Reinsurance News

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 Academy expands with launch of international programmes

31st January 2018

The LMA Academy plans to expand internationally with a range of technical programmes and courses to be launched in Singapore, Toronto and Vancouver. Programmes will be launched in Singapore in March (in conjunction with Lloyd’s); Toronto and Vancouver in May, and Chicago in July, offering delegates technical training and knowledge and the ... Read the full article

Axon Underwriting Services gets Lloyd’s cover-holder approval

29th January 2018

Environmental and Specialty Lines Program Administrator Axon Underwriting Services has been approved as a Lloyd's cover-holder. Axon Underwriting said it will use its Lloyd's status to develop innovative insurance products and market responsive solutions, initially focusing on stock throughput. "We are extremely honored with Lloyd's confidence in Axon. Coverholder status expands our ... Read the full article

Lloyd’s Syndicate Probitas 1492 launches in Mexico

29th January 2018

Probitas 1492 has become the first Lloyd's Syndicate to open in Mexico, joining the Representative Office of Lloyd’s in Mexico. The regional office will serve the wider Latin American region, and will initially focus on providing facultative reinsurance for casualty and property business. The strategy will be led by Gabriel Anguiano, who will ... Read the full article

Lloyd’s Inga Beale cites concern over Brexit uncertainties at the WEF

29th January 2018

As Brexit negotiations enter a second phase to focus on a trade deal once the U.K. leaves the European Union, Lloyd's Chief Executive Officer Inga Beale reiterated concerns over the impact on business of remaining Brexit uncertainties at the World Economic Forum (WEF) in Davos. She told the CNBC; "the government ... Read the full article

Re/insurance industry has important role to play in rebuilding trust: Beale, Lloyd’s

24th January 2018

Speaking in advance of a trip to attend the World Economic Forum's Annual Meeting in Davos, Switzerland this week, Inga Beale, the CEO of Lloyd's of London, stressed the important role insurance and reinsurance can play. Beale said that the actions of global politicians and business leaders was the best way ... Read the full article

Cloud service provider failure could cost $15bn, says Lloyd’s

23rd January 2018

A new report from the Lloyd's of London insurance and reinsurance market in collaboration with catastrophe risk modeller, AIR Worldwide, reveals that businesses in the U.S. could lose as much as $15 billion were a leading cloud service provider to experience a downtime of at least three days. The new report, ... Read the full article

Lloyd’s insurers positive on January renewal outcome: RBC Capital Markets

23rd January 2018

Lloyd's insurers' outlook for the remainder of the year is positive as January renewals make for a promising start after a number of years of falling prices, said RBC Capital Markets analysts after meetings with Beazley and Lancashire. Direct and facultative property business saw the greatest price increases although catastrophe insurance prices have ... Read the full article

Cyber-attack more of a threat to re/insurance industry than nat cats, warns Inga Beale

19th January 2018

The re/insurance industry's biggest threat is no longer natural disasters but successful cyber-attackers, and companies across all sectors must do more to defend themselves against the growing cyber threat, warns Lloyd's of London Chief Executive Officer (CEO), Inga Beale. Speaking at the Asian Financial Forum, Beale highlighted the potentially huge costs ... Read the full article

LMA’s Worldwide Property Panel appoints Markel’s Dean Pitts as Chairman

18th January 2018

The Lloyd's Market Association's (LMA) Worldwide Property Panel has named Dean Pitts, Managing Director - Property Open Market at Markel, as its new Chairman, replacing the outgoing Nick Jones of Apollo. The Worldwide Property Panel leads on numerous issues impacting Lloyd's of London managing agents and syndicates, on behalf of the ... Read the full article

Multi-line reinsurance rate hardening at 1/1 for Lloyd’s market: Peel Hunt

17th January 2018

The Lloyd's property catastrophe reinsurance market has turned a corner with single-digit rate increases at 1/1 renewals and with further rate hardening expected at mid-year renewals, said Peel Hunt analysts, reflecting views from both the underwriter and broker community after a tour of Lloyd's. Rates increased by about 5% across loss-free ... Read the full article

Inga Beale confirms January 2019 as launch date for Lloyd’s Brussels subsidiary

16th January 2018

Lloyd's of London Chief Executive Officer (CEO) Inga Beale confirmed that the marketplace is set to begin operations in Brussels next January. Lloyd's announced in March 2017 that it had selected Brussels, Belgium, as its European Union home with the aim being to be ready to underwrite business there for the 1st ... Read the full article

Lloyd’s Market Association names leadership of Claims Committee

12th January 2018

The Lloyd's Market Association (LMA) has appointed Tony Rai as Chair and Hannah Purves as Deputy Chair of the LMA Claims Committee (LMACC), each will serve two year terms with effect from 31 January 2018. Rai, the current Head of London Market Claims for Hiscox is set to replace outgoing chair, Anthony Hobkinson; Purves ... Read the full article

AXIS Managing Agency takes oversight of Novae syndicate and SPS

9th January 2018

AXIS Managing Agency Ltd., the managing agent arm of international insurance and reinsurance firm AXIS Capital that oversees the group's Lloyd's of London operations, has now taken over management and oversight of the Novae operations at Lloyd's. AXIS Capital acquired Novae Group in 2017, inheriting new Lloyd's operations to add ... Read the full article

MIS Satellite Imagery enhances Lloyd’s post-hurricane response

3rd January 2018

After choosing to adopt the McKenzie Intelligence Services (MIS) satellite imagery earlier this year, the Lloyd's London Market deployed the service for the first time to support claims handling in the aftermath of hurricanes Harvey, Irma and Maria. The MIS satellite imagery service provides Lloyd’s underwriters and claims professionals with satellite ... Read the full article

Marine and transport re/insurance to be transformed by blockchain and IoT: LMA

2nd January 2018

In coming years the marine and transport re/insurance sector stands to be rapidly transformed by blockchain and IoT technology, both in terms of the risks they underwrite and how they do so, creating new opportunities for re/insurers. "IoT could also give insurers access to new data, such as station-keeping data for ... Read the full article