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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.

Munich Re sponsoring first Syndicate-in-a-Box at Lloyd’s

1st October 2019

Insurance and reinsurance marketplace Lloyd’s of London has announced that Munich Re will launch the first new ‘Syndicate-in-a-Box’ through its established Lloyd’s vehicle Munich Re Syndicate Limited. The announcement was made as part of the release of Blueprint One yesterday, which outlines how the first phase of Lloyd's strategy for ... Read the full article

Lloyd’s outlines strategy for change in Blueprint One

30th September 2019

Insurance and reinsurance marketplace Lloyd’s of London has released a new document outlining how the first phase of its strategy for change will be delivered, following the launch of the Future at Lloyd's prospectus back in May. Blueprint One proposes to enhance Lloyd’s value proposition to customers by offering better ... Read the full article

London Market Group to end TOM modernisation program

27th September 2019

The Board of the London Market Group (LMG) has confirmed today that the Target Operating Model (LM TOM) has been wound down in its current form, having delivered the majority of proposed solutions. The LM TOM was considered a core component of the market modernisation proposal, set out by the LMG, ... Read the full article

Lloyd’s to continue leveraging MIS’ satellite imagery service

27th September 2019

McKenzie Intelligence Services (MIS), a provider of imagery and geospatial intelligence, has been highlighted by Lloyd’s as a key component of its ongoing modernisation drive. Back in May, Lloyd’s announced a new strategy focused on delivering higher quality risk protection for the market’s clients. The six proposed transformational initiatives contained within ... Read the full article

Price Forbes acquires stake in HK broker Sino

25th September 2019

Independent Lloyd's of London insurance broker Price Forbes has purchased a minority stake in Hong Kong-based Sino Insurance and Reinsurance. Since its founding in 2006, Sino has focused on providing risk management and insurance solutions for Chinese multinational companies’ overseas investments and infrastructure construction, engineering, project management, and various aspects of ... Read the full article

Lloyd’s announces new parametric solution targeting hotel profit protection

24th September 2019

The specialist Lloyd's of London insurance and reinsurance marketplace has announced the launch of the first policy developed by Lloyd's Product Innovation Facility, a parametric solution targeting the hotel industry. The Lloyd's Product Innovation Facility was launched in June of this year to accelerate the development of re/insurance solutions for new ... Read the full article

LMA heads pledge support to Lloyd’s harassment actions

24th September 2019

The Board of the Lloyd’s Market Association (LMA) has pledged to work actively through a CEO reporting network to tackle sexual misconduct in the market, following the implementation of new inclusivity measures at Lloyd’s. Lloyd’s said earlier today that it would introduce the new program of measures after the results ... Read the full article

Lloyd’s harassment survey prompts stronger inclusivity measures

24th September 2019

Lloyd’s of London has announced a new program of measures to foster a safer and more inclusive working environment after the findings of a recent survey revealed widespread issues regarding sexual harassment and employee wellbeing in the marketplace. The culture survey, which was commissioned by Lloyd’s in the wake of public ... Read the full article

Lloyd’s performance improvements not yet sufficient, says KBW

20th September 2019

Analysts at Keefe, Bruyette & Woods (KBW) have contended that the Lloyd’s of London results for the first half of 2019 show necessary but insufficient improvements in the performance of the insurance and reinsurance marketplace. Lloyd’s released its H1 results earlier this week, reporting a £2.3 billion profit before tax, ... Read the full article

Nephila looks to reduce Lloyd’s costs with finance platform from Phinsys

19th September 2019

Nephila Syndicate Management Ltd (NSML) has selected the suite of finance and accounting products from software provider Phinsys to help streamline its financial processes and automate statutory, regulatory and management reporting. Nephila Syndicate 2357 is set to migrate from third party management to its own independent managing agency in October, and ... Read the full article

Pricing, modernisation among top concerns for Lloyd’s CROs: LMA survey

19th September 2019

A market survey by the Lloyd's Market Association in conjunction with PwC has identified pricing, cost reduction, change management, market modernisation, and competition as the top five risks facing Lloyd’s. For Chief Risk Officers within Lloyd’s managing agencies, these internal factors rank ahead of external factors such as cyber risk and ... Read the full article

Arch, Marsh collaborate on insurance solution for digital assets

18th September 2019

Arch Insurance UK, a division of Arch Insurance International, has partnered with global re/insurance brokerage Marsh on a new solution designed to protect digital asset private keys held in traditional vault facilities. A private key, in this context, is essentially a string of numbers and letters that leads to a digital ... Read the full article

Lloyd’s reports £2.3bn H1 profit, but underwriting contribution minimal

18th September 2019

The Lloyd's of London insurance and reinsurance marketplace reported a £2.3 billion profit before tax for the first-half of 2019, but the investment return drove all of that as underwriting again failed to deliver and actually declined in the period. CEO John Neal cited an improving underwriting outlook, as attritional losses ... Read the full article

Lloyd’s to launch Miami office

17th September 2019

The specialist Lloyd's of London insurance and reinsurance marketplace has announced a number of changes to its setup in the Latin America (LatAm) region, which includes the establishment of an office in Miami to support and grow LatAm and Caribbean markets. In an email to the LatAm market, Director General, Daniel ... Read the full article

VIBE to close A&H, Property D&F units

16th September 2019

Lloyd’s managing agent VIBE Syndicate Management has announced the closure of its Accident & Health and Property D&F units with immediate effect. Group Chief Executive Officer Joe England said the move follows a strategic review of Vibe’s businesses and that the decision will remain in effect until the market returns to ... Read the full article

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