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 new Brussels subsidiary doesn’t secure full EU access post-Brexit
21st September 2018
The specialist Lloyd's of London insurance and reinsurance marketplace could lose access to both the Polish and German market for treaty reinsurance from 1/1 2019, regardless of its new Brussels subsidiary. Lloyd's Chief Executive Officer (CEO), Inga Beale, explained during the company's H1 2018 earnings call this morning that regarding ... Read the full article
Lloyd’s performance improves & premiums grow, but investments dent results
21st September 2018
Lloyd’s of London’s interim report has revealed an uptick in gross written premiums, pre-tax profits of £0.6 billion and improved performance, while investment returns have declined considerably to £0.2 billion against £1.0 billion in June 2017. Gross written premiums increased 2.4% to £19.3 billion H1 2018, compared to £18.9 billion in ... Read the full article
Lloyd’s Lab innovation accelerator opens after global search
4th September 2018
The specialist Lloyd's of London insurance and reinsurance marketplace has announced the opening of its new innovation accelerator, Lloyd's Lab, after a global search for talent that attracted over 200 applicants from 36 countries. The event, which was attended by the Economic Secretary to the Treasury, John Glen MP, and the outgoing ... Read the full article
Lloyd’s COO Vincent Vandendael to leave for Everest Insurance
31st August 2018
Lloyd’s of London has announced that its Chief Commercial Officer (COO) of nearly six years, Vincent Vandendael, is to leave the company. Vandendael is to join Everest Insurance as Chief Executive Officer (CEO) of International Insurance in early 2019. His departure date has yet to be confirmed. Since joining Lloyd’s as ... Read the full article
Lloyd’s reviewing under-performing members of marine unit, reports WSJ
28th August 2018
Lloyd’s of London is in the process of reviewing underperforming members of its marine unit, with brokers telling the Wall Street Journal that hull premiums may need to double to make them sustainable. The review follows a £2 billion loss across the market in 2017 compared to a pre-tax profit of ... Read the full article
Beat Capital to merge with Paraline UK
23rd August 2018
It's been announced that Beat Capital Partners and Paraline UK are to merge in order to enhance and further build Beat's platform in an effort to support independent underwriting businesses. Following the merger, Beat, a Bermuda domiciled insurance holding company, will join Neon Holdings Ltd. as a strategic investment partner of ... Read the full article
London to remain global re/insurance hub post-Brexit, but stronger headwinds exist: A.M. Best
20th August 2018
Despite a lack of clarity surrounding the UK's Brexit vote and what implications this might have for UK insurers and reinsurers, A.M. Best expects London to remain one of the world's leading European insurance hubs, but does warn of headwinds that continue to pressure the region's re/insurance industry. UK insurers ... Read the full article
Lloyd’s syndicates hit by further loss creep
17th August 2018
Data from the specialist Lloyd's of London insurance and reinsurance marketplace, reveals that the most recent syndicate projections for the 2017 year of account (YoA) includes further loss deterioration in Q2, at the mid-point. According to the data, which details Lloyd's syndicates' capacity for the 2017 YoA and both the best ... Read the full article
Aspen ceases underwriting certain lines at Lloyd’s, cost a factor
13th August 2018
Aspen Insurance Holdings is to stop underwriting international professional indemnity (PI), marine hull, and aviation insurance at Lloyd's of London, with the cost of doing business at the specialist insurance and reinsurance marketplace being a factor. Speaking during the insurer and reinsurer's second-quarter 2018 earnings call, Chief Executive Officer (CEO), Chris ... Read the full article
Nephila Capital approved to establish Lloyd’s managing agency
7th August 2018
Nephila Capital, the world’s largest insurance-linked securities (ILS) investment manager, has announced that it has received approval from the Lloyd’s Board (previously called the Franchise Board) to form its own managing agency. Nephila’s Syndicate 2357, which is backed by funds managed by Nephila, has been managed by Asta, a third party ... Read the full article
Coverys bolsters platform with two senior appointments
2nd August 2018
Coverys Managing Agency, the Lloyd’s managing agent of Syndicates 1975, 1991, 3330 and 1110, has announced the appointments of Robert Scott-Stewart and Peter Chambers to Chief Information Officer and Chief Technology Officer roles respectively. Coverys’ aim with these new appointments is to provide a market-leading, modern, and scalable platform to support ... Read the full article
Report urges re/insurers to engage with synthetic biology sector: Lloyd’s
26th July 2018
A new emerging risks report from the specialist Lloyd's of London insurance and reinsurance marketplace and Drs John Heap and Karen Polizzi of Imperial College London, urges re/insurers to engage with the expanding synthetic biology sector to support the development of new technologies and new risk transfer solutions. In recent times, ... Read the full article
Brexit white paper draws criticism from Lloyd’s CEO
13th July 2018
Lloyd's of London’s outgoing Chief Executive Officer (CEO), Inga Beale, has responded to the exit strategy laid out in the Brexit white paper with claims that professional and financial services “are not catered for” and that the proposed deal will accelerate its plans for a Brussels subsidiary. In an interview ... Read the full article
Lloyd’s market needs ‘radical change’, says LMA head Gittings
13th July 2018
David Gittings, Chief Executive of the Lloyd’s Market Association (LMA), has called for a “thorough review” of how the re/insurance market at Lloyd’s operates, according to the Financial Times (FT). Gittings told the publication: “I don’t believe Lloyd’s is facing an existential crisis but it needs a thorough review of what ... Read the full article
Lloyd’s reveals new digital distribution platform
11th July 2018
The specialist Lloyd’s of London insurance and reinsurance marketplace has launched a new digital distribution platform, called Lloyd’s Bridge, which is designed to more efficiently connect insurance businesses and entrepreneurs with underwriters from the Lloyd’s market. By matching insurers and underwriters, the online Lloyd’s Bridge platform will enable businesses to underwrite ... Read the full article
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