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.
Barbican to increase Lloyd’s capacity in some lines, but withdraw from others
8th November 2018
Barbican Insurance Group's 2019 business plan for its Lloyd's of London syndicate Barbican 1955 has been approved, but the firm will deploy more capacity into some specialty lines, while withdrawing completely from other areas of business. Barbican said that Syndicate 1955 will focus on its core markets, with an increased focus ... Read the full article
Lloyd’s market has no choice but to reduce costs: AXIS CEO, Benchimol
30th October 2018
The specialist Lloyd's of London insurance and reinsurance marketplace has no choice but to reduce its costs, and the market is taking steps in the right direction to address current challenges, according to the President and Chief Executive Officer (CEO) of AXIS Capital Holdings, Albert Benchimol. "Let's be honest, I don't ... Read the full article
Securis says direct Lloyd’s market participation fails to meet returns
29th October 2018
London-based insurance and reinsurance linked investment manager, Securis Investment Partners, is exiting the specialist Lloyd's of London marketplace as its platforms no longer deliver returns that are required by its investor mandate. The firm has been active in the Lloyd's insurance and reinsurance market for some years now, as a provider ... Read the full article
Lloyd’s Brussels to write FAC and non-proportional XOL treaty reinsurance at 1/1
29th October 2018
The Lloyd's insurance and reinsurance market has announced that its Brussels base will be ready to underwrite facultative reinsurance and non-proportional excess of loss treaty reinsurance using Lloyd’s Brussels paper from 1st January 2019 across all markets in the EEA. At the same time the market said that if the UK ... Read the full article
AXA XL, MS Amlin, RFIB among firms testing new insurtech platform
26th October 2018
A consortium of insurance entities including AXA XL, Neon, MS Amlin, RFIB Group, and Antares has formed to test a new platform created by London-based software company Whitespace. Whitespace has built a fully-digital mobile and desktop platform to negotiate, quote and place insurance risks. Since April this consortium have engaged with the company ... Read the full article
London Market insurers’ profitability remains under pressure: Fitch
26th October 2018
Fitch Ratings expects London market insurers’ underwriting earnings to remain subdued in 2018 due to the difficult pricing environment, high expense ratios and limited impact from prior year reserve releases. According to Fitch, catastrophe losses in Q318 experienced by London market insurers are likely to remain within annual budgets allocated to ... Read the full article
AmTrust at Lloyd’s appoints Lucy Forcey to North American property cat team
26th October 2018
AmTrust at Lloyd’s (ATL), the Lloyd’s operation of multinational property and casualty insurer AmTrust Financial Services, has appointed Lucy Forcey Senior Underwriter, North American Property Catastrophe Treaty, a new line of business for ATL Syndicate 1861. Forcey began her career in 2006 as an Assistant Internal Auditor for Novae Group. She ... Read the full article
$160bn insurance gap in emerging nations is hardly closing, says Lloyd’s
22nd October 2018
The average insurance penetration rate in developed nations is twice as high as the average in emerging or lower income countries, accounting for $160 billion of the $163 billion global insurance protection gap. According to new research from Lloyd’s many of the countries with the lowest levels of insurance are among ... Read the full article
Charles Taylor Managing Agency puts Syndicate 1884 into run-off
19th October 2018
Charles Taylor Managing Agency has announced that it has placed Syndicate 1884 into run-off, following the decision of the syndicate’s capital provider to withdraw from the Lloyd’s market for the 2019 underwriting year. The company said that it believes there will be increased demand for live and run-off syndicate management capabilities ... Read the full article
Satellite imagery hastening Florence and Michael claims payments
16th October 2018
Aided by the London Market Association's satellite imagery and intelligence service, Lloyd’s managing agents have started the process of assessing and paying claims to policyholders affected by hurricanes Florence and Michael. The service, which was introduced last year and is now used by all Lloyd’s managing agents, utilises detailed satellite imagery ... Read the full article
Lloyd’s welcomes new CEO John Neal
15th October 2018
John Neal has today been welcomed by Lloyd’s as its new Chief Executive Officer; he replaces Inga Beale who has led the specialist re/insurance marketplace for the past five years. Neal, whose appointment was approved unanimously by a meeting of the Council of Lloyd’s, most recently served as Group CEO of ... Read the full article
Troubled London marine energy market remains in flux: Lloyd & Partners
15th October 2018
The marine energy re/insurance market in London, and Lloyd’s in particular, remains in a ‘state of flux’ at 3Q 2018 as the class struggles to break even, according to a report from Lloyd & Partners. The report noted that the recent ‘Performance Management Directorate’ at Lloyd’s has forced re/insurers to contend ... Read the full article
Chairman of LIIBA welcomes Lloyd’s post-brexit claims commitment
12th October 2018
The Chairman of the London and International Insurance Brokers' Association, Roy White, has welcomed Lloyd’s announcement that the market will honour valid claims in the event the UK leaves the European Union with no transition or implementation period. White stated that LIIBA welcomes the publication of the Lloyd’s statement of ... Read the full article
Ascot Underwriting CEO Brooks announced as next Chairman of the LMA
11th October 2018
The Lloyd's Market Association (LMA) has announced that the Chief Executive Officer (CEO) of Ascot Underwriting Ltd., Andrew Brooks, has been named as the next Chairman of the LMA, effective January 1st, 2019. Brooks has been a member of the LMA Board since 2012, and succeeds Neil Maidment, who is to ... Read the full article
Lloyd’s commits to pay all valid claims in no-deal brexit scenario
10th October 2018
Lloyd’s has announced that it is working towards the transfer of all European Economic Area business to Lloyd’s Brussels before the end of 2020 via a Part VII transfer. In the event that the UK leaves the European Union before then with no transition or implementation period, Lloyd’s underwriters will continue ... Read the full article