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.
Lloyd’s appoints KBRA as additional rating agency, is graded AA-
22nd April 2021
Insurance and reinsurance marketplace Lloyd’s of London has appointed Kroll Bond Rating Agency (KBRA) to provide an additional independent opinion of its financial strength. Accordingly, KBRA has assigned an AA- insurance financial strength rating (IFSR) to Lloyd’s with a stable outlook. This complements existing financial strength ratings of A+ (Strong) from Standard ... Read the full article
Price Forbes launches digital General Aviation facility
20th April 2021
Independent insurance broker Price Forbes has launched a new digital General Aviation facility designed to quickly quote and bind risks with a leading Lloyd’s syndicate. This development within Price Forbes’ proprietary EDGE platform is expected to improve speed of service and placement for clients by delivering quotes in real time. EDGE is ... Read the full article
Lloyd’s announces Manchester hub, consults on historic underwriting room redesign
15th April 2021
Lloyd’s has announced plans to establish a hub in Manchester in an effort to recruit talent and enhance its digitalisation capabilities. The historic insurance and reinsurance marketplace says Manchester was selected for its high density of talent, and that it should be up and running by January 2022. There’s expected to be ... Read the full article
Normal loss year should yield underwriting profit for Lloyd’s: ICMR
15th April 2021
Insurance and capital markets quantitative analysts ICMR have forecast that the Lloyd’s market could turn its first underwriting profit since 2015 if this year turns out to be a ‘normal’ one in terms of losses. Lloyd’s recently reported another loss-making year for 2020, with a pro-forma combined ratio of 110%. Overall ... Read the full article
Praedicat launches Lloyd’s-focused liability analysis platform
14th April 2021
Emerging risk analytics company Praedicat has announced the launch of its new Risk Scenario Analysis Platform. Praedicat says the platform is designed to widen the cross-line clash scope of its scenario suite, as well as make it easier for syndicates at Lloyd’s to produce compliant reports on the six recently-created liability ... Read the full article
Lloyd’s European CEO Rottiers to depart, Amélie Breitburd succeeds
12th April 2021
Lloyd’s of London has announced the departure of Sonja Rottiers from her role as European Chief Executive Officer, with Amélie Breitburd set to step into the position. Breitburd brings over 25 years’ experience in international insurance markets, having previously served at AXA, KPMG and Allianz. She'll be onboarded during the second quarter ... Read the full article
Lloyd’s highlights accelerating casualty market trends in 2020 review
7th April 2021
According to the Lloyd's yearly market report, the 2020 casualty treaty market saw a number of pre-existing trends accelerate as the market faced issues such as diminishing capacity, tightening policy coverage and significant price strengthening in distressed and high exposure accounts across most lines of business. US Workers’ Compensation remained competitive, yet ... Read the full article
London Market insurers’ 2020 profits cancelled out by Covid losses, says Fitch
31st March 2021
A majority of London Market insurers are reported by Fitch Ratings to have fallen to either a loss or a very slight profit in 2020, as pandemic-related costs offset most underwriting and investment profits. Despite investment returns having recovered well in the second half of 2020, Fitch states that returns were ... Read the full article
AM Best stable on London market re/insurance; expects rate momentum to persist
30th March 2021
Despite the ongoing and uncertain impacts of the COVID-19 pandemic, AM Best has assigned a stable outlook to the London re/insurance market segment owing to positive rate momentum, greater clarity of policy wordings, and continuous efforts to modernise the market. In recent years, London market insurers and reinsurers have experienced several ... Read the full article
Major re/insurance players commit $2mn to Oasis Loss Modelling Framework
23rd March 2021
A number of the world’s biggest players in re/insurance have committed additional funds to support the development of open source catastrophe modelling platform Oasis. Companies include Aon, Allianz, AXA, Chubb, Guy Carpenter, Hannover Re, Lloyd’s, RenaissanceRe, Swiss Re, SCOR, Willis Re and the Insurance Development Forum. The supporting international re/insurers and brokers ... Read the full article
Lloyd’s launches new parametric earthquake solution in New Zealand
23rd March 2021
Lloyd’s has announced the launch of a new parametric earthquake insurance policy in New Zealand designed to automatically pay customers within five days following a strong earthquake. The product has been developed in partnership with insurance start-up Bounce and leverages cutting-edge technology and real-time GeoNet data to track Peak Ground Velocity ... Read the full article
Lloyd’s announces first version of its Core Data Record under Blueprint Two
11th March 2021
Lloyd’s has announced the first version of its Core Data Record (CDR), in an effort to standardise data flow through the market. The move is aimed at significantly improving operations, reducing the cost and effort of doing business, and delivering a better service to customers. This represents a new milestone for the ... Read the full article
Lloyd’s updates electronic response targets
5th March 2021
The Lloyd’s of London insurance and reinsurance marketplace has provided another update on its requirements for the use of electronic placements this year. For Q2 and Q3 of this year, syndicates will now have to adhere to an electronic response target of 60% when replying to submissions and quotes from brokers. Details ... Read the full article
Lloyd’s to reopen underwriting room on May 17
1st March 2021
Lloyd's of London has confirmed the reopening of its underwriting room and corporation offices on May 17. The specialist re/insurance marketplace plans to apply a class of business rota during the week and will confirm further details closer to the date. Looking further ahead, there will be additional action over further relaxing ... Read the full article
Lloyd’s reports on inclusivity progress
22nd February 2021
Insurance and reinsurance marketplace Lloyd’s of London says that it has made “notable progress” towards building a more inclusive working environment over 2020. In particular, the results of its 2020 annual culture survey highlight improvements in the experience of women working in the Lloyd’s market over the past 18 months. However, the ... Read the full article
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