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 to collaborate on space sustainability initiative

7th October 2022

In partnership with Lloyd’s Market Association (LMA), Lloyd’s has announced it will collaborate with the UK Government and industry experts on the development of the Earth & Space Sustainability Initiative kitemark. At the same time, it is also launching ‘Our Fragile Space’ exhibition, led by renowned science communicator and space photographer ... Read the full article

Ariel Re gets green light for Lloyd’s Managing Agent

4th October 2022

Global reinsurer Ariel Re has been granted regulatory approval to launch a Managing Agent at Lloyd's of London, a statement from the company has confirmed. The company received approval from the Prudential Regulatory Authority, the Financial Conduct Authority and Lloyd’s to commence the new operation, called Ariel Re Managing Agency (ARMA). Once ... Read the full article

Lloyd’s market not yet universally hard: Patrick Tiernan

23rd September 2022

Chief of Markets Patrick Tiernan has cautioned that the insurance and reinsurance marketplace at Lloyd’s of London is “not yet universally hard” and has emphasised the need for rate adequacy amid challenging conditions. Addressing an audience as part of the Lloyd's market Q3 update, Tiernan acknowledged that syndicates are currently operating ... Read the full article

Lloyd’s broker Ramon Intl. opens office in Korea to drive expansion into Asia

13th September 2022

Independent Lloyd’s of London broker, Ramon International has furthered its expansion into global re/insurance markets by announcing the opening of an office in Korea to drive its Asian business. The broker has brought a majority stake in CKI Korea, which is based in Seoul, through its parent company Kastor Holdings Ltd. The deal ... Read the full article

Lloyd’s falls to £1.8bn loss on investments, reserves £1.1bn for war in Ukraine

8th September 2022

The specialist Lloyd's insurance and reinsurance marketplace has today reported an overall loss of £1.8 billion for the first half of 2022, but despite reserving £1.1 billion for claims related to the war in Ukraine, the underwriting performance improved. The net loss reported today compares with profit of £1.4 billion a ... Read the full article

Market will have to “suck it and see” on cyber wordings: Helios’ Hanbury

5th September 2022

Nigel Hanbury, CEO of Helios Underwriting and Board member of Association of Lloyd’s Members, has said it will be a case of “suck it and see” when it comes to the new exclusions for state-backed cyber attacks recently laid out by Lloyd’s. In a public statement, the Lloyd’s investment and underwriting ... Read the full article

Inflation & Russia flagged as major headwinds for Lloyd’s

1st September 2022

Analysts at AM Best have flagged a number of significant headwinds for the Lloyd’s insurance and reinsurance market, including high inflation and the conflict between Russia and Ukraine. The rating agency acknowledged that considerable remedial and modernisation work has been carried out within the market, along with strong underlying market conditions, ... Read the full article

“Lloyd’s Market will post an robust underwriting performance over next two years” – S&P Global Ratings

30th August 2022

S&P Global Ratings' latest Lloyd’s Market 2022 Review states a belief that the market will post a robust underwriting performance between 2022 and 2024 as rates harden over many lines after turning in 2021 its first underwriting profit in five years. The report, subtitled Let the Good Times Roll?, says that ... Read the full article

Marsh & Ascot’s Ukrainian grain insurance facility now open to Lloyd’s brokers

23rd August 2022

Insurance broker Marsh and global specialty re/insurer Ascot Group have announced the first insurance placement for the new Marine Cargo and War facility. Launched earlier this month, the facility provides coverage for vital grain and food products transitioning through safe corridors established by the newly signed Black Sea Treaty between ... Read the full article

Argenta breaks down Lloyd’s syndicate forecasts

23rd August 2022

Lloyd's managing agent Argenta has broken down the forecast results for the 2020 and 2021 years of account released by Lloyd’s for all syndicates supported by third party capital, together with an aggregate position for those syndicates with an aligned capital base. As at June 30th, 2022, Argenta notes that the ... Read the full article

Lloyd’s approves product recall insurer BluNiche as coverholder in Europe

10th August 2022

MGA accelerator DA Strategy has announced that their client BluNiche, a specialist product recall coverholder for the automotive and food industries, has been approved by Lloyd’s as a coverholder. According to the announcement, DA Strategy will be providing licensing, launch advice and European approval to allow BluNiche to become an Authorised ... Read the full article

Travelers Syndicate 5000 gets ratings downgrade

3rd August 2022

Syndicate Research Limited (SRL) has downgraded the B^ (Average), negative outlook, Continuity Opinion of Lloyd's syndicate 5000 (Travelers Syndicate Management Limited) to B-^ (Below Average). SRL explained that the downgrade was made in light of the syndicate’s underperformance relative to its B (Average) peer group in recent years, and assigned a ... Read the full article

Lloyd’s market set to insure Ukrainian grain shipments

27th July 2022

The Lloyd’s of London insurance and reinsurance market is gearing up to provide coverage for shipments of grain coming out of war-torn Ukraine, Chairman Bruce Carnegie-Brown has said. Carnegie-Brown told Reuters that preparations were underway among Lloyd’s insurers and brokers after Russia and Ukraine agreed to allow the safe transport of ... Read the full article

AM Best highlights Lloyd’s improved combined ratio in recent assessment

18th July 2022

AM Best’s recent assessment of Lloyd’s operating performance highlights the rating agency’s expectation that Lloyd’s will produce strong technical performance over the underwriting cycle, and that capital will continue to be attracted to the market. Analysts noted that improved pricing conditions, as well as a robust performance oversight by the corporation, ... Read the full article

“Critical concerns” persist for Lloyd’s despite progress: Gallagher Re

12th July 2022

A new report by reinsurance broker Gallagher Re concludes that a number of both internal and external challenges remain “critical concerns” for the Lloyd’s of London market, despite measurable progress last year. The first annual Lloyd’s of London Market Report from Gallagher Re tracked the Lloyd’s market's capital and profitability throughout ... Read the full article