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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.

IoT to spur re/insurance innovation, amplify risk: Lloyd’s

21st November 2018

The rise of the Internet of Things (IoT) is set to revolutionise the capabilities of re/insurers while simultaneously ushering in a new age of increased complexity and amplified risk, according to new research by Lloyd’s. IoT will lead to data capture and management at an unprecedented scale, according to the report. This ... Read the full article

PPL adoption gains momentum over Q3, reports Board

20th November 2018

The Board of Placing Platform Limited (PPL) has released market wide data for risks placed electronically during the third quarter of 2018, which shows a steady increase in the proportion of syndicates adopting PPL. The data shows that take-up exceeded the Q3 target of having 20% of in scope risks placed ... Read the full article

Cost of doing business is unsustainable at Lloyd’s: Carnegie-Brown

16th November 2018

The cost of doing business at the specialist Lloyd's of London insurance and reinsurance marketplace isn't a sustainable proposition, and if the market wants to grow and remain relevant to its customers, costs need to come down, according to the Lloyd's Chairman, Bruce Carnegie-Brown. "We have to do a better job, ... Read the full article

Theresa May’s Brexit plan draws mixed reaction, market access still a concern

15th November 2018

Theresa May’s draft EU withdrawal agreement has drawn a mixed reaction from players in the broking and insurance sectors, with the matter of equivalence continuing to stir uncertainty and perpetuate passporting concerns for intermediaries. Christopher Croft, Chief Executive Officer of LIIBA said today in a statement that, while it is encouraging ... Read the full article

Lloyd’s “absolutely” wants to grow into the future: Carnegie-Brown

14th November 2018

Chasing loss making business out of the specialist Lloyd’s of London insurance and reinsurance marketplace might be tough and lead to pain for some, but it is “absolutely right” that the market becomes sustainably competitive for the future, according to Lloyd’s Chairman, Bruce Carnegie-Brown. Addressing an audience today in the Old ... Read the full article

Beazley’s Neil Maidment to join Lloyd’s Board in 2019

8th November 2018

Beazley's Neil Maidment has been appointed as an independent non-executive director of the Lloyd's Board for an initial three-year term, effective February 2019. The new appointment will be effective once Maidment's term of office on the Council of Lloyd's comes to an end on January 31st 2019. He is set to ... Read the full article

Barbican to increase Lloyd’s capacity in some lines, but withdraw from others

8th November 2018

Barbican Insurance Group's 2019 business plan for its Lloyd's of London syndicate Barbican 1955 has been approved, but the firm will deploy more capacity into some specialty lines, while withdrawing completely from other areas of business. Barbican said that Syndicate 1955 will focus on its core markets, with an increased focus ... Read the full article

Lloyd’s market has no choice but to reduce costs: AXIS CEO, Benchimol

30th October 2018

The specialist Lloyd's of London insurance and reinsurance marketplace has no choice but to reduce its costs, and the market is taking steps in the right direction to address current challenges, according to the President and Chief Executive Officer (CEO) of AXIS Capital Holdings, Albert Benchimol. "Let's be honest, I don't ... Read the full article

Securis says direct Lloyd’s market participation fails to meet returns

29th October 2018

London-based insurance and reinsurance linked investment manager, Securis Investment Partners, is exiting the specialist Lloyd's of London marketplace as its platforms no longer deliver returns that are required by its investor mandate. The firm has been active in the Lloyd's insurance and reinsurance market for some years now, as a provider ... Read the full article

Lloyd’s Brussels to write FAC and non-proportional XOL treaty reinsurance at 1/1

29th October 2018

The Lloyd's insurance and reinsurance market has announced that its Brussels base will be ready to underwrite facultative reinsurance and non-proportional excess of loss treaty reinsurance using Lloyd’s Brussels paper from 1st January 2019 across all markets in the EEA. At the same time the market said that if the UK ... Read the full article

AXA XL, MS Amlin, RFIB among firms testing new insurtech platform

26th October 2018

A consortium of insurance entities including AXA XL, Neon, MS Amlin, RFIB Group, and Antares has formed to test a new platform created by London-based software company Whitespace. Whitespace has built a fully-digital mobile and desktop platform to negotiate, quote and place insurance risks. Since April this consortium have engaged with the company ... Read the full article

London Market insurers’ profitability remains under pressure: Fitch

26th October 2018

Fitch Ratings expects London market insurers’ underwriting earnings to remain subdued in 2018 due to the difficult pricing environment, high expense ratios and limited impact from prior year reserve releases. According to Fitch, catastrophe losses in Q318 experienced by London market insurers are likely to remain within annual budgets allocated to ... Read the full article

AmTrust at Lloyd’s appoints Lucy Forcey to North American property cat team

26th October 2018

AmTrust at Lloyd’s (ATL), the Lloyd’s operation of multinational property and casualty insurer AmTrust Financial Services, has appointed Lucy Forcey Senior Underwriter, North American Property Catastrophe Treaty, a new line of business for ATL Syndicate 1861. Forcey began her career in 2006 as an Assistant Internal Auditor for Novae Group. She ... Read the full article

$160bn insurance gap in emerging nations is hardly closing, says Lloyd’s

22nd October 2018

The average insurance penetration rate in developed nations is twice as high as the average in emerging or lower income countries, accounting for $160 billion of the $163 billion global insurance protection gap. According to new research from Lloyd’s many of the countries with the lowest levels of insurance are among ... Read the full article

Charles Taylor Managing Agency puts Syndicate 1884 into run-off

19th October 2018

Charles Taylor Managing Agency has announced that it has placed Syndicate 1884 into run-off, following the decision of the syndicate’s capital provider to withdraw from the Lloyd’s market for the 2019 underwriting year. The company said that it believes there will be increased demand for live and run-off syndicate management capabilities ... Read the full article

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