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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.

Lloyd’s COO Vincent Vandendael to leave for Everest Insurance

31st August 2018

Lloyd’s of London has announced that its Chief Commercial Officer (COO) of nearly six years, Vincent Vandendael, is to leave the company. Vandendael is to join Everest Insurance as Chief Executive Officer (CEO) of International Insurance in early 2019. His departure date has yet to be confirmed. Since joining Lloyd’s as ... Read the full article

Lloyd’s reviewing under-performing members of marine unit, reports WSJ

28th August 2018

Lloyd’s of London is in the process of reviewing underperforming members of its marine unit, with brokers telling the Wall Street Journal that hull premiums may need to double to make them sustainable. The review follows a £2 billion loss across the market in 2017 compared to a pre-tax profit of ... Read the full article

Beat Capital to merge with Paraline UK

23rd August 2018

It's been announced that Beat Capital Partners and Paraline UK are to merge in order to enhance and further build Beat's platform in an effort to support independent underwriting businesses. Following the merger, Beat, a Bermuda domiciled insurance holding company, will join Neon Holdings Ltd. as a strategic investment partner of ... Read the full article

London to remain global re/insurance hub post-Brexit, but stronger headwinds exist: A.M. Best

20th August 2018

Despite a lack of clarity surrounding the UK's Brexit vote and what implications this might have for UK insurers and reinsurers, A.M. Best expects London to remain one of the world's leading European insurance hubs, but does warn of headwinds that continue to pressure the region's re/insurance industry. UK insurers ... Read the full article

Lloyd’s syndicates hit by further loss creep

17th August 2018

Data from the specialist Lloyd's of London insurance and reinsurance marketplace, reveals that the most recent syndicate projections for the 2017 year of account (YoA) includes further loss deterioration in Q2, at the mid-point. According to the data, which details Lloyd's syndicates' capacity for the 2017 YoA and both the best ... Read the full article

Aspen ceases underwriting certain lines at Lloyd’s, cost a factor

13th August 2018

Aspen Insurance Holdings is to stop underwriting international professional indemnity (PI), marine hull, and aviation insurance at Lloyd's of London, with the cost of doing business at the specialist insurance and reinsurance marketplace being a factor. Speaking during the insurer and reinsurer's second-quarter 2018 earnings call, Chief Executive Officer (CEO), Chris ... Read the full article

Nephila Capital approved to establish Lloyd’s managing agency

7th August 2018

Nephila Capital, the world’s largest insurance-linked securities (ILS) investment manager, has announced that it has received approval from the Lloyd’s Board (previously called the Franchise Board) to form its own managing agency. Nephila’s Syndicate 2357, which is backed by funds managed by Nephila, has been managed by Asta, a third party ... Read the full article

Coverys bolsters platform with two senior appointments

2nd August 2018

Coverys Managing Agency, the Lloyd’s managing agent of Syndicates 1975, 1991, 3330 and 1110, has announced the appointments of Robert Scott-Stewart and Peter Chambers to Chief Information Officer and Chief Technology Officer roles respectively. Coverys’ aim with these new appointments is to provide a market-leading, modern, and scalable platform to support ... Read the full article

Report urges re/insurers to engage with synthetic biology sector: Lloyd’s

26th July 2018

A new emerging risks report from the specialist Lloyd's of London insurance and reinsurance marketplace and Drs John Heap and Karen Polizzi of Imperial College London, urges re/insurers to engage with the expanding synthetic biology sector to support the development of new technologies and new risk transfer solutions. In recent times, ... Read the full article

Brexit white paper draws criticism from Lloyd’s CEO

13th July 2018

Lloyd's of London’s outgoing Chief Executive Officer (CEO), Inga Beale, has responded to the exit strategy laid out in the Brexit white paper with claims that professional and financial services “are not catered for” and that the proposed deal will accelerate its plans for a Brussels subsidiary. In an interview ... Read the full article

Lloyd’s market needs ‘radical change’, says LMA head Gittings

13th July 2018

David Gittings, Chief Executive of the Lloyd’s Market Association (LMA), has called for a “thorough review” of how the re/insurance market at Lloyd’s operates, according to the Financial Times (FT). Gittings told the publication: “I don’t believe Lloyd’s is facing an existential crisis but it needs a thorough review of what ... Read the full article

Lloyd’s reveals new digital distribution platform

11th July 2018

The specialist Lloyd’s of London insurance and reinsurance marketplace has launched a new digital distribution platform, called Lloyd’s Bridge, which is designed to more efficiently connect insurance businesses and entrepreneurs with underwriters from the Lloyd’s market. By matching insurers and underwriters, the online Lloyd’s Bridge platform will enable businesses to underwrite ... Read the full article

Concirrus updates AI powered Quest Marine software

6th July 2018

InsurTech company Concirrus has released an updated version of its artificial intelligence (AI) powered data analysis software, Quest Marine 2.0, to enable Lloyd’s marine syndicates to remediate their portfolios. Quest Marine is designed to allows re/insurers and brokers to analyse their entire historical portfolio in seconds, using machine learning algorithms that ... Read the full article

AFL acquires majority stake in UK employer protection MGA

3rd July 2018

AFL Insurance Brokers Ltd, the independent Lloyd’s broker, has acquired a controlling stake in specialist employer protection Managing General Agency (MGA) Concordia Employment Services Limited, for an undisclosed sum. Based in London, Concordia has been supporting UK employers by managing risks and exposures related to workplace disputes since its launch in ... Read the full article

Inga Beale to depart Lloyd’s in 2019

29th June 2018

Inga Beale, the Chief Executive Officer (CEO) of the specialist Lloyd's of London insurance and reinsurance marketplace, is to step down from her position in 2019. Beale joined Lloyd's in 2014, and during the last five years showed a commitment to the transformation of the marketplace, which includes significant cultural change ... Read the full article

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