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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.

Fitch removes Lloyd’s from Rating Watch Negative as underwriting improves

18th September 2020

Fitch Ratings has removed Lloyd's of London's, Lloyd's Insurance Company (China) Ltd.'s, and Lloyd's Insurance Company S.A.'s Insurer Financial Strength (IFS) Ratings from Rating Watch Negative (RWN). At the same time, Fitch has affirmed Lloyd's and its two operating subsidiaries' IFS Ratings at 'AA-' (very strong), while the outlook is stable. At ... Read the full article

Blenheim parent secures £80mn investment from Alchemy

17th September 2020

White Bear Capital, the parent company of Lloyd's syndicate Blenheim, is to receive an investment of £80 million from Alchemy Special Opportunities Fund IV, a closed private equity fund managed by Alchemy Partners. As part of the deal Alchemy will take a substantial stake in the group alongside the staff and existing investor ... Read the full article

Lloyd’s welcomes FCA test case judgement

16th September 2020

Lloyd’s has welcomed yesterday's FCA’s test case judgement, describing it as having bought coverage clarity for many policyholders with certain non-damage business interruption insurance extensions. The financial regulator brought the case forward in May to seek legal clarity on whether insurers were obligated to pay out on BI claims ... Read the full article

Lloyd’s hires Uwe Schoberth as US Market Development Director

14th September 2020

Insurance and reinsurance marketplace Lloyd’s of London has announced the appointment of Uwe Schoberth as US Market Development Director. In this newly created role, Schoberth will focus on expanding strategic relationships with retail, wholesale and reinsurance brokers in Lloyd’s largest market. Collaborating with business development teams in London and the US, he ... Read the full article

Lloyd’s sticks by $107bn COVID-19 industry loss estimate

11th September 2020

Lloyd's of London has confirmed that it is sticking to the estimated loss of $107bn as a result of the COVID-19 pandemic. In a recent webinar hosted by John Neal, CEO of Lloyd's of London, he was asked if he could confirm this amount to be an accurate estimate. Neal commented: “The ... Read the full article

Lloyd’s falls to H1 net loss; expects gross COVID-19 claims of $6.5bn

10th September 2020

The specialist Lloyd's of London insurance and reinsurance marketplace has reported a loss of £0.4 billion (USD 0.5bn) in the first half of 2020, as COVID-19 related claims, after reinsurance recoveries, reached £2.4 billion (USD 3.1bn). On a gross basis, Lloyd's says that it expects to pay out up to £5 ... Read the full article

COVID-19 reinforces Lloyd’s need to modernise: AM Best

3rd September 2020

The COVID-19 pandemic has reinforced the importance of modernising Lloyd's and helped soften some of the cultural resistance to change, according to analysts at AM Best. As part of its execution plans for the first phase of strategy, Lloyd’s confirmed earlier this year that it was aiming to take a ... Read the full article

Average combined ratio of the world’s top reinsurers declined in 2019

2nd September 2020

Analysis of the Top 50 Global Reinsurance Groups reveals that, year-on-year, combined ratios trended higher for some of the largest players in the market in 2019 as underwriting profitability dipped for the cohort. When ranked by unaffiliated gross written premiums (GWP) in 2019, the top ten remains relatively unchanged year-on-year, ... Read the full article

Beat to launch new underwriting vehicle following Bain Capital partnership

2nd September 2020

Beat Capital Partners, an insurance industry-focused long duration investor, is set to enter into a strategic partnership with leading global credit specialist Bain Capital. Due to be completed in late 2020, this long-term strategic partnership will see Bain Capital fund a dedicated underwriting vehicle for Beat. The vehicle will provide capital through Syndicate 4242 ... Read the full article

LIIBA CEO Croft welcomes reopening of the underwriting room at Lloyd’s

1st September 2020

Christopher Croft, CEO of broker body LIIBA, has welcomed today's reopening of the Lloyd's underwriting room, describing the tacit knowledge exchange that comes from being together as "crucial" to London's ability to trade risks the rest of the world can’t. Lloyd’s CEO John Neal announced recently that face coverings will ... Read the full article

Lloyd’s names Carey Bond as US Head of Claims

25th August 2020

The specialist Lloyd's of London insurance and reinsurance marketplace has announced the appointment of Carey Bond as US Head of Claims. This newly created role forms part of the Future at Lloyd's strategy, and sees Bond collaborate with London brokers and syndicates on both the design and delivery of claim solutions ... Read the full article

Marco launches as P&C run-off specialist with €500m capital

21st August 2020

Marco Capital Holdings Limited, a new Malta-headquartered European Property & Casualty run-off solutions provider, has launched with €500 million in committed initial equity capital. The group, whose majority investor is US alternative investment management firm Oaktree, will pursue run-off opportunities located in/emanating from the Continental Europe, the UK and Lloyd's of London. Marco's initial committed ... Read the full article

Lloyd’s unlikely to turn an underwriting profit in 2020: S&P

21st August 2020

With COIVD-19 having already caused sizeable losses and with the North Atlantic hurricane season still a factor, S&P Global Ratings considers it unlikely that Lloyd's of London will turn an underwriting profit in 2020. S&P notes how despite an overall profit in 2019, its first since 2016, Lloyd's underwriting remained unprofitable, ... Read the full article

Lloyd’s Lab focus on COVID-19 solutions a positive for the industry: GlobalData

21st August 2020

Lloyd’s Lab, an incubator for startups in the re/insurance sector at Lloyd’s of London, will be continuing and actively focusing on pandemic solutions. Last month it announced the latest cohort of InsurTech disruptors that will join the Lloyd’s Lab innovation accelerator programme. The new Lab teams will join Praedicat, Metabiota ... Read the full article

Expect further international growth at Whitespace after a promising year: Marcus Broome

20th August 2020

After an impressive 2020 for digital e-trading platform, Whitespace, underpinned by rapid uptake and full recognition by Lloyd’s of London, Reinsurance News spoke with Marcus Broome, Chief Platform Officer. Broome has been in the insurance industry since 1985, originally working for a Lloyd’s syndicate before founding a technology business called ROOM ... Read the full article

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