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.
Allianz Exec Burkhard Keese appointed Lloyd’s CFO
4th February 2019
Burkhard Keese has been appointed Chief Financial Officer (CFO) of Lloyd’s following unanimous approval by Council members. Keese, who joins from Allianz Deutschland AG after seven years in the CFO position, will take take up his new role on 1 April 2019. During his time as CFO at Allianz Deutschland Keese successfully ... Read the full article
Lloyd’s will complete transfer to Brussels by 2020, says Brexit Director
31st January 2019
Insurance and reinsurance marketplace Lloyd’s of London is expecting to have completed the transfer of policies to its new Brussels subsidiary by the end of the Brexit transition period in 2020, according to Hayley Spink, Director of Lloyd’s Brexit Programme. Speaking as part of a panel at the Fitch Insurance Roadshow ... Read the full article
PRA calls for silent cyber action from Lloyd’s, UK insurers
31st January 2019
The Prudential Regulation Authority (PRA) believes Lloyd's and the wider UK insurance industry can do more to ensure the effective management of affirmative and non-affirmative (silent) cyber risk exposures, ordering firms to develop an action plan in the first half of 2019, with clear milestones and dates by which action ... Read the full article
Lloyd’s appoints former U.S Senator John Sununu to Council
30th January 2019
Lloyd’s has appointed former U.S Senator John Sununu as a member of its Council on a three-year term. During his time in the senate, he served on the Senate Banking Committee - where he actively prioritised insurance issues - and the Senate’s subcommittee on Science, Technology and Innovation. Effective 6 February, the ... Read the full article
Lloyd’s to continue efficiency drive, rethink international priorities, says CEO
29th January 2019
John Neal, Chief Executive Officer (CEO) of Lloyd’s of London, has said that the marketplace will continue to focus on driving efficiency in 2019, as well as on winning new business in the U.S and Europe. Speaking in an interview with the Financial Times, Neal said that he is due to ... Read the full article
Updated PPL offers enhancements for facilities
28th January 2019
A significant update has been implemented by the board of Placing Platform Limited (PPL), including improvements to its facilities functionality and various market requests for alterations. The PPL has been pushed as a core part of the London Market Group’s (LMG) Target Operating Model, which is looking to make it more ... Read the full article
Ed reports 67% PPL usage between August, November 2018
23rd January 2019
Ed Broking, the global reinsurance, wholesale and specialty insurance broker, claims it placed 67% of orders through the London Market’s Placing Platform Limited (PPL) between August and November 2018, with the company’s Group Head of Broking calling on all brokers to reveal their rate of usage. The PPL has been pushed ... Read the full article
Waypoint approved as A&H coverholder for ArgoGlobal at Lloyd’s
23rd January 2019
Specialty managing general underwriter (MGU) Waypoint Underwriting Management has obtained coverholder approval to underwrite accident and health (A&H) products on behalf of ArgoGlobal Syndicate 1200 at Lloyd’s. Waypoint offers insurance and reinsurance solutions to clients in the U.S, led by an executive team that has started, owned and run multiple reinsurance ... Read the full article
Lloyd’s introduces risk-based oversight for syndicates
18th January 2019
The specialist Lloyd's of London insurance and reinsurance marketplace has announced that it intends to introduce risk-based oversight for underperforming syndicates as part of its ongoing performance review. The process will support the implementation of syndicates’ performance improvement plans, which are designed to return certain classes or syndicates to sustainable profit ... Read the full article
Lloyd’s faces pressure to focus on U.S business
14th January 2019
Andrew Brooks, incoming Chair of the Lloyd’s Market Association (LMA), has urged Lloyd's of London to refocus its growth strategy away from emerging markets and towards the U.S, according to reports from the Financial Times. Lloyd’s has concentrated on winning new business over the past few years by opening offices in ... Read the full article
New York regulators fine Lloyd’s insurers $5m for NRA dealings
28th December 2018
Ten insurers that did business with the National Rifle Association (NRA) through the Lloyd’s of London marketplace have been fined a total of $5 million by New York regulators. The fines are related to NRA self-defense insurance programs and have been deemed in violation of state law. Initially, an investigation by New ... Read the full article
Iain Ferguson takes up regional director role for Lloyd’s in Asia Pacific
21st December 2018
The President and Chief Operating Officer for Lloyd’s Japan, Iain Ferguson, is to take on additional responsibilities as Regional Director across the Asia Pacific (APAC) region. Having first joined Lloyd’s in 2007, Ferguson has more than 20 years’ experience working in Japan and across Asia. Lloyd's says its’ organisational structure in Asia ... Read the full article
At least 40% of risks must be placed electronically at Lloyd’s for Q1 2019
20th December 2018
The specialist Lloyd's of London insurance and reinsurance marketplace has revealed that for the first-quarter of 2019, each syndicate will be required to have written at least 40% of its risks using a recognised electronic placement system. The target figure is set to increase to 50% for the second-quarter of 2019, ... Read the full article
Sonja Rottiers to replace Vandendael as Lloyd’s Brussels CEO
20th December 2018
It has been announced that Lloyd’s post-Brexit European base in Brussels will be lead by Sonja Rottiers as Chief Executive Officer. This appointment follows the recent departure of Lloyd's Brussels' previous CEO Vincent Vandendael, who played a key role in its' successful establishment. Rottiers will also serve as Lloyd’s Regional ... Read the full article
Lloyd’s adds Albert Benchimol, Victoria Carter to Council
18th December 2018
The Lloyd's Council has announced the addition of Albert Benchimol and Victoria Carter as an External member and Working member, respectively, effective from 1 February 2019. Meanwhile, Michael Watson, currently on the council, has been re-elected as an External member. Benchimol is currently President and Chief Executive Officer of AXIS Capital Holdings Limited, ... Read the full article