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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.

Lloyd’s to focus on adopting new technologies in 2018

27th December 2017

Lloyd’s Chairman, Bruce Carnegie-Brown and Chief Executive, Inga Beale’s annual email to the market reinforced Lloyd's commitment to reducing bureaucracy, driving cost-efficiencies and modernising services as the over 100-year-old insurer strives to remain competitive in a fast-changing market. Jon Hancock the Performance Management Director at Lloyd’s of London, recently explained ... Read the full article

Lloyd’s welcomes Bank of England post-Brexit supervision approach

20th December 2017

The Chairman of Lloyd’s Bruce Carnegie-Brown has said that the Corporation welcomes the Bank of England's newly published guidance on its approach to the supervision of international insurers, as well as to branch authorisation and supervision in a post-Brexit world. The Bank of England's Prudential Regulation Authority (PRA) unit has provided ... Read the full article

GIC Re syndicate at Lloyd’s approved to proceed

20th December 2017

General Insurance Corporation of India (GIC Re) has now received its in principal approval to establish a new syndicate to operate in the Lloyd's of London market. The Lloyd's Franchise Board has approved the move to enter the London-based insurance and reinsurance market, which will help GIC Re move closer ... Read the full article

Lloyd’s approves Coverys Syndicate 1975 to begin underwriting from Jan 1st

20th December 2017

Provider of medical professional liability insurance, Coverys, has announced that Coverys Syndicate 1975 has received Lloyd's of London approval to commence underwriting from January 1st, 2018. Syndicate 1975 will have exclusive backing from Coverys, and will be managed by the insurer's own managing agency, Coverys Managing Agency Ltd. Syndicate 1975 will provide a ... Read the full article

Lloyd’s raises £3bn of additional capital to restore market after losses

19th December 2017

Lloyd's of London's Bruce Carnegie-Brown and Inga Beale have underlined the divergent two halves of 2017 for the sector, and praised the market for its ability to provide £3 billion of additional capital following Q3 catastrophe events and changes in capital requirements. The message comes from the Lloyd's Chairman, Carnegie-Brown and ... Read the full article

Lloyd’s names REG as new admin platform for coverholder compliance

15th December 2017

Lloyd's of London has announced its selection of online due diligence and regulatory compliance platform, Regulatory Efficiency Gains (REG), to help manage data and reduce the administrative burden of coverholder compliance. The REG platform will help with capture and maintenance of up-to-date public market data, initially on Lloyd's UK based coverholders, ... Read the full article

Pioneer’s syndicate 1980 at Lloyd’s approved for underwriting from 1/1

14th December 2017

Pioneer Underwriters, which operates as both risk carrier and managing agent, said today that it has received approval from Lloyd’s of London to commence underwriting through its new Syndicate 1980 as of 1st January 2018. Pioneer received in principle approval for Lloyd's Syndicate 1980 in September, as it moved towards ... Read the full article

“The soft market feels over for now”: RBC Capital Markets

12th December 2017

2018 should be the end of the soft market for European re/insurance in catastrophe loss affected lines, with property lines, in particular property direct and facultative re/insurance forecast to see the best price increases in excess of 10%, according to RBC Capital Markets. "We expect prices to increase – the soft market ... Read the full article

Brexit certainty “urgently” needed for re/insurance sector: Inga Beale

8th December 2017

The UK's insurance and reinsurance sector still requires greater certainty on how the UK's trading relationship will pan out post-Brexit, according to Lloyd's of London Chief Executive Inga Beale. Speaking after the UK government and the EU announced that they are ready to move onto the next phase of Brexit talks, ... Read the full article

One of our major competitors seems to be governments: Lloyd’s CEO Beale

5th December 2017

According to Lloyd's of London Chief Executive Inga Beal, the governments of both mature and emerging markets are increasingly competing with the insurance and reinsurance industry, as governments take the lions share of catastrophe losses. Speaking to Bloomberg in a recent interview, Beale said that the disaster load in 2017 highlights ... Read the full article

Helios increases capacity for 2018 on expectance of higher rates

1st December 2017

Helios Underwriting plc has increased its capacity for the 2018 year of account by 26% to £41 million (US$55.2mn), improving the quality of its portfolio as it looks to take advantage of expected price increases at the January 1st, 2018 renewals. The Helios Board has said that it expects to record ... Read the full article

Lloyd’s of London’s Harvey, Irma, and Maria payouts reach $1.7 billion

29th November 2017

The specialist Lloyd's of London insurance and reinsurance marketplace has now paid out $1.7 billion in claims following hurricanes Harvey, Irma, and Maria. A couple of weeks into October and the Loyd's market said it had paid claims worth $738 million from the three hurricanes, which devastated parts of the ... Read the full article

Lloyd’s eyes 20% premium growth in MENA region in 2018

23rd November 2017

The specialist Lloyd's of London insurance and reinsurance marketplace is anticipating 20% year-on-year premium growth in 2018 for business written out of its Middle East and North Africa (MENA) base, according to Vincent Vandendael, Lloyd's Chief Commercial Officer, in an interview with The National. Lloyd's opened its MENA base in the ... Read the full article

Helios approved by Lloyd’s to acquire Chapman Underwriting

23rd November 2017

Helios Underwriting plc has announced the acquisition of Chapman Underwriting Limited, a limited liability member of Lloyd's of London, for a cash consideration of £540,000 (roughly US$715,000). The acquisition comes following approval of change of control by the Lloyd's of London marketplace, and is in line with Helios' strategy of increasing underwriting ... Read the full article

Lloyd’s needs to disrupt itself rather than be disrupted: Hancock

17th November 2017

The Lloyd's insurance and reinsurance market faces numerous challenges, from an extremely competitive business environment, to the threat posed by new re/insurance market entrants, but it needs to embrace disruption, according to Jon Hancock. Speaking at an A.M. Best industry event in London this week, Jon Hancock the Performance Management Director ... Read the full article

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