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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.

Portfolio management increasingly important for London Market: Lloyd’s & WTW

8th June 2020

Strong portfolio management is becoming an increasingly important tool in the London Market to deliver underwriting profit, according to a new report by Lloyd’s of London and Willis Towers Watson (WTW). The two organisations conducted a study of senior executives and underwriters in the London Market to better understand the impact ... Read the full article

Lloyd’s reveals members of new single governing body

5th June 2020

The specialist Lloyd's of London insurance and reinsurance marketplace has confirmed the members of its newly formed Council, effective June 1st, 2020. In May of last year, Lloyd's proposed the merger of its Franchise Board into the Lloyd's Council as part of its ongoing mission for increased efficiency. Later in the ... Read the full article

The London Market needs to think about its evolution, says AM Best

3rd June 2020

The COVID-19 pandemic has shone a light on the modernisation efforts of the Lloyd's and wider London re/insurance market, potentially driving permanent changes to the way the market both interacts and transacts its business, says A.M. Best. In recent years, the performance of the London Market has been challenged by elevated ... Read the full article

Skuld agrees sale of Lloyd’s Syndicate 1897 to RiverStone

2nd June 2020

Marine insurer Skuld has reached an agreement with The RiverStone Group for the sale of its Lloyd’s Syndicate 1897, which was placed into run-off in July 2019. The transaction is subject to regulatory approval. Following a competitive process which began in autumn 2019, Skuld selected RiverStone as run-off provider for Syndicate ... Read the full article

Marc Lipman named President of Lloyd’s Canada

1st June 2020

Insurance and reinsurance marketplace Lloyd’s of London has announced the appointment of Marc Lipman as President of its Canadian arm and as Attorney-in-Fact (AIF) for Lloyd’s Underwriters. He assumes the role of AIF from Lisa Duval, who stepped in last year on an interim basis and now returns to Lloyd’s International ... Read the full article

Lloyd’s to trial virtual underwriting room in COVID-19 response

1st June 2020

As part of its response to the COVID-19 pandemic, insurance and reinsurance marketplace Lloyd’s of London is planning to explore options for a “virtual” underwriting room. The idea is to add online elements that allow brokers and underwriters to connect in a similar way to the physical 1 Lime Street location ... Read the full article

Beazley sees greater underwriting discipline, opportunities for growth: Jefferies

29th May 2020

Specialist re/insurer Beazley is seeing opportunities to deploy its recently raised capital for growth as the efforts of the Lloyd's marketplace drives greater underwriting discipline, reports Jefferies. Beazley announced on May 18th plans for a $300 million equity placement to support growth and to capitalise on rising rates being seen ... Read the full article

Lloyd’s Part VII transfer progresses after High Court strategy approval

26th May 2020

The specialist Lloyd's of London re/insurance marketplace has received approval from the High Court of England and Wales for its Part VII strategy for notifying policyholders about the proposed transfer of its existing European business to Lloyd's Brussels. Lloyd's announced in March of 2017 that it had selected Brussels as ... Read the full article

Neon’s Lloyd’s managing agency platform for sale in TigerRisk run process

22nd May 2020

The Lloyd's of London managing agency platform of in run-off Neon Underwriting, part of American Financial Group, Inc., is up for sale in a process being run by broker TigerRisk Partners, we understand. AFG had announced that it was to exit the Lloyd’s marketplace at the beginning of this year, ... Read the full article

Lloyd’s COVID-19 loss estimate may be conservative: Argenta

19th May 2020

Analysts at managing agency Argenta Group have argued that Lloyd’s has been conservative in its estimates of the insurance losses it will face due to the COVID-19 pandemic. The insurance and reinsurance marketplace previously said that it will pay customers between $3 billion and $4.3 billion in claims, out of ... Read the full article

COVID-19 reinsurance recoveries could be lower than historical hurricanes at Lloyd’s

15th May 2020

The reinsured proportion of Lloyd's of London's estimated $3 billion to $4.3 billion of COVID-19 losses could be lower than for historical hurricanes, according to analysis by Jefferies. The specialist insurance and reinsurance marketplace said yesterday that in 2020 alone, non-life underwriting losses for insurers and reinsurers as a result ... Read the full article

Antares appoints Martin Campbell head of specialty

14th May 2020

Antares, the Lloyd’s platform of QIC Global, has appointed Martin Campbell head of specialty at Syndicate 1274. Campbell reports to Alexander Craggs, Active Underwriter at Antares, and succeeds John Taylor, who is stepping down from the role and will be leaving the business. He brings over 30 years’ experience in the insurance ... Read the full article

Lloyd’s considers Recover Re “after the event” pandemic coverage vehicle

14th May 2020

The specialist Lloyd's of London insurance and reinsurance marketplace is considering the creation of a new insurance vehicle called 'Recover Re', designed to provide "after the event" cover for pandemic related business recovery, including the ongoing Covid-19 crisis. Lloyd's recently announced that it will pay customers up to $4.3 billion ... Read the full article

Lloyd’s forecasts $107bn Covid-19 industry loss for 2020

14th May 2020

The Lloyd's insurance and reinsurance marketplace says that it will pay customers between $3 billion and $4.3 billion in claims due to Covid-19, but the industry was a whole is forecast to suffer $107 billion of losses in 2020 alone. The industry loss forecast or estimate from Lloyd's of London is ... Read the full article

EC3 Brokers launches specialty division, announces leadership

13th May 2020

EC3 Brokers, the Lloyd's-headquartered commercial lines broker, has announced the launch of its specialty division and appointed Jonathon Lane as its head. Lane is joined by Dominic Toogood and Gary Moore, with all three reporting to James Murphy, head of broking at EC3 Brokers. Lane began his career in insurance in 2003 ... Read the full article

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