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.
Tokio Marine Kiln CEO sees “exciting” rating environment in 2018
10th November 2017
Charles Franks, Chief Executive Officer (CEO) of Tokio Marine Kiln, predicts an "exciting" rating environment in 2018 in response to third-quarter catastrophe events, while the company's Lloyd's Syndicates continue to show improvements. "The outlook for the rating environment is very exciting. For the first time in years, we are seeing prices showing ... Read the full article
Lloyd’s market to save £100mn via LMA/IUA & DXC Technology agreement
31st October 2017
The Lloyd's Market Association (LMA), in collaboration with the International Underwriting Association (IUA), has completed a transaction with DXC Technology that will reportedly save the Lloyd's of London marketplace £100 million (US$132 million) over five years. The transaction with DXC Technology, an end-to-end IT services company, concerns the provision of bureau ... Read the full article
Toa Re and Barbican approved ‘in principal’ to set up Lloyd’s SPA
27th October 2017
Japanese reinsurer, Toa Reinsurance Company, and Barbican Insurance Group have received 'in principle' approval from the Lloyd's of London Franchise Board to launch Toa Re Special Purpose Arrangement (SPA 6132), which will be backed by Toa Re. After final approval has been received, the new SPA will begin underwriting on January 1st, ... Read the full article
Lloyd’s pegs Hurricane Maria loss at $0.9 billion
23rd October 2017
Lloyd’s has released a preliminary $0.9 billion hurricane Maria claims estimate, and lowered its net claims estimates for hurricanes Harvey and Irma from a combined $4.5 down to $3.9 billion. "The claims estimate for Harvey and Irma has reduced approximately 10% from the precautionary figure we issued with our half year ... Read the full article
Lloyd’s capital pressured, further catastrophes could threaten market: Fitch
23rd October 2017
Rating agency Fitch remains negative on insurance and reinsurance market Lloyd's of London, saying that recent catastrophes pose a threat to its capital base. While recent losses from hurricanes Harvey, Irma and Maria, as well as the Mexican earthquakes and Californian wildfires, remain within expected tolerances, Fitch Ratings says that they ... Read the full article
Meteo Protect gets Lloyd’s coverholder approval
20th October 2017
Weather risk broker Meteo Protect has received Lloyd's of London Coverholder approval with authority to underwrite and issue policies on behalf of Lloyd's syndicates. Meteo Protect’s Coverholder status connects it with Lloyd's worldwide specialist insurance and reinsurance market, offering the broker "a wealth of new opportunities to provide weather index-based insurance to ... Read the full article
County Hall Insurance renews reinsurance placement through Lloyd’s
16th October 2017
County Hall Insurance Company, Inc. has completed the renewal of its reinsurance placement via the specialist Lloyd's of London insurance and reinsurance marketplace. County Hall provides liability for trucking exposures across the U.S., which it describes as a "dependable and simple solution for most transportation liability needs." The firm offers primary auto ... Read the full article
Risk Cooperative gains Lloyd’s coverholder status
16th October 2017
Risk Cooperative, a specialized insurer with a proprietary cyber insurance facility with up to $10 million in stand-alone cyber insurance cover, has gained Lloyd's of London coverholder status. Risk Cooperative brings middle market customers and channel partners fast access to customizable cyber insurance solutions, working with a wide range of insurance ... Read the full article
Q3 losses will raise London insurance market prices: Fitch
13th October 2017
Catastrophe losses from recent U.S. hurricanes and Mexican earthquakes will raise London Market insurers' prices on loss-affected lines, and could affect pricing trends within the wider market, according to Fitch Ratings. Fitch said in its latest London market report; "We expect 2017 earnings of London market insurers to be significantly reduced ... Read the full article
Lloyd’s pays out $738 million for Harvey, Irma and Maria claims
13th October 2017
The specialist Lloyd's of London insurance and reinsurance marketplace has now paid out $738 million in response to the impacts of Hurricanes Harvey, Irma, and Maria. Lloyd's announced previously that it expects losses from just hurricanes Harvey and Irma to reach $4.5 billion, as it continues to assess the hit ... Read the full article
Harvey, Irma, and Maria to drive overall Lloyd’s market loss, says Moody’s
13th October 2017
Analysts at Moody's expect the impacts of hurricanes Harvey, Irma, and Maria to result in an overall loss for the Lloyd's of London specialist insurance and reinsurance marketplace. Combined, Lloyd's announced previously that it expects hurricanes Harvey and Irma to drive losses of around $4.5 billion, net of reinsurance, estimates that ... Read the full article
S&P revises Lloyd’s outlook to negative in light of hurricane losses
12th October 2017
Global ratings agency, Standard & Poor's (S&P), has announced that it's revised its outlook for the Lloyd's of London marketplace to negative from stable, in light of losses experienced from recent hurricanes. Alongside revising its outlook for the Lloyd's market to negative, S&P has also affirmed its 'A+' insurer financial strength ... Read the full article
Lloyd’s signs artificial intelligence deal to transform business processes
9th October 2017
Lloyd's of London has signed its first agreement with an artificial intelligence (AI) technology provider, signing up with Expert System to enable Cogito powered cognitive automation to transform business processes and support Lloyd's market participants. Craig Civil, Head of Data Innovation, Lloyd's, said; "Artificial Intelligence drives productivity by changing the way ... Read the full article
“I don’t think the industry is doing enough to innovate” – Lloyd’s Chairman
6th October 2017
Lloyd's new Chairman, Bruce Carnegie-Brown, has called for a renewed emphasis on modernisation of the 300 year old insurer, saying that while Lloyd's underwriting performance has been strong, the firm's success is stunted by its overweight cost structure, in an interview with the Financial Times. "I don’t think the industry is ... Read the full article
Fleming relinquishes Council of Lloyd’s position
5th October 2017
Greg Fleming is standing down from his position on the Council of Lloyd's, just a handful of months after the investment management professional took up the position. Fleming, who was most recently the President of Wealth Management and Asset Management at investment banking group Morgan Stanley, before which he was President ... Read the full article
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