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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 targets simplified market access, lower costs, higher client value

1st May 2019

The specialist Lloyd's of London insurance and reinsurance marketplace has announced a new strategy focused on delivering higher quality risk protection for the market's clients. Lloyd's describes its new strategy as bold, and explains that it includes several transformational initiatives that have the potential to shape the future of the global ... Read the full article

Beazley partnership to offer reputation risk solutions for US clients

29th April 2019

Specialty Lloyd’s re/insurer Beazley has announced a partnership with Tokio Marine Kiln and RenaissanceRe that aims to provide unique and flexible solutions for reputation risk. Custodian Consortium is designed to protect clients throughout the lifespan of a crisis by providing crisis management expertise and substantial loss-of-profits cover, to protect companies after ... Read the full article

Munich Re Syndicate eyes Asia expansion with coverholder partnership

18th April 2019

Munich Re Syndicate Singapore, the Asia-Pacific arm of Munich Re's Lloyd’s syndicate, has announced a partnership with Singapore-based coverholder Nectar Specialty Risk (Nectar), a move that strengthens its ties in the region. Nectar offers professional lines products via a Nectar Pro, a Financial Lines business unit focused on emerging Asian markets ... Read the full article

Lloyd’s performance review to drive better marine energy results: analysts

18th April 2019

The intervention of the Lloyd’s Performance Management Directorate is expected to support better underwriting results for marine energy classes throughout 2019, according to analysts at Lloyd & Partners. The firm noted in its April 2019 quarterly energy newsletter that the performance review was not a one off event, with all syndicates ... Read the full article

Lloyd’s rule change bans ‘under the influence’ passholders

10th April 2019

The Lloyd’s of London marketplace has published a bulletin introducing an updated set of rules applicable to passholders accessing the building. Most notably, the bulletin states that a passholder must not enter (or attempt to enter) the premises during working hours under the influence of alcohol or any illegal drug. If a ... Read the full article

Underwriting profitability of London market remains pressured, warns Fitch

9th April 2019

Fitch Ratings has maintained its negative sector outlook on the London insurance market, citing continued pressure on profitability as catastrophe events hit underwriting performance and expense ratios remain high. The global financial services ratings agency highlights the negative impact of catastrophe losses and low investment returns on the results of London ... Read the full article

PPL surge continues as Board reveals 50,000 risks now bound on the platform

5th April 2019

The board of Placing Platform Limited (PPL), a core component of the London Market’s Target Operating Model, has announced that over 50,000 risks have now been bound on the platform, with close to 12,500 bound in just the last three months. The adoption of electronic placement is increasing across the London ... Read the full article

Aurous Risk Partners secures first Lloyd’s binder

5th April 2019

Aurous Risk Partners , a London-headquartered managing general agency (MGA), has secured its first Lloyd’s energy binder, led by Arcus Syndicate 1856. Through this arrangement Aurous Risk Partners will be able to offer clients capacity within the European Economic Area (EEA) on behalf of Lloyd’s Brussels security and Arcus Syndicate 5330. Aurous ... Read the full article

Advent appoints Jack Smith as Head of Operations

1st April 2019

Advent Insurance Management, the InsurTech-led Lloyd’s & London market service provider, has appointed Jack Smith as Head of Operations, a newly created role. Smith, whose appointed is effective immediately, brings over 35 years’ experience to Advent. He will be based in the company’s Chelmsford offices. Prior to Advent he worked for Tasker ... Read the full article

Lloyd’s CEO Neal becomes interim sponsor of London Market TOM

1st April 2019

John Neal, the Chief Executive Officer of Lloyd’s, is to take over as the interim sponsor of the London Market's Target Operating Model (LM TOM), following the departure of Shirine Khoury-Haq in November 2018. Khoury-Haq had been the driving force behind Lloyd’s recent digital integration efforts, which included the introduction ... Read the full article

Lloyd’s reforms were “solid first step” for market profitability: analysts

1st April 2019

The Lloyd’s market reforms supported an initial turnaround in underwriting results and represented a “solid first step” in returning the market to profitability, according to analysts at Keefe, Bruyette & Woods (KBW), although more remains to be done. Lloyd’s return improved by 50% year-on-year in 2018, although the market still ... Read the full article

Lloyd’s performance review to maintain rigour in 2019: Jon Hancock

28th March 2019

The performance review process at Lloyd’s is to maintain the same rigour in 2019 in order to build on the progress achieved last year, although its focus will shift towards encouraging growth and best practice, rather than clamping down on underperformance. This is according to Performance Management Director Jon Hancock, who ... Read the full article

Lloyd’s CEO targets more efficient, successful marketplace

27th March 2019

John Neal, the Chief Executive Officer (CEO) of Lloyd's of London has outlined a number of potential ideas for building a more efficient and successful insurance and reinsurance marketplace. In an ever-changing and rapidly advancing world, underpinned by technological advances and increased interconnectedness, the Lloyd's market is striving for increased efficiency. The ... Read the full article

Cats drive £1 billion market loss at Lloyd’s for 2018

27th March 2019

The specialist Lloyd's of London insurance and reinsurance marketplace has announced an aggregated market loss of £1 billion for 2018, driven by a volatile investment environment and a costly year for natural catastrophe events. The £1 billion aggregated market loss compares with a loss of £2 billion a year earlier. A ... Read the full article

Lloyd’s outlines plan to address sexual harassment in the market

26th March 2019

Insurance and reinsurance marketplace Lloyd’s of London has outlined a new plan of action to address reports of sexual harassment in the market and create a “safe and inclusive” working environment. The new proposals are intended to increase reporting, impose strong sanctions on inappropriate behaviour, and promote better understanding and awareness ... Read the full article

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