb, Chaucer, Brit, Antares ... Read the full article

Innovation key as demand for insurance shifts, says Lloyd’s

25th June 2019

The specialist Lloyd's of London insurance and reinsurance marketplace has underlined the importance of innovation in a rapidly evolving risk transfer landscape, underpinned by a global shift to intangible assets and a growing insurance gap. Global commercial insurance penetration sits at below 1%, and with Lloyd's estimating a global insurance gap ... Read the full article

New strategy will “revolutionise” Lloyd’s, says Carnegie-Brown

24th June 2019

The ideas comprising the new future at Lloyd’s strategy are set to “revolutionise” the way the insurance and reinsurance marketplace operate and serves customers, according to Lloyd’s of London Chairman Bruce Carnegie-Brown. Speaking at the Lloyd’s New York City Dinner this last week, Carnegie Brown told re/insurance industry executives how the ... Read the full article

MPS, Everest & Asta to form Lloyd’s medical malpractice partnership

21st June 2019

The Medical Protection Society (MPS), an organisation that protects the careers, reputations and financial security of over 300,000 healthcare professionals, is partnering with global insurer Everest Insurance and Asta, the leading Lloyd’s third-party managing agency, to establish a Lloyd’s Special Purpose Arrangement (SPA). MPS says the move, set for a July ... Read the full article

Lloyd’s forms Global & London advisory committees to support new strategy

20th June 2019

Lloyd's of London has established Global and London advisory committees to help it deliver its new strategy for the future. The committees' members are comprised of insurance and reinsurance industry experts and veterans. The prominent industry figures have joined the committees to help the specialist insurance and reinsurance marketplace develop and ... Read the full article

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