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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.

Re/insurers must work with cities to unlock urbanisation opportunities: Lloyd’s

9th October 2020

A new report from insurance and reinsurance marketplace Lloyd’s of London has urged the industry to work more closely with city administrators to improve risk management and unlock the opportunities presented by growing urbanisation. The report, published in association with Urban Foresight and Newcastle University, noted that urbanisation provides opportunities for ... Read the full article

Lloyd’s targets $15bn of new business, 13% growth in 2021: Neal

7th October 2020

The specialist Lloyd's of London insurance and reinsurance marketplace expects to approve business plans that will enable the market to write roughly $15 billion of new business in 2021, according to Chief Executive Officer (CEO), John Neal. In the latest of Aon's series of fireside chats with industry experts and leaders, ... Read the full article

Helios looking to raise £20mn for hard market growth

7th October 2020

Lloyd’s of London investment and underwriting vehicle Helios is aiming to raise £20 million through the issue of new ordinary shares, in an effort to take advantage of the hardening market. Helios had initially signalled its interest in pursuing a fundraise back in August. Discussions with potential investors have now taken ... Read the full article

Hampden Agencies Limited makes key board changes

5th October 2020

Lloyd’s Members’ agency Hampden Agencies Limited has announced a series of changes to its board, including Sarah Wilton as chair, and Elizabeth Fullerton-Rome as independent non-executive director and chair of the audit and risk committee. Effective immediately, the appointments coincide with HAL’s undertaking of a significant increase in demand for capital ... Read the full article

Coverys European Holdings launches Lloyd’s broker Celeritas

1st October 2020

Coverys European Holdings (CEH), a division of Coverys that invests in specialty managing general agencies across continental Europe and the UK, has announced the launch of Celeritas, a European broker for both open market placement and binder business. Binders & risks sourced by the broker will work with syndicates across Lloyd’s ... Read the full article

Lloyd’s launches parametric policy for business interruption

30th September 2020

Insurance and reinsurance marketplace Lloyd’s of London has launched a new business interruption policy for small and medium sized enterprises (SMEs) that uses a parametric trigger to protect against IT disruption or downtime. The new product, called Parametrix Insurance, is led Tokio Marine Kiln (TMK) and supported by other members of ... Read the full article

Riskbook secures £2mn in new funding

28th September 2020

Reinsurance technology provider Riskbook has received a £2 million investment to help further develop its Lloyd’s-recognised digital placement platform. RiskBook was approved by Lloyd’s of London as a recognised electronic placement system for open market reinsurance business earlier this year. The announcement marked the first time that brokers from any firm could ... Read the full article

Arch combines Lloyd’s units under one brand

22nd September 2020

Arch Insurance International, a subsidiary of Bermudian re/insurer Arch Capital Group, Ltd., has combined its Lloyd’s managing agency units into a single business, called Arch Managing Agency Limited. The new brand brings together Arch Underwriting and Barbican Managing Agency Ltd. into a single operation. It will manage Syndicate 2012, Syndicate 1955, Arcus ... Read the full article

Fitch removes Lloyd’s from Rating Watch Negative as underwriting improves

18th September 2020

Fitch Ratings has removed Lloyd's of London's, Lloyd's Insurance Company (China) Ltd.'s, and Lloyd's Insurance Company S.A.'s Insurer Financial Strength (IFS) Ratings from Rating Watch Negative (RWN). At the same time, Fitch has affirmed Lloyd's and its two operating subsidiaries' IFS Ratings at 'AA-' (very strong), while the outlook is stable. At ... Read the full article

Blenheim parent secures £80mn investment from Alchemy

17th September 2020

White Bear Capital, the parent company of Lloyd's syndicate Blenheim, is to receive an investment of £80 million from Alchemy Special Opportunities Fund IV, a closed private equity fund managed by Alchemy Partners. As part of the deal Alchemy will take a substantial stake in the group alongside the staff and existing investor ... Read the full article

Lloyd’s welcomes FCA test case judgement

16th September 2020

Lloyd’s has welcomed yesterday's FCA’s test case judgement, describing it as having bought coverage clarity for many policyholders with certain non-damage business interruption insurance extensions. The financial regulator brought the case forward in May to seek legal clarity on whether insurers were obligated to pay out on BI claims ... Read the full article

Lloyd’s hires Uwe Schoberth as US Market Development Director

14th September 2020

Insurance and reinsurance marketplace Lloyd’s of London has announced the appointment of Uwe Schoberth as US Market Development Director. In this newly created role, Schoberth will focus on expanding strategic relationships with retail, wholesale and reinsurance brokers in Lloyd’s largest market. Collaborating with business development teams in London and the US, he ... Read the full article

Lloyd’s sticks by $107bn COVID-19 industry loss estimate

11th September 2020

Lloyd's of London has confirmed that it is sticking to the estimated loss of $107bn as a result of the COVID-19 pandemic. In a recent webinar hosted by John Neal, CEO of Lloyd's of London, he was asked if he could confirm this amount to be an accurate estimate. Neal commented: “The ... Read the full article

Lloyd’s falls to H1 net loss; expects gross COVID-19 claims of $6.5bn

10th September 2020

The specialist Lloyd's of London insurance and reinsurance marketplace has reported a loss of £0.4 billion (USD 0.5bn) in the first half of 2020, as COVID-19 related claims, after reinsurance recoveries, reached £2.4 billion (USD 3.1bn). On a gross basis, Lloyd's says that it expects to pay out up to £5 ... Read the full article

COVID-19 reinforces Lloyd’s need to modernise: AM Best

3rd September 2020

The COVID-19 pandemic has reinforced the importance of modernising Lloyd's and helped soften some of the cultural resistance to change, according to analysts at AM Best. As part of its execution plans for the first phase of strategy, Lloyd’s confirmed earlier this year that it was aiming to take a ... Read the full article

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