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.

Lloyd’s volumes up, but profits continue to shrink in first-half 2017

28th September 2017

The Lloyd's of London insurance and reinsurance market reported first-half 2017 profit of £1.22 billion ($1.58 billion) this morning, a decline on the prior year period. However the market also reported higher volumes of business, as new product lines start to help it to grow. Profits at Lloyd's are down almost ... Read the full article

Coverys gets Lloyd’s approval to set up syndicate

27th September 2017

Medical professional liability insurer, Coverys, has received 'in principle' approval from the Lloyd's Franchise Board to establish Coverys Syndicate 1975. The new syndicate will be managed by Lloyd's managing agency R&Q Managing Agency Ltd (RQMA), and will function with Coverys as its sole capital provider. Gregg Hanson, Chief Executive Officer and president ... Read the full article

Dr. Mitchell-Wallace to leave SCOR for Lloyd’s Head of Risk Aggregation role

26th September 2017

The specialist Lloyd's of London insurance and reinsurance marketplace has named Dr. Kirsten Mitchell-Wallace as its new Head of Risk Aggregation, reporting to Jon Hancock, Director of Performance Management. Dr. Mitchell-Wallace will join Lloyd's from global insurer and reinsurer SCOR, where she is currently EMEA Regional Head for Catastrophe Management, based ... Read the full article

Protectionism threatens reinsurers’ need for diversification: Inga Beale, Lloyd’s CEO

25th September 2017

Inga Beale, the Chief Executive Officer (CEO) of the specialist Lloyd's of London insurance and reinsurance marketplace, recently spoke with Reinsurance News about growing protectionist measures around the world, and how this might impact the reinsurance industry. Reinsurance News met with Beale at the 2017 meeting of the reinsurance industry in ... Read the full article

Asta granted ‘in principal’ approval to establish Agora syndicate 3628 at Lloyd’s

22nd September 2017

Lloyd's of London third-party managing agent, Asta, has received approval 'in principal' from the Lloyd's Franchise Board to launch and manage Agora syndicate 3628. Asta, alongside Skuld, announced the establishment of Special Purpose Arrangement (SPA) 6126 in 2015 and, following two years of operations the Lloyd's Franchise Board has now given ... Read the full article

Pioneer Underwriters syndicate 1980 at Lloyd’s approved in principle

21st September 2017

Pioneer Underwriters, which operates as a risk carrier and managing agent currently with the backing of Liberty Syndicate 4472, said today that it has received approval “in principle” to establish its own Lloyd's of London syndicate. Working alongside Asta, the third-party managing agent at Lloyd’s, Pioneer is moving forwards to operate ... Read the full article

Lloyd’s syndicates commended on early Harvey & Irma claims payments

21st September 2017

The Lloyd's Market Association (LMA) has commended syndicates in the Lloyd's of London insurance and reinsurance market for promptly paying claims from hurricanes Harvey and Irma. LMA chief executive David Gittings commented; “The first response of the Lloyd’s community has been, within days of Irma passing, to pay claims. These are ... Read the full article

Re/insurance market must rise to the cargo challenge: Inga Beale, Lloyd’s CEO

15th September 2017

Inga Beale, the Chief Executive Officer (CEO) of the specialist Lloyd's of London insurance and reinsurance marketplace, has called for the re/insurance industry to step up to the challenges facing the cargo insurance industry, or risk losing out to new competitors. Research from Lloyd's underlines the decreasing profitability of the cargo ... Read the full article

The Lloyd’s capital base can be relied upon post-event: Inga Beale, CEO

12th September 2017

We spoke with Inga Beale, Chief Executive of Lloyd's of London at the Monte-Carlo Reinsurance Rendezvous this week, to discuss the current events affecting the market as well as her views on a number of key market issues. We began by asking what the Lloyd's CEO thinks about the impacts of ... Read the full article

Lloyd’s faces a mix of profitability headwinds, warns Moody’s

5th September 2017

Competition and emerging re/insurance hubs combined with declining reserves and profitability headwinds suggests that the Lloyd's of London insurance and reinsurance marketplace is to come under increasing pressure in the months and years ahead, according to Moody's Investors Service. In a new report, Moody's has said that it expects premium growth ... Read the full article

Peel Hunt warns of modest hurricane losses as Harvey approaches Texas

24th August 2017

As Tropical storm Harvey continues to track towards the state of Texas, analysts at Peel Hunt have warned that despite the benign catastrophe experience witnessed in 2017, so far, a series of modest hurricane losses could push some Lloyd's players to a loss as the soft market persists. According to the National ... Read the full article

Inga Beale to become the next Chartered Insurance Institute President

3rd August 2017

Lloyd's Chief Executive Officer (CEO), Dame Inga Beale, was elected to 121st president of the Chartered Insurance Institute (CII) at the insurance body's Annual General Meeting held in London yesterday. She is set to succeed John Moore MBE, Chartered Insurance Broker and Chairman at Thomas Carroll Group. Beale said she has chosen New Talent ... Read the full article

Lloyd’s of London sued over Kanye West tour

2nd August 2017

U.S. rapper Kanye West's touring company, Very Good Touring, Inc., is reportedly suing the specialist Lloyd's of London insurance and reinsurance marketplace for $10 million (roughly £7.6 million) over his cancelled tour last November after he was admitted to hospital, according to numerous industry reports. Reports claim the touring company is suing ... Read the full article

Dale receives Lloyd’s approval to set up a Special Purpose Arrangement

31st July 2017

Dale Underwriting Partners, managed by Asta, has received Lloyd's Franchise Board approval to set up a special purpose arrangement (SPA) to support the firm's contingency and specialty property business portfolio. Tom Phillipson will be joining Dale from Swiss Re in September to lead the SPA which is set to begin underwriting business ... Read the full article

Will brokers role in value chain be disrupted by digital? Inga Beale

27th July 2017

As market middle men the role of brokers has come under fire with re/insurers moving further on down the value chain to access risk directly as their revenue and profitability is squeezed by the softening reinsurance market environment, and with the digital revolution disrupting all industry players, the brokers role in ... Read the full article