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.
Australian reinsurance, binder broker Wickshire gets Lloyd’s approval
15th August 2019
Sydney, Australia-based Reinsurance and Binder Broker, Wickshire Pty Ltd., has announced that it has been approved as a Lloyd's of London Broker. The approval means that Wickshire is the only Australian domiciled business to hold this status, and provides the firm's clients will direct access to the entire London Lloyd's marketplace. Wickshire, ... Read the full article
Further rate increases needed at Lloyd’s, say analysts
14th August 2019
Despite ongoing rate increases in traditional Lloyd's market classes there remains pressure to continue to improve the underwriting performance, suggesting rates will need to improve further, according to analysts at Peel Hunt. A reduction of market capacity and the impacts of the 'Decile 10' review at the specialist Lloyd's of London ... Read the full article
Tysers opens Bermuda affiliate, relocates Tomkins to lead
14th August 2019
Specialty Lloyd’s broker Tyser has announced the launch of its Bermuda-based affiliate and appointed its Managing Director of Reinsurance, Richard Tomkins, to lead the new operations. Tomkins has relocated from London to Bermuda and becomes Managing Director of Tysers Bermuda. He has over 30 years’ experience covering both mainstream and specialty areas ... Read the full article
PPL adoption up in Q2 2019, IUA usage rises
12th August 2019
Lloyd's of London Syndicates accepted 60.2% of in scope risks through electronic placement during the second-quarter of 2019, while the use of Placing Platform Limited (PPL) amongst the International Underwriting Association (IUA) companies increased to 51% in the period. This is according to the latest market-wide data for risks placed electronically ... Read the full article
Beazley appoints Roscoe to lead smart tracker syndicate
9th August 2019
Specialist insurer Beazley has appointed Will Roscoe to lead the company’s ‘smart tracker’ special purpose syndicate 5623 at Lloyd’s. Having joined the company in 2011 as an underwriter within open market property team, Roscoe will now oversee syndicate 5623's growth strategy whilst taking responsibility for underwriting the portfolio and working to ... Read the full article
Newline expands into Latin America through Lloyd’s in Mexico
30th July 2019
Specialty insurer Newline Group has joined the Lloyd's of London representative office in Mexico City, expanding its global footprint into the Latin America region. Newline has said that it will service clients in both Latin America and the Caribbean from Lloyd's in Mexico. The company's Latin American Division will commence the underwriting ... Read the full article
Lloyd’s will “wither on the vine” without modernisation: Hiscox Chairman
29th July 2019
The Lloyd's of London insurance and reinsurance marketplace will "wither on the vine" unless it is successful in its mission to modernise and become more efficient, Hiscox Chairman Robert Childs said today. With as much as 30 to 40 percent of risk transfer transaction costs going to cover expense related costs, ... Read the full article
Arcus 1856 adds RenRe’s Shepherd as Active Underwriter
12th July 2019
Arcus Syndicate 1856 at Lloyd’s has appointed Alex Shepherd as an Active Underwriter, effective immediately. Shepherd joins from RenaissanceRe Syndicate 1458, where he served as Head of Property. Before this he worked as a Deputy Property Underwriter at Canopius as well as at ACE Global Markets. Shepherd replaces David Booth, Director of Underwriting ... Read the full article
Lloyd’s initiatives receive “widespread backing” from market participants
11th July 2019
The majority of respondents to Lloyd’s of London’s six proposed transformational initiatives are confident the strategy will deliver, according to a statement released today. Lloyd’s had in May announced a new strategy focused on delivering higher quality risk protection for the market’s clients. The aims of this strategy, as spelled out ... Read the full article
Lloyd’s extols customer benefit of parametric insurance & smart contracts
11th July 2019
New reports by insurance and reinsurance marketplace Lloyd’s of London has endorsed parametric insurance and smart contracts as a way to help re/insurers offer customers better products and services. Lloyd’s acknowledged that parametric policies offer insurers more scope to design products for risks that could otherwise be uninsurable or underinsured. Parametric policies ... Read the full article
Lloyd’s eyes improved insurance contracts for customers
8th July 2019
Lloyd’s has announced the launch of Contract Confidence, a tool which leverages advanced search techniques to scan contracts and check for errors and discrepancies. For example, the tool is able to run checks against 1,400 open market rules and highlight where the contract has failed or may fail a check. It also ... Read the full article
Lloyd’s Lab insurtech ClauseMatch reveals findings of 10-week pilot
5th July 2019
Lloyd’s Lab, the innovation accelerator launched last year by the Lloyd’s market, has revealed the findings of insurtech ClauseMatch following the completion of its 10-week long pilot project. ClauseMatch, a software technology company that enables financial institutions to comply with internal corporate governance documentation, was required to use state-of-the-art technology to ... Read the full article
New Lloyd’s mandate to require clarity on silent cyber coverage
4th July 2019
Insurance and reinsurance marketplace Lloyd’s of London is to mandate that all policies clearly state whether they will provide affirmative coverage for cyber risks. From January 1, 2020, Lloyd’s underwriters will be required to clarify whether first-party property damage policies affirm or exclude cyber cover. For liability and treaty reinsurance, the requirements ... Read the full article
Barbican adds Markel’s Antony Hope as D&O Class Underwriter
4th July 2019
Barbican Insurance Group, which underwrites re/insurance predominantly through its Lloyd's platform, has announced the appointment of Antony Hope as Class Underwriter for Directors’ & Officers’ (D&O) liability insurance, with immediate effect. He will report to Gavin Stanley, the company’s Head of Financial Lines, and work alongside Sarah McGurk. Hope brings over 23 ... Read the full article
Lloyd’s set to tighten third party oversight rules in 2020
3rd July 2019
Insurance and reinsurance marketplace Lloyd’s of London has announced that it plans to make significant changes to its framework for third party oversight, which will come into effect from Q1 2020. The changes will be aligned with the new Future at Lloyd’s strategy, and will aim to modernise current arrangements, reduce ... Read the full article
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