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 underwriters to terminate NRA insurance programmes
9th May 2018
The specialist Lloyd's of London insurance and reinsurance marketplace has announced that after careful consideration it has directed underwriters in the market to terminate any existing insurance programmes with the National Rifle Association of America (NRA). Lloyd's Corporation has told underwriters across the marketplace to terminate all insurance offered, marketed, endorsed, ... Read the full article
John Parry to depart Lloyd’s in 2019
1st May 2018
Lloyd's of London has announced today that the re/insurance market's Chief Financial Officer John Parry is set to leave the Corporation, after 17 years. Parry became Chief Financial Officer of Lloyd's in December 2014 and sits on both the Lloyd’s Board and Executive Committee. As CFO, he has been responsible for financial ... Read the full article
Lloyd’s to launch online platform for coverholder matching
26th April 2018
The specialist Lloyd's of London insurance and reinsurance marketplace is to launch a new online portal designed to match new binder, or coverholder business with Lloyd’s underwriters in a fast and simple manner. A pilot of the new digital coverholder matching portal will be launched in July 2018 in the UK, Australia ... Read the full article
Lloyd’s commences hiring process for post-Brexit Brussels subsidiary
24th April 2018
Lloyd’s has announced that it has started the process of hiring staff for its new Brussels subsidiary, in preparation for a January 2019 launch date, according to Lloyd's Chief Executive Officer (CEO) Inga Beale. Current vacancies include a number of roles across finance, operations, compliance, HR, and underwriting, all of ... Read the full article
Lloyd’s CEO Beale and DFID back InsurTech solutions for developing countries
20th April 2018
Penny Mordaunt, Secretary of State for the Department for International Development (DFID), has joined Dame Inga Beale, Chief Executive Officer (CEO) of Lloyd's of London, at a Lloyd's event to discuss how science, innovation, and the City of London can help developing countries recover from natural disasters. Beale and Mordaunt showcased ... Read the full article
London market must embrace tech to stay competitive, says Jon Hancock, Lloyd’s
17th April 2018
Jon Hancock, Performance Management Director at Lloyd’s of London, has asserted that re/insurers in the London market must do more to embrace innovative technology, and has outlined several key areas in which Lloyd’s is supporting tech integration. Speaking in an interview with Willis Towers Watson in the company's Energy Market Review, ... Read the full article
Underwriting pressure drives negative 2018 outlook for London market: Fitch
6th April 2018
Fitch Ratings has reported a negative sector outlook for London market re/insurance in 2018, citing underwriting pressure from the high cost of business as a driving factor. High acquisition and administration costs have affected underwriting performance, and although expense ratios remain high at 40%, the trend is now broadly flat year-on-year ... Read the full article
Lloyd’s expands North African presence with Casablanca office
5th April 2018
Lloyd’s has established a new office in Morocco’s Casablanca Finance City (CFC), a North African economic and financial hub. The office will allow Lloyd’s to better provide tailored risk solutions to the North African market, and was officially inaugurated on 3 April 2018, with Salah El-Kadiri as its General Representative. Speaking at ... Read the full article
Lloyd’s Chairman outlines disruptive technology challenges for re/insurers
3rd April 2018
In a recent interview with CNBC, Lloyd’s of London Chairman Bruce Carnegie-Brown has outlined how he believes disruptive technologies will impact the re/insurance market, and which sectors are likely to be susceptible to technological innovation. He explained that the sectors most likely to be affected were those “very highly commoditised ... Read the full article
Hannover Re capitalises new Argenta SPA 6134 at Lloyd’s
3rd April 2018
German reinsurance firm Hannover Re is capitalising a newly established Special Purpose Arrangement at Lloyd's to enhance the capacity available to Argenta Syndicate 2121. Argenta Holdings Ltd., now a subsidiary of Hannover Re since the reinsurer bought the Lloyd's managing agency and private capital specialist, owns the vehicle, and its ... Read the full article
AEGIS London outperforms Lloyd’s 2017 market result by 15%
29th March 2018
Specialist insurer and reinsurer AEGIS London has reported a combined ratio of 99% for its Lloyd's Syndicate 1225 over 2017, which is 15% better than the overall results for the Lloyd’s of London market. AEGIS also saw gross written premiums (GWP) of £462 million for the year, a 23% increase from ... Read the full article
Lloyd’s Managing Agents survey finds worrying trends: Mazars
28th March 2018
In its annual Lloyd’s Coverholder Management Survey, global accounting and advisory firm Mazars has reported that Lloyd’s Managing Agents have increasingly widespread concerns about resources, conduct risk, and tech reliability, despite confidence in the new Lloyd’s Market Coverholder Audit Scope (LMCAS). Mazars’ report found that 55% of Lloyd’s Managing Agents are ... Read the full article
Lloyd’s challenge for 2018: the pace of market wide adoption of tech upgrades
27th March 2018
In recognition of the challenges facing Lloyd's with an expense ratio that's been materially higher than that of its competitors, the market has taken seriously the need to adapt to remain relevant and has introduced a dual strategy of cost-cutting and investing in its technological future; the challenge for 2018 ... Read the full article
Lloyd’s Inga Beale warns of climate change impact on re/insurers
26th March 2018
Lloyd's Chief Executive Officer Inga Beale has added her voice to industry experts who warn of climate change having altered the risk landscape after Lloyd's paid out £4.5 billion last year for large claims net of reinsurance. Beale said the re/insurance industry is seeing the impact of climate change, and ... Read the full article
Hiscox CEO named Chair of London Market Group’s PPL
22nd March 2018
The Board of the London Market Group's Placing Platform Limited (PPL) has announced that Hiscox Chief Executive Officer (CEO), Bronek Masojada, has been appointed Chair, replacing outgoing Chair David Ledger. Commenting on his new appointment, Masojada said: "I look forward to becoming PPL Chair. David and all those involved in PPL have ... Read the full article