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.

Cyber-attack more of a threat to re/insurance industry than nat cats, warns Inga Beale

19th January 2018

The re/insurance industry's biggest threat is no longer natural disasters but successful cyber-attackers, and companies across all sectors must do more to defend themselves against the growing cyber threat, warns Lloyd's of London Chief Executive Officer (CEO), Inga Beale. Speaking at the Asian Financial Forum, Beale highlighted the potentially huge costs ... Read the full article

LMA’s Worldwide Property Panel appoints Markel’s Dean Pitts as Chairman

18th January 2018

The Lloyd's Market Association's (LMA) Worldwide Property Panel has named Dean Pitts, Managing Director - Property Open Market at Markel, as its new Chairman, replacing the outgoing Nick Jones of Apollo. The Worldwide Property Panel leads on numerous issues impacting Lloyd's of London managing agents and syndicates, on behalf of the ... Read the full article

Multi-line reinsurance rate hardening at 1/1 for Lloyd’s market: Peel Hunt

17th January 2018

The Lloyd's property catastrophe reinsurance market has turned a corner with single-digit rate increases at 1/1 renewals and with further rate hardening expected at mid-year renewals, said Peel Hunt analysts, reflecting views from both the underwriter and broker community after a tour of Lloyd's. Rates increased by about 5% across loss-free ... Read the full article

Inga Beale confirms January 2019 as launch date for Lloyd’s Brussels subsidiary

16th January 2018

Lloyd's of London Chief Executive Officer (CEO) Inga Beale confirmed that the marketplace is set to begin operations in Brussels next January. Lloyd's announced in March 2017 that it had selected Brussels, Belgium, as its European Union home with the aim being to be ready to underwrite business there for the 1st ... Read the full article

Lloyd’s Market Association names leadership of Claims Committee

12th January 2018

The Lloyd's Market Association (LMA) has appointed Tony Rai as Chair and Hannah Purves as Deputy Chair of the LMA Claims Committee (LMACC), each will serve two year terms with effect from 31 January 2018. Rai, the current Head of London Market Claims for Hiscox is set to replace outgoing chair, Anthony Hobkinson; Purves ... Read the full article

AXIS Managing Agency takes oversight of Novae syndicate and SPS

9th January 2018

AXIS Managing Agency Ltd., the managing agent arm of international insurance and reinsurance firm AXIS Capital that oversees the group's Lloyd's of London operations, has now taken over management and oversight of the Novae operations at Lloyd's. AXIS Capital acquired Novae Group in 2017, inheriting new Lloyd's operations to add ... Read the full article

MIS Satellite Imagery enhances Lloyd’s post-hurricane response

3rd January 2018

After choosing to adopt the McKenzie Intelligence Services (MIS) satellite imagery earlier this year, the Lloyd's London Market deployed the service for the first time to support claims handling in the aftermath of hurricanes Harvey, Irma and Maria. The MIS satellite imagery service provides Lloyd’s underwriters and claims professionals with satellite ... Read the full article

Marine and transport re/insurance to be transformed by blockchain and IoT: LMA

2nd January 2018

In coming years the marine and transport re/insurance sector stands to be rapidly transformed by blockchain and IoT technology, both in terms of the risks they underwrite and how they do so, creating new opportunities for re/insurers. "IoT could also give insurers access to new data, such as station-keeping data for ... Read the full article

Lloyd’s updates Vision 2025 strategy to focus on existing territories

29th December 2017

Lloyd’s has updated its Vision 2025 strategy to match new challenges facing the market, choosing to shift its focus from acquiring new Lloyd’s international licenses to maximising business opportunities from existing territories. Lloyd’s Chairman, Bruce Carnegie-Brown and Chief Executive, Inga Beale’s annual email to the market, said; “this change of emphasis ... Read the full article

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

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