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.
Nord Stream sues UK insurers over gas pipeline explosions
13th March 2024
Nord Stream is reportedly in pursuit of more than €400 million from UK insurance companies, including Lloyd's of London, for refusing to cover the 2022 explosions that ruptured pipelines designed to transport Russian gas to Germany. The Switzerland-based firm has named Lloyd's Insurance Company and Arch Insurance as defendants in its ... Read the full article
Insurance industry must be proactive as GenAI reshapes cyber landscape: Lloyd’s
12th March 2024
The impact of Generative Artificial Intelligence (GenAI) technology on the cyber landscape is expected to increase the frequency, severity, and diversity of attacks, and as the threats evolve, it's imperative that the insurance industry takes proactive steps, according to Lloyd's. A new report from Lloyd's, the world's oldest insurance and reinsurance ... Read the full article
Lloyd’s exceeds weighted average cost of capital in 2023: ICMR, LMA
11th March 2024
After realising preliminary results for 2023 last week, analysis by ICMR and the LMA reveals that the specialist Lloyd's insurance and reinsurance marketplace has, in aggregate, exceeded its weighted average cost of capital (WACC) for the first time in the last decade. ICMR notes that although it's a challenge to establish ... Read the full article
“Outstanding” 2023 leads to best underwriting result in recent history: Lloyd’s
7th March 2024
In a trading update for its full year 2023 financial performance, global insurance and reinsurance marketplace Lloyd’s has revealed its underwriting profit increased by £3.3 billion to £5.9 billion. Burkhard Keese, Lloyd’s CFO commented, “2023 was an outstanding year for the Lloyd’s market. We continued to see sustainable, profitable growth and ... Read the full article
Lloyd’s changes its way of operating in two countries
4th March 2024
Lloyd’s Insurance Company S.A. (Lloyd’s Europe) has announced its will provide non-life insurance business services on a Freedom to provide Services basis only in Lithuania and Malta from February 29, 2024. According to the announcement, the National Bank of Belgium (NBB), as Lloyd’s Europe’s home supervisor, has confirmed it has no ... Read the full article
Marsh McLennan, Lloyd’s backed Unity expands coverage to boost Ukrainian economy
1st March 2024
Marsh McLennan, a re/insurance broker, in collaboration with the Ukrainian government and Lloyd’s, announced the expansion of its Unity insurance facility (Unity) to now cover war risk insurance for ships carrying all non-military cargo. Initially launched in November 2023 to provide affordable war risk insurance for grain shipments and other ... Read the full article
Lloyd’s confirms Claire Schrader’s position as General Counsel
19th February 2024
Lloyd’s, the global insurance and reinsurance marketplace, has confirmed Claire Schrader as General Counsel, responsible for managing legal risk at Lloyd’s. Schrader, who also will also remain a member of Lloyd’s Executive Committee, had been performing this role on an interim basis since August 2023 as Peter Spires, Lloyd’s former ... Read the full article
Mitsui Sumitomo reportedly to increase underwriting capacity in London to £3bn
15th February 2024
Japanese insurer Mitsui Sumitomo Insurance (MSI), owner of Lloyd’s of London underwriter MS Amlin, is investing in the UK hub as it announces its plans to increase its underwriting capacity to £3 billion in the next five years. According to a recent report by the Financial Times, Mitsui Sumitomo plans to ... Read the full article
Amwins MGA Unicorn Underwriting secures box at Lloyd’s
13th February 2024
Unicorn Underwriting, the London-based Managing General Agent (MGA) of Amwins, has announced it has secured a box at Lloyd's, demonstrating the firm's commitment to "maintaining excellent service levels" and its belief in face-to-face trading. Simon Jackson, Managing Director of Unicorn Underwriting, commented, "We're so pleased to be taking this Lloyd's box. "In ... Read the full article
Lloyd’s of London investment in Axio to support company growth and benefit the market
8th February 2024
Re/insurance marketplace Lloyd’s of London has announced investment in Axio to support further development of insurance solutions within the London insurance market. According to the announcement, the investment is a direct result from Axio’s selection into, and participation in Lloyds’s Lab Cohort 10, where it successfully piloted an extension of the ... Read the full article
Lloyd’s partners with SAP to support economic resilience of Sherbro Island
7th February 2024
Lloyd’s, the world’s oldest insurance and reinsurance marketplace, has partnered with Sherbro Alliance Partners (SAP) to support economic resilience and growth opportunities on Sherbro Island, Sierra Leone. The partnership was cemented by the signing of a Memorandum of Understanding (MOU) at the Lloyd’s iconic headquarters in London. This signals Lloyd's intention ... Read the full article
Lloyd’s launches USD Enhanced Yield Liquidity Fund on investment platform
5th February 2024
Lloyd’s, the global insurance and reinsurance marketplace, has unveiled its inaugural public asset fund, the USD Enhanced Yield Liquidity Fund, available on the Lloyd’s Investment Platform. The fund aims to present an investment alternative to long-term strategic cash reserves at Lloyd’s, focusing on higher returns, optimal liquidity, and efficient Solvency II ... Read the full article
Didier Lechien named Head of Underwriting Performance & Reinsurance, Lloyd’s Europe
5th February 2024
Lloyd’s, the world’s oldest insurance and reinsurance marketplace, has appointed Didier Lechien as Head of Underwriting Performance and Reinsurance at Lloyd's Europe, based in Brussels. "I'm happy to communicate that the scope of my responsibilities at Lloyd's Europe is extended. As of now, I'll be managing the Underwriting Performance and Reinsurance. ... Read the full article
Howden unveils carbon capture and storage insurance facility led by SCOR’s Lloyd’s syndicate
29th January 2024
Global insurance broker Howden's carbon capture and storage insurance facility aims to unlock crucial investment to support the global transition to net zero and is the second innovative solution from the firm designed to support the growth of the carbon market. This first-of-its-kind insurance facility provides cover for the sudden or ... Read the full article
Lloyd’s Market Association unveils ambitious 2024 strategic focus
24th January 2024
The Lloyd’s Market Association (LMA) has set the stage for a transformative year, announcing its 2024 Strategic Focus with a bold vision for innovation, technical expertise, regulatory engagement, talent development, and member engagement. A central highlight of the announcement is the LMA's commitment to actively promote managing agent readiness for Blueprint ... Read the full article