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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.

Whitespace secures “fully recognised” status with Lloyd’s ePlacing systems

17th July 2020

Whitespace, the digital e-trading platform for brokers and re/insurers, has been granted “fully recognised” status by Lloyd’s in its list of approved systems for the electronic placing mandate for managing agents. Whitespace was launched at the end of August 2019 and brought its 100th customer on board earlier in July. The platform ... Read the full article

Market conditions & remedial actions to boost Lloyd’s performance: AM Best

17th July 2020

AM Best has affirmed the credit ratings of Lloyd’s, reasoning that improving market conditions and robust remedial actions will support improvements in performance over the next few years. Analysts maintained the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings of ‘a+’ of Lloyd’s (United Kingdom), Lloyd’s Insurance ... Read the full article

Argo-backed Lloyd’s Syndicate 1200 downgraded

16th July 2020

Syndicate Research Limited (SRL) has downgraded the B (Average), under review for possible downgrade, Continuity Opinion of Argo Group-backed Lloyd's Syndicate 1200. SRL, which provides research on all trading syndicates operating in the Lloyd’s market, says this decision was driven in part by the announcement of the syndicate’s 2019 annual results and ... Read the full article

Insurtech Previsico develops new underwriting tool at Lloyd’s Lab

16th July 2020

Live flood forecasting specialist Previsico has launched a new underwriting tool, developed during its time at the Lloyd’s Lab, to enhance insurers’ flood risk models for both residential and commercial property, and fine art risks. The new underwriter modelling solution was designed with input and analysis from leading re- insurers over ... Read the full article

Lloyd’s to focus on US reinsurance and E&S, drops admitted licenses

10th July 2020

Insurance and reinsurance marketplace Lloyd’s of London has announced that it plans to strengthen its focus on the US reinsurance and excess and surplus (E&S) markets. As part of this strategy to focus on its core markets, Lloyd’s will relinquish its admitted licences in the US Virgin Islands (US VI), Kentucky ... Read the full article

Kovrr releases open framework to measure catastrophic cyber risk exposure

10th July 2020

Cyber risk modelling company Kovrr has developed an open framework designed to measure and understand catastrophic cyber risk exposure. The CRA-Zones framework defines the minimal elements needed to provide a view of cyber risk aggregations, allows for analysis across multiple portfolios of risks and allows for monitoring of exposure trends. CRA-Zones group ... Read the full article

PPL use hits all-time high

8th July 2020

Data from the London Market Group (LMG) reveals that use of the Placing Platform Limited (PPL), the London market's electronic placement platform, continued to swell through the second-quarter of 2020, reaching an all-time high. A total of 8,031 risks were bound on the platform in the week commencing June 29th, which ... Read the full article

LMA announces establishment of Delegated Authority Committee

8th July 2020

The Lloyd's Market Association (LMA) has announced the establishment of a new Delegated Authority Committee (DAC), designed to both inform and guide the evolution of this aspect of Lloyd's underwriting, distribution, and claims. According to the LMA, this type of business accounts for 40% of the Lloyd's market's annual gross written ... Read the full article

AXA XL names Sean McGovern as CEO UK & Lloyd’s on a permanent basis

8th July 2020

AXA XL, the property & casualty and specialty risk division of AXA, has announced that Sean McGovern has been appointed as Chief Executive Officer (CEO) UK & Lloyd's market on a permanent basis, subject to regulatory approval. McGovern had been operating in this role in an Interim basis for a ... Read the full article

Lloyd’s Lab adds three start-ups to COVID-19 program

6th July 2020

Insurance and reinsurance marketplace Lloyd’s of London has started working with three new insurtech start-ups to help the market respond to the COVID-19 pandemic. As part of a package of measures to respond to the crisis, Lloyd’s has expanded the scope for new applicants to the Lloyd’s Lab innovation accelerator. The ... Read the full article

Airmic endorses Lloyd’s pandemic recovery solutions

3rd July 2020

Airmic, the UK association for risk and insurance professionals, has welcomed Lloyd’s proposals for how the insurance industry can support global economic and societal recovery from the impacts of COVID-19. Earlier this week, Lloyd’s laid out three open source frameworks designed to fast-track global economic and societal recovery from COVID-19, ... Read the full article

Lloyd’s Brussels appoints Country Manager, General Rep. for Spain & Portugal

3rd July 2020

The specialist Lloyd's of London re/insurance marketplace has announced that its Brussels subsidiary, Lloyd's Insurance Company S.A., has named Jose Núñez as its new Country Manager for Spain and Portugal (effective July 1), and General Representative for Spain and Portugal (effective August 3rd). In his new role, Núñez will be based ... Read the full article

COVID-19 losses “entirely manageable” for Lloyd’s: report

2nd July 2020

A new report by Syndicate Research Limited (SRL) has claimed that COVID-19 losses will be “entirely manageable” for re/insurance marketplace Lloyd’s of London in light of the investment market’s recovery. The Lloyd’s Market has estimated pre-tax underwriting losses from COVID-19 of £2.5 billion to £3.5 billion, equivalent to 9.7% to 13.6% ... Read the full article

Beazley wraps up Guidewire London Market ECF Integration

1st July 2020

Specialist insurer Beazley has successfully finalised its claims transformation program, powered by Guidewire ClaimCenter. ClaimCenter is now fully integrated with the London Market Electronic Claims File Write-Back (ECF). Beazley has worked closely with Guidewire to add ECF Write-Back to Guidewire’s London Market claims functionality. This functionality affords Lloyd’s Syndicates and the London company ... Read the full article

Lloyd’s proposes array of COVID-19 recovery solutions

1st July 2020

In a collaborative effort with its UK and Global Advisory Groups, Lloyd's of London has laid out three open source frameworks designed to fast-track global economic and societal recovery from COVID-19. The first is a non-damage business interruption solution called ReStart. Lloyd's says this product would support SMEs reopening and offer a range of ... Read the full article

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