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.

Collaboration between re/insurers & cyber modellers a “positive step” says A.M. Best

26th July 2017

In light of a recent cyber risk report produced by the Lloyd's of London marketplace and cyber risk analytics firm, Cyence, rating agency A.M. Best has welcomed the collaborative effort to improving the understanding and management of cyber risk, describing the report as "a positive step forward." The report, Counting the ... Read the full article

Lloyd’s competitive position challenged: A.M. Best

26th July 2017

Rating agency A.M. Best says that the "increasingly difficult operating environment" poses a challenge to the Lloyd's of London insurance and reinsurance market's competitive position. Despite benefiting from its structure, scale and access to business, the Lloyd's business model faces pressures like every other insurance and reinsurance entity today. A.M. Best warns ... Read the full article

Evolving business models and risks are “massive opportunity”: Inga Beale

24th July 2017

Lloyd's CEO Inga Beale said in an interview with Pia Tischhauser, a BCG senior partner and the firm’s insurance segment global leader, that as the new digital economy causes businesses in all sectors to re-examine and change business models, an evolving set of risks is emerging that constitute the next ... Read the full article

Lloyd’s introduces new measures for faster post-Market Turning Event response

21st July 2017

Lloyd's has revealed new measures to facilitate faster response in case of a market turning-event (MTE) as it aims to improve market support with "smarter, stronger" oversight. Lloyd’s said it would focus on shortening the review and agreement process of business and capital plans, allowing syndicates to respond more effectively to ... Read the full article

Hannover Re completes acquisition of Lloyd’s focused Argenta Holdings

21st July 2017

German reinsurance firm Hannover Re has announced the completion of its acquisition of Lloyd's of London focused player Argenta Holdings Limited, which gives the reinsurer a ready-made syndicate and Lloyd's private capital manager. The acquisition, which was completed yesterday and is effective today, sees Hannover Re gain a Lloyd's syndicate manager ... Read the full article

SART Specialty gains Lloyd’s Coverholder status in expansion push

18th July 2017

SART Specialty Limited (SART Specialty), which is part of one of Hong Kong's largest Managing General Agents (MGA), SART Group, has received all necessary approval to become a Lloyd's of London Coverholder, supporting its expansion plans. SART Specialty will underwrite specialist marine business lines, including marine hull, marine cargo, ports and terminals liabilities, ... Read the full article

Cyber losses could be far higher than expected, suggests Lloyd’s

17th July 2017

Lloyd's and Cyence have produced a report that highlights potential economic losses of up to $121 billion from cyber attacks with less than a fifth being covered by re/insurance, revealing a cyber protection gap in the tens of billions of dollars. The report looks at both a cloud service provider hack and a ... Read the full article

AXIS Capital gains approval to establish Lloyd’s Managing Agency

14th July 2017

Bermudian Insurer and reinsurer AXIS Capital Holdings Limited and its operating subsidiaries, have received all the necessary approval from Lloyd's of London, the Prudential Regulation Authority (PRA) unit of the Bank of England and the Financial Conduct Authority (FCA), to establish its own Lloyd's managing agent. Effective August 4th, 2017, AXIS Managing ... Read the full article

Ensurance UK receives Lloyd’s Coverholder status, partners with Swiss Re & XL Catlin

10th July 2017

Australia's Ensurance Ltd has announced that its wholly owned Managing General Agency (MGA) subsidiary, Ensurance UK Ltd, has partnered with Swiss Re Corporate Solutions and XL Catlin, and also received Lloyd's Coverholder status as it continues its plans for international growth. Ensurance UK Ltd will initially specialise in construction and engineering ... Read the full article

Lloyd’s undergoes large-scale structural changes

10th July 2017

Jon Hancock, Lloyd's Director of Performance Management, spoke at the recent ALM Annual Conference on plans for 2017 structural changes which aim to drive growth, incorporate latest technologies, reduce currently "unsustainable" distribution and admin costs and adapt to meet emerging market risks. Lloyd's is working to introduce a series of performance ... Read the full article

LMA Claims Committee backs satellite imagery & intelligence service for Lloyd’s

6th July 2017

The Lloyd's Market Association's Claims Committee (LMACC) will support and fund a satellite imagery and intelligence scheme for Lloyd's of London managing agents. The new service will be open to all Lloyd's managing agents, and is designed to improve claims processes and exposure management, both pre and post a natural disaster, ... Read the full article

Lloyd’s new chairman Carnegie-Brown; embrace change or become obsolete

4th July 2017

Speaking at the MMC Young Professionals Forum in his first speech as Lloyd’s new chairman, Bruce Carnegie-Brown said the re/insurance industry needed to ramp its efforts to change and innovate or risk falling prey to disruption by external players. He drew on challenges of industry disruption from his previous role as ... Read the full article

Robert Childs named Deputy Chairman of Lloyd’s

3rd July 2017

Robert Childs, a Non-Executive Chairman of insurance and reinsurance firm Hiscox, has been appointed to the position of Deputy Chairman of Lloyd’s of London, taking up the position immediately. Childs takes over from Paul Jardine, who retired from the Deputy Chairman role earlier this year following nine years of service. Childs ... Read the full article

Fitch turns Negative on Lloyd’s as underwriting deteriorates

29th June 2017

In response to the continued deterioration in underwriting performance and increasing catastrophe risk exposure, Fitch Ratings (Fitch) has revised the Lloyd's of London's and Lloyd's Insurance Company (China) Ltd's outlook to Negative from Stable. At the same time international financial services rating agency, Fitch, has also affirmed the Insurer Financial Strength (IFS) Ratings at ... Read the full article

Lloyd’s seeks 10% headcount reduction in efficiency drive: Beale

26th June 2017

The Corporation of Lloyd's, the body that oversees and supports the Lloyd’s market to ensure efficient operation, will find its headcount reduced by around 10% in the upcoming organisational restructure, Chief Executive Inga Beale said today. In a half-yearly letter to employees and the Lloyd's of London insurance and reinsurance market, ... Read the full article