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 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
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
20th June 2019
Insurance and reinsurance market Lloyd's of London is conducting talks with major insurer insurers such as Chubb and AIG as it looks to further boost its growth in the U.S, according to reports Reuters. CEO John Neal told the publication that Lloyd’s was discussing potential opportunities for the insurers to sell ... Read the full article
17th June 2019
Artificial intelligence (AI) will create some “interesting possibilities” in terms of automating how the insurance market delivers bespoke products, according to Trevor Maynard, Head of Innovation at Lloyd’s. Speaking at the MMC Rising Professionals’ Global Forum in London last week, Maynard addressed the “wave of technology” currently sweeping across the market, ... Read the full article
14th June 2019
S&P Global Ratings has revised the outlook on its ratings for Lloyd’s of London from negative to stable, citing improved underwriting performance driven by the efforts of the new leadership team. The revision applies to Lloyd’s, the Society of Lloyd’s, and its core subsidiaries, and S&P has also affirmed its issuer ... Read the full article
4th June 2019
Israel-headquartered cyber risk modeller Kovrr has added David Clouston to its Advisory Board. Clouston previously served as interim Head of Catastrophe Risk at Lloyd’s of London and currently advises multiple global firms on exposure management processes and cyber strategy. His previous roles have included underwriter, broker, reinsurance buyer, IT systems, and run-off ... Read the full article
30th May 2019
Global re/insurer Hiscox has announced the launch of CyberClear365, a new London Market cyber product. CyberClear365’s cover includes first-party incident costs such as regulatory response, bricking for disabled electronic devices and a reward fund. In the event of a claim, CyberClear365 offers assured mitigation coverage and a percentage excess discount if Hiscox ... Read the full article
30th May 2019
AIG-owned reinsurer, Talbot Underwriting is to close its office in Australia and also its Lloyd's China unit and will now service its renewals through its Singapore and London branches. Talbot has said that it is to combine its regional underwriting capabilities into a single hub domiciled in Singapore, which it states ... Read the full article
21st May 2019
Lloyd’s Chairman Bruce Carnegie-Brown has said that two or three cases of serious misconduct in the insurance and reinsurance marketplace could emerge by next week, according to reports from City A.M. Speaking to the publication at the City Week conference in London, Carnegie Brown revealed that there were “two or three ... Read the full article
15th May 2019
The Lloyd’s Market Association (LMA), an organisation set up to represent the interests of the Lloyd's community, has announced the results of its recent Board election process. Effective from the Annual General Meeting (AGM) on May 22, the members will include Paul Culham, Group Chief Underwriting Officer, Tokio Marine Kiln; Adrian ... Read the full article
14th May 2019
Lloyd’s of London, the insurance and reinsurance marketplace, is planning to implement a faster approval process for syndicates’ 2020 business plan and capital submissions. In a recent market bulletin, Director of Performance Management Jon Hancock explained that Lloyd’s will commit to approving plans in four weeks by introducing a phased approach ... Read the full article
14th May 2019
Lloyd’s of London, the insurance and reinsurance marketplace, has commissioned the Banking Standards Board (BSB) to conduct an independent, market-wide culture survey on its behalf. The annual survey, which Lloyds claims is the largest ever conducted by the re/insurance sector, is intended to provide insight into standards of behaviour and conduct, ... Read the full article
13th May 2019
First quarter data released by the Board of Placing Platform Limited (PPL) shows increased adoption levels across Lloyd’s syndicates, whereas uptake among International Underwriting Association (IUA) companies fell behind the strong numbers put up in the previous quarter. Data shows that Lloyd’s syndicates, led in the rankings by Liberty Managing ... Read the full article
13th May 2019
A&P Worldwide Solutions Limited, a reinsurance broker based in London, has announced that it has been granted the status of a Lloyd’s broker. Registering with Lloyd’s will allow A&P to expand its operations while continuing to provide its current levels of service, the broker explained. "We are delighted to achieve Lloyd's broker ... Read the full article
13th May 2019
Insurance and reinsurance marketplace Lloyd’s of London has detailed a proposal to merge its Franchise Board into the Lloyd’s Council as part of its ongoing drive for increased efficiency. Lloyd’s explained that the operation of both bodies leads to duplication and occasional questions around which body should undertake specific activities. Governance reports ... Read the full article
