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 expects industry-wide COVID losses to exceed $107bn estimate: reports
19th November 2020
The Chairman of Lloyd's of London, Bruce Carnegie-Brown, said at a recent Reuters event that the global insured loss from the ongoing COVID-19 pandemic will exceed the market's previous estimate of $107 billion. Back in May, the specialist insurance and reinsurance marketplace said that it expects to pay customers up to ... Read the full article
Speciality insurer Inigo set to launch at Lloyd’s following StarStone acquisition
18th November 2020
Speciality insurer Inigo is set to launch at Lloyd's of London following the acquisition of Enstar and Stone Point Capital's managing agency StarStone Underwriting (SUL), along with the right to operate Syndicate 1301. Enstar, Stone Point and venture capital firm Dowling will receive $30 million from the sale of SUL in the form ... Read the full article
COVID-19 could see Lloyd’s look more like a coffee shop again: Carnegie-Brown
16th November 2020
In a recent interview with the Mail on Sunday, Lloyd's of London Chairman Bruce Carnegie-Brown remarked how the historic re/insurance market could end up looking more like a coffee shop again. It's well known that Lloyd's, the oldest insurance market in the world, started life as a coffee shop some 334 ... Read the full article
Lloyd’s syndicate Ki, Howden announce key capacity partnership
9th November 2020
Ki and Howden are entering a long-term partnership that will see Ki contribute substantial capacity over the next three years, a move designed to secure valuable follow capacity for Howden’s clients and business partners. Alongside the agreement, a collaboration between Ki, Howden and Hyperion X will look to develop of a ... Read the full article
AXA XL appoints Welton to key CUO role
5th November 2020
AXA XL has announced the appointment of Peter Welton as Chief Underwriting Officer, Marine, Energy & Aerospace, UK & Lloyd’s market. Welton will look to develop and execute the underwriting strategy for the UK marine, energy & aerospace books and optimising product offering and profitability. The new role will see him lead ... Read the full article
Lloyd’s targets digital efficiencies in Blueprint Two
5th November 2020
Insurance and reinsurance marketplace Lloyd’s of London has set out the next phase of its transformation plan with the release of its second blueprint for change. Blueprint Two is a two-year program that builds on the foundations laid by Blueprint One in September 2019 and focuses on shifting the market ... Read the full article
Lloyd’s underwriting room to close four days a week as second lockdown looms
3rd November 2020
Lloyd’s of London has announced alterations to the opening hours of its underwriting room, in response to recent lockdown measures introduced by the UK government. This announcement comes as businesses across the country are being urged to work from home if possible. Between November 5 and December 2, the space will remain ... Read the full article
Apollo sees major property cat opportunities in Pelican, JC Flowers partnership
3rd November 2020
Independent specialist re/insurer Apollo Syndicate Management has underlined the opportunities it sees in the property catastrophe reinsurance space, ahead of its operational partnership with Pelican Ventures and J.C. Flowers & Co. It was announced yesterday that Argo had reached an agreement for the two private equity investors to acquire its ... Read the full article
MNK Re to acquire majority stake in Prospect Brokers Africa
3rd November 2020
Specialty Lloyd’s broker MNK Re is set to acquire a majority stake in Prospect Brokers Africa, an independent South African reinsurance broker. Prospect Brokers was established in December 2019 by former RFIB Africa director Neesha Parbhoo. The company specialises in reinsurance, wholesale insurance and binding authorities placed into regional and international markets. This ... Read the full article
Argo agrees Ariel Re sale to Pelican Ventures, JC Flowers
2nd November 2020
Argo Group has reached an agreement with Pelican Ventures and J.C. Flowers & Co that will see the two private equity investors acquire property and casualty reinsurance underwriter Ariel Re for an undisclosed sum. Terms for an operational partnership with Apollo Syndicate Management have been also agreed upon. The partnership will be ... Read the full article
Carnegie-Brown calls for government intervention on COVID cover
26th October 2020
Bruce Carnegie-Brown, Chairman of insurance and re/insurance marketplace Lloyd’s of London, has voiced his support for a government initiative that would provide a backstop for pandemics, as well as other forms of systemic risks. Speaking in an interview with the Telegraph, Carnegie-Brown explained how COVID-19 has shown that pandemic risk is ... Read the full article
Lloyd’s approves new syndicate-in-a-box, Picnic 2460
22nd October 2020
Asta, a third-party managing agent at Lloyd’s, has received approval for the launch of Picnic Syndicate PIC 2460 (Picnic), a syndicate-in-a-box due to commence underwriting on January 1. Picnic will initially provide re/insurance to the mutuals that parent Picnic Labs forms and develops in Australia and New Zealand. Picnic will first focus ... Read the full article
Apollo adds Richard Panter as head of specie, cargo at Syndicate 1969
20th October 2020
Independent specialist re/insurer Apollo Syndicate Management has added Richard Panter as head of specie and cargo at Apollo Syndicate 1969. Panter brings over 37 years’ experience in the insurance market and reports to Paul Letherbarrow, head of aviation and member of the executive committee. Before joining Apollo, he had been head of fine art ... Read the full article
O2 Broking registered as first Lloyd’s broker in Denmark
19th October 2020
O2 Broking ApS has been approved as the first Lloyd’s Registered Broker in Denmark as part of the re/insurance marketplace's preparations for Brexit. Lloyd's previously established a hub in Brussels to help it transition smoothly as the UK exits the European Union. However, subject to current negotiations between UK and EU about ... Read the full article
ICMR launches Lloyd’s syndicate capital & performance analysis tool
19th October 2020
Insurance and capital markets quantitative analysts ICMR has announced the release of its Lloyd’s syndicate capital and performance analysis tool. ICMR.Matrix is a cloud-based tool able to compare the relative performance of various syndicates against their relative capitalisation over different time periods. This allows clients to see how these factors impact returns ... Read the full article
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