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 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
Jonathan May takes International CFO role at Lloyd’s
26th June 2020
Insurance and reinsurance marketplace Lloyd’s of London has announced the promotion of Jonathan May to the role of International Chief Financial Officer (CFO). As International CFO, May will now be responsible for finance across Lloyd’s international network. May previously served as CFO for the APAC region, having joined Lloyd’s London office in ... Read the full article
Atrium Underwriters adds Chris Stooke as Non-Exec Chairman
26th June 2020
Atrium Underwriters, the managing agent for Lloyd’s Syndicate 609, has announced the appointment of Chris Stooke as Non-Executive Chairman. Effective January 2021, Stooke will replace Steve Cook, who is set to retire at the end of this year. Stooke will work closely with the company's Chief Executive Officer Richard Harries and its ... Read the full article
Lloyd’s to reopen underwriting room in September
26th June 2020
Insurance and reinsurance marketplace Lloyd’s of London has announced that it plans to reopen its London headquarters and underwriting room on September 1, with new safety measures in place. The Lloyd’s underwriting floor at 1 Lime Street has been closed since March 19 due to the ongoing COVID-19 crisis in the ... Read the full article
Nephila to launch specialty syndicate at Lloyd’s, backed by ILS investors
24th June 2020
Insurance-linked securities (ILS) investment manager Nephila Capital has announced that the Lloyd’s Council has approved its plans to form a new syndicate. Nephila’s Lloyd’s managing agency, Nephila Syndicate Management Ltd (NSM), will launch Syndicate 2358 as part of the Future at Lloyd’s initiative. The syndicate will write a diversified portfolio of Lloyd’s ... Read the full article
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