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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.

LMA appoints Ramage to succeed retiring legal director van der Klugt

30th April 2021

The Lloyd’s Market Association (LMA) has appointed Arabella Ramage to replace legal director Kees van der Klugt following his retirement in September this year. Ramage joins from AXA XL, where she is currently general counsel for International Insurance and Reinsurance. She leads a large team of lawyers and wordings specialists across 17 ... Read the full article

Lloyd’s appoints KBRA as additional rating agency, is graded AA-

22nd April 2021

Insurance and reinsurance marketplace Lloyd’s of London has appointed Kroll Bond Rating Agency (KBRA) to provide an additional independent opinion of its financial strength. Accordingly, KBRA has assigned an AA- insurance financial strength rating (IFSR) to Lloyd’s with a stable outlook. This complements existing financial strength ratings of A+ (Strong) from Standard ... Read the full article

Price Forbes launches digital General Aviation facility

20th April 2021

Independent insurance broker Price Forbes has launched a new digital General Aviation facility designed to quickly quote and bind risks with a leading Lloyd’s syndicate. This development within Price Forbes’ proprietary EDGE platform is expected to improve speed of service and placement for clients by delivering quotes in real time. EDGE is ... Read the full article

Lloyd’s announces Manchester hub, consults on historic underwriting room redesign

15th April 2021

Lloyd’s has announced plans to establish a hub in Manchester in an effort to recruit talent and enhance its digitalisation capabilities. The historic insurance and reinsurance marketplace says Manchester was selected for its high density of talent, and that it should be up and running by January 2022. There’s expected to be ... Read the full article

Normal loss year should yield underwriting profit for Lloyd’s: ICMR

15th April 2021

Insurance and capital markets quantitative analysts ICMR have forecast that the Lloyd’s market could turn its first underwriting profit since 2015 if this year turns out to be a ‘normal’ one in terms of losses. Lloyd’s recently reported another loss-making year for 2020, with a pro-forma combined ratio of 110%. Overall ... Read the full article

Praedicat launches Lloyd’s-focused liability analysis platform

14th April 2021

Emerging risk analytics company Praedicat has announced the launch of its new Risk Scenario Analysis Platform. Praedicat says the platform is designed to widen the cross-line clash scope of its scenario suite, as well as make it easier for syndicates at Lloyd’s to produce compliant reports on the six recently-created liability ... Read the full article

Lloyd’s European CEO Rottiers to depart, Amélie Breitburd succeeds

12th April 2021

Lloyd’s of London has announced the departure of Sonja Rottiers from her role as European Chief Executive Officer, with Amélie Breitburd set to step into the position. Breitburd brings over 25 years’ experience in international insurance markets, having previously served at AXA, KPMG and Allianz. She'll be onboarded during the second quarter ... Read the full article

Lloyd’s highlights accelerating casualty market trends in 2020 review

7th April 2021

According to the Lloyd's yearly market report, the 2020 casualty treaty market saw a number of pre-existing trends accelerate as the market faced issues such as diminishing capacity, tightening policy coverage and significant price strengthening in distressed and high exposure accounts across most lines of business. US Workers’ Compensation remained competitive, yet ... Read the full article

London Market insurers’ 2020 profits cancelled out by Covid losses, says Fitch

31st March 2021

A majority of London Market insurers are reported by Fitch Ratings to have fallen to either a loss or a very slight profit in 2020, as pandemic-related costs offset most underwriting and investment profits. Despite investment returns having recovered well in the second half of 2020, Fitch states that returns were ... Read the full article

AM Best stable on London market re/insurance; expects rate momentum to persist

30th March 2021

Despite the ongoing and uncertain impacts of the COVID-19 pandemic, AM Best has assigned a stable outlook to the London re/insurance market segment owing to positive rate momentum, greater clarity of policy wordings, and continuous efforts to modernise the market. In recent years, London market insurers and reinsurers have experienced several ... Read the full article

Major re/insurance players commit $2mn to Oasis Loss Modelling Framework

23rd March 2021

A number of the world’s biggest players in re/insurance have committed additional funds to support the development of open source catastrophe modelling platform Oasis. Companies include Aon, Allianz, AXA, Chubb, Guy Carpenter, Hannover Re, Lloyd’s, RenaissanceRe, Swiss Re, SCOR, Willis Re and the Insurance Development Forum. The supporting international re/insurers and brokers ... Read the full article

Lloyd’s launches new parametric earthquake solution in New Zealand

23rd March 2021

Lloyd’s has announced the launch of a new parametric earthquake insurance policy in New Zealand designed to automatically pay customers within five days following a strong earthquake. The product has been developed in partnership with insurance start-up Bounce and leverages cutting-edge technology and real-time GeoNet data to track Peak Ground Velocity ... Read the full article

Lloyd’s announces first version of its Core Data Record under Blueprint Two

11th March 2021

Lloyd’s has announced the first version of its Core Data Record (CDR), in an effort to standardise data flow through the market. The move is aimed at significantly improving operations, reducing the cost and effort of doing business, and delivering a better service to customers. This represents a new milestone for the ... Read the full article

Lloyd’s updates electronic response targets

5th March 2021

The Lloyd’s of London insurance and reinsurance marketplace has provided another update on its requirements for the use of electronic placements this year. For Q2 and Q3 of this year, syndicates will now have to adhere to an electronic response target of 60% when replying to submissions and quotes from brokers. Details ... Read the full article

Lloyd’s to reopen underwriting room on May 17

1st March 2021

Lloyd's of London has confirmed the reopening of its underwriting room and corporation offices on May 17. The specialist re/insurance marketplace plans to apply a class of business rota during the week and will confirm further details closer to the date. Looking further ahead, there will be additional action over further relaxing ... Read the full article

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