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 Chairman Carnegie-Brown highlights shift towards risk-based oversight
22nd March 2018
In an annual investor call last year, Lloyd's Chief Executive Officer (CEO), Inga Beale, reiterated Lloyd's efforts towards making market oversight increasingly risk based as well as a new approach adopted by account managers in which portfolio assessment identifies worse performing portfolios and syndicates. Now in a recent letter to the ... Read the full article
Lloyd’s market falls to £2bn pre-tax loss on catastrophes
21st March 2018
The Lloyd's of London insurance and reinsurance market fell to a £2 billion pre-tax aggregated loss across the market in 2017, due to the impact of the major catastrophe loss events. This compares to a pre-tax profit of £2.1 billion achieved in the more benign catastrophe year of 2016. The hurricanes and ... Read the full article
Lloyd’s introduces electronic placement mandate for syndicates
20th March 2018
The Lloyd’s of London marketplace has announced that it is to issue a mandate for electronic placement, which will require syndicates to progressively write more of their risks electronically. After Q2 2018, all Lloyd’s syndicates will be required to write at least 10% of their risks electronically, rising to 20% in ... Read the full article
Lloyd’s names Dawnmarie Black as U.S. Northeast Regional Director
20th March 2018
The specialist Lloyd’s of London insurance and reinsurance marketplace has named Dawnmarie Black, who joins from London broker BMS Group, as U.S. Northeast Regional Director. Based in the Boston area, Black will assume responsibility for market development activities in a 12 state region stretching from Maryland to Maine, and Washington D.C. Lloyd’s ... Read the full article
Cyber re/insurance market “frustratingly immature”: Inga Beale, Lloyd’s
27th February 2018
Lloyd's Chief Executive Officer (CEO) Inga Beale, told delegates at the Organisation for Economic Cooperation and Development (OECD) conference in Paris recently that the cyber insurance and reinsurance market remains "frustratingly immature" and highlighted partnerships as the best way to tackle the risk. “In 2016, the stand-alone cyber market reached an estimated ... Read the full article
London Market Group names claims transformation as key 2018 TOM priority
26th February 2018
The London Market Group has revealed plans to make claims transformation a top priority for its Target Operating Model (TOM) in 2018 while continuing to focus on Brexit, electronic placing, and further development of the LMA Academy in Lloyd’s overseas hubs. Shirine Khoury Haq, Chief Operating Officer of Lloyd's and sponsor of ... Read the full article
MarketScout launches MGA to target health & social services industry
22nd February 2018
National electronic insurance exchange and MGA incubator MarketScout, has announced the launch of a new MGA set to write on behalf of Lloyd’s of London syndicates with a focus on the health care and social services industry. Michele Vincent, the lead underwriter for the MarketScout facility, said; “We have thoroughly researched ... Read the full article
Establishing a Lloyd’s Syndicate one strategy Greenlight Re is considering
22nd February 2018
Hedge fund backed reinsurer Greenlight Capital Re, Ltd. (Greenlight Re) is looking into the establishment of a Lloyd's of London Syndicate as it expands its business strategy and enters the specialty market. Speaking during the company's fourth-quarter 2017 earnings call, Chief Executive Officer (CEO), Simon Burton discussed continued portfolio repositioning at ... Read the full article
Lloyd’s market oversight shifts towards a principles based approach
19th February 2018
Lloyd's of London's Performance Management Director, Jon Hancock, highlighted the increasing shift towards a principles based approach in the management of Lloyd's market oversight in a recent speech to the Insurance Institute of London. "I believe in a principles based approach, where individuals are left to run their businesses as they ... Read the full article
Latin American protectionism could threaten re/insurance growth prospects: Carnegie-Brown
16th February 2018
Despite Latin American market conditions of low insurance penetration and strong economic growth being favourable for an upsurge of re/insurance demand, the region's protectionist stance could put a damper on efficient risk transfer and consequently hinder socio-economic development, Lloyd's chairman Carnegie-Brown warned at a recent Lloyd’s Meet the Market event in Miami. Carnegie-Brown ... Read the full article
Tokio Marine Kiln forecasts losses, places Life Syndicate into run-off
15th February 2018
Tokio Marine Kiln has now announced the final results for its three non-aligned Lloyd's of London Syndicates for the 2015 year of account, as well as updated forecasts for 2016 and initial forecasts for 2017, in light of high catastrophe losses in the second-half of last year. Tokio Marine Kiln Syndicates ... Read the full article
Lloyd’s to launch technology Innovation Lab
15th February 2018
Lloyd's of London has announced that it will be launching an Innovation Lab later this year, as the market looks to develop advanced technology solutions to meet its rapidly changing needs. The Innovation Lab will allow Lloyd's to test new concepts, design advanced technology solutions to solve market issues and give ... Read the full article
Lloyd’s proposes to mandate use of electronic placement
5th February 2018
The specialist Lloyd's of London insurance and reinsurance marketplace has announced that it plans to proceed with electronic placements to increase efficiency in the market. "The London Market has made great strides towards modernisation. We have invested time and money in the London Market Target Operating Model (TOM) programme and delivered ... Read the full article
Single Claims Agreement Party Model is launched in London market
1st February 2018
The London market Single Claims Agreement Party Model, a new claims management model that aims to simplify and streamline claims handling, has been launched live into the London market today. The model is expected to drive significant efficiencies across the market, enabling quick and efficient authorisation of claims by allowing policy leaders to agree ... Read the full article
LMA Academy expands with launch of international programmes
31st January 2018
The LMA Academy plans to expand internationally with a range of technical programmes and courses to be launched in Singapore, Toronto and Vancouver. Programmes will be launched in Singapore in March (in conjunction with Lloyd’s); Toronto and Vancouver in May, and Chicago in July, offering delegates technical training and knowledge and the ... Read the full article