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.
Regulators waive Lloyd’s collateral requirements for US reinsurance
21st April 2022
From October 2022, no Lloyd’s underwriters writing US contracts will be required to provide collateral for their US reinsurance obligations. The change is the result of new rules that come into effect later this year, which will eliminate collateral requirements for financially strong non-US reinsurers writing US reinsurance, following approval as ... Read the full article
Aspen joins commitment to cut ties with the Tar Sands Pipeline
21st April 2022
Trans Mountain insurer and Lloyd’s syndicate Aspen Insurance is to cut ties with the existing Trans Mountain tar sands pipeline when its current insurance policy expires this summer. Aspen joins sixteen other insurance companies that have dropped Trans Mountain or vowed not to insure the Trans Mountain Expansion Project. The commitment from ... Read the full article
Lloyd’s building closed after climate activist protest
12th April 2022
The Lloyd's building at Lime Street in London has been closed this morning, after protesters from climate activist group Extinction Rebellion blockaded entrances. "We are currently unable to enter the Lloyd's building due to protesters outside," Lloyd's said in a statement released at 9.15am this morning. "In the interests of your safety, ... Read the full article
Mosaic adds Lloyd’s carrier Apollo to boost syndicated global capacity
5th April 2022
Mosaic Insurance has added Lloyd’s carrier Apollo to its consortia of industry partners, boosting the amount of syndicated capacity it can deploy for high-demand transactional liability coverage worldwide. The new partnership will support Mosaic’s hybrid syndicated capital program, in which Mosaic Syndicate 1609 commits capital alongside that of trade partners seeking ... Read the full article
Cenata and IQUW partner on reinsurance management solution
5th April 2022
Insurtech software provider Cenata has partnered with Property, Commercial and Specialty re/insurer, IQUW, enabling the Lloyd’s syndicate to use Cenata’s outwards reinsurance management solution, Cenata SURE, a full cycle outwards reinsurance management solution. The partnership will provide IQUW with the capability to process real-time premium and claims data from multiple inwards ... Read the full article
Insurance industry’s financial clout key to fighting climate change: Lloyd’s CEO Neal
4th April 2022
Lloyd’s CEO John Neal has said climate change is the ‘single biggest opportunity’ he has seen in his career. Speaking on the Lloyd’s 2021 earnings call, Neal said that he saw climate change not as a threat, but as an opportunity for the industry ‘to stand up and be counted’. Neal said ... Read the full article
Market may not understand Ukraine loss this year: Lloyd’s CEO Neal
30th March 2022
John Neal, Chief Executive Officer at specialist re/insurance marketplace Lloyd’s of London, has warned that the market is a long way out from understanding its full exposure to Russia’s invasion of Ukraine. During a call prior to his hospitalisation following a car accident over the weekend, Neal warned that half-year reports ... Read the full article
Lloyd’s & Schroders partner on market investment platform
29th March 2022
Specialist insurance and reinsurance marketplace Lloyd’s of London has appointed Schroders Solutions as the investment partner of its new investment platform. The open-architecture firm manages £150 billion of global assets for insurance companies and has long-standing partnerships within the Lloyd’s market. The new platform will consist of a series of select funds ... Read the full article
Activists urge Munich Re and Lloyd’s to stop insuring EACOP Pipeline
29th March 2022
Environmental activists are calling for Munich Re and Lloyd's to follow other global re/insurers by no longer insuring the East African Crude Oil Pipeline (EACOP). The campaign #StopEACOP has been urging for a number of the worlds largest re/insurance companies to pull back from the scheme. On the campaign’s website it states ... Read the full article
Lloyd’s CEO Neal seriously injured in car accident
28th March 2022
Lloyd’s of London Chief Executive Officer John Neal is undergoing treatment in hospital after sustaining “serious injuries” from a collision with a car. A statement from the specialty insurance and reinsurance marketplace says that Neal had been riding his bike on Saturday 26th March when the collision occurred. The Lloyd’s boss is ... Read the full article
Lloyd’s says Ukraine will be a major claim for the market
24th March 2022
The specialist Lloyd’s insurance and reinsurance marketplace has said it believes the ongoing conflict in Ukraine will be a major claim for the market in 2022. In comments alongside the release of its yearly results today, Lloyd’s said that it continues to be in “close dialogue” with market partners to ... Read the full article
Blink Parametric partners with MNK Re
22nd March 2022
Blink Parametric, a CPP Group Insurtech has partnered with MNK Re, a specialist Lloyd's of London insurance and reinsurance broker, which will see the early rollout of Blink’s flagship parametric flight disruption solution. The solution will provide further pipeline parametric insurance opportunities for its diverse weather, climate, energy and bancassurance offerings ... Read the full article
Lloyd’s syndicate Verto partners with Optalitix to enhance offering
18th March 2022
Verto syndicate 2689 (Verto), a follow-only Lloyd’s syndicate, has partnered with Optalitix, an insurtech company providing SaaS software to leading insurers in the UK, to innovate the Lloyd’s market using a fully digital pricing system with full AI capability. Embracing AI and rapid algorithm development through the Optalitix Quote product will ... Read the full article
OIC’s syndicate 2880 receives Lloyd’s approval
18th March 2022
Oman Insurance Company (OIC) and Asta, a third-party managing agent at Lloyd’s have announced that OIC’s syndicate 2880 has received Lloyd’s approval to commence underwriting. The syndicate was launched under Lloyd's syndicate-in-a-box (SIAB) initiative and will operate on the Lloyd’s platform under the Dubai International Financial Centre (DIFC). OIC is based in ... Read the full article
Atrium fined over £1m by Lloyd’s for non-financial misconduct
16th March 2022
Underwriting firm Atrium has been fined over £1m for non-financial misconduct, an amount that Lloyd’s said was the largest penalty ever imposed. The fine, said Lloyd’s, totals £1.05m, plus the payment of costs to the market of £562,713.50. It was however discounted by 30% as the proceedings were apparently settled at ... Read the full article
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