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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 rule change bans ‘under the influence’ passholders

10th April 2019

The Lloyd’s of London marketplace has published a bulletin introducing an updated set of rules applicable to passholders accessing the building. Most notably, the bulletin states that a passholder must not enter (or attempt to enter) the premises during working hours under the influence of alcohol or any illegal drug. If a ... Read the full article

Underwriting profitability of London market remains pressured, warns Fitch

9th April 2019

Fitch Ratings has maintained its negative sector outlook on the London insurance market, citing continued pressure on profitability as catastrophe events hit underwriting performance and expense ratios remain high. The global financial services ratings agency highlights the negative impact of catastrophe losses and low investment returns on the results of London ... Read the full article

PPL surge continues as Board reveals 50,000 risks now bound on the platform

5th April 2019

The board of Placing Platform Limited (PPL), a core component of the London Market’s Target Operating Model, has announced that over 50,000 risks have now been bound on the platform, with close to 12,500 bound in just the last three months. The adoption of electronic placement is increasing across the London ... Read the full article

Aurous Risk Partners secures first Lloyd’s binder

5th April 2019

Aurous Risk Partners , a London-headquartered managing general agency (MGA), has secured its first Lloyd’s energy binder, led by Arcus Syndicate 1856. Through this arrangement Aurous Risk Partners will be able to offer clients capacity within the European Economic Area (EEA) on behalf of Lloyd’s Brussels security and Arcus Syndicate 5330. Aurous ... Read the full article

Advent appoints Jack Smith as Head of Operations

1st April 2019

Advent Insurance Management, the InsurTech-led Lloyd’s & London market service provider, has appointed Jack Smith as Head of Operations, a newly created role. Smith, whose appointed is effective immediately, brings over 35 years’ experience to Advent. He will be based in the company’s Chelmsford offices. Prior to Advent he worked for Tasker ... Read the full article

Lloyd’s CEO Neal becomes interim sponsor of London Market TOM

1st April 2019

John Neal, the Chief Executive Officer of Lloyd’s, is to take over as the interim sponsor of the London Market's Target Operating Model (LM TOM), following the departure of Shirine Khoury-Haq in November 2018. Khoury-Haq had been the driving force behind Lloyd’s recent digital integration efforts, which included the introduction ... Read the full article

Lloyd’s reforms were “solid first step” for market profitability: analysts

1st April 2019

The Lloyd’s market reforms supported an initial turnaround in underwriting results and represented a “solid first step” in returning the market to profitability, according to analysts at Keefe, Bruyette & Woods (KBW), although more remains to be done. Lloyd’s return improved by 50% year-on-year in 2018, although the market still ... Read the full article

Lloyd’s performance review to maintain rigour in 2019: Jon Hancock

28th March 2019

The performance review process at Lloyd’s is to maintain the same rigour in 2019 in order to build on the progress achieved last year, although its focus will shift towards encouraging growth and best practice, rather than clamping down on underperformance. This is according to Performance Management Director Jon Hancock, who ... Read the full article

Lloyd’s CEO targets more efficient, successful marketplace

27th March 2019

John Neal, the Chief Executive Officer (CEO) of Lloyd's of London has outlined a number of potential ideas for building a more efficient and successful insurance and reinsurance marketplace. In an ever-changing and rapidly advancing world, underpinned by technological advances and increased interconnectedness, the Lloyd's market is striving for increased efficiency. The ... Read the full article

Cats drive £1 billion market loss at Lloyd’s for 2018

27th March 2019

The specialist Lloyd's of London insurance and reinsurance marketplace has announced an aggregated market loss of £1 billion for 2018, driven by a volatile investment environment and a costly year for natural catastrophe events. The £1 billion aggregated market loss compares with a loss of £2 billion a year earlier. A ... Read the full article

Lloyd’s outlines plan to address sexual harassment in the market

26th March 2019

Insurance and reinsurance marketplace Lloyd’s of London has outlined a new plan of action to address reports of sexual harassment in the market and create a “safe and inclusive” working environment. The new proposals are intended to increase reporting, impose strong sanctions on inappropriate behaviour, and promote better understanding and awareness ... Read the full article

Lloyd’s announces departure of CRO Hilary Weaver

25th March 2019

Hilary Weaver, Chief Risk Officer at Lloyd’s of London, is to leave the organisation at the end of March 2019. Weaver joined Lloyd’s in 2004 as Head of Internal Audit and became CRO in April 2016, joining Lloyd’s Executive Committee. Her responsibilities included risk management, compliance, international regulatory affairs, government affairs and ... Read the full article

Upward pressure on Lloyd’s rates despite loss of momentum: Peel Hunt

25th March 2019

Analysts at Peel Hunt believe there remains upward pressure on re/insurance rates in the Lloyd’s market in 2019 despite an apparent loss of momentum since the first half of 2018. The firm noted that rates were fairly flat at the January renewals, which were dominated by Europe, but expects the upcoming ... Read the full article

Charles Taylor details run-off plans for Syndicate 1884

21st March 2019

Charles Taylor Managing Agency (CTMA) has provided details of its run-off plan for Syndicate 1884, which stopped writing business in January 2019 after its major capital provider withdrew support following the Lloyd’s Performance Management Directorate last year. CTMA is looking to close the Syndicate 1884 book at the end of ... Read the full article

China Re launches renewable energy consortium at Lloyd’s

11th March 2019

China Re Corporation has announced the launch of a renewable energy consortium at Lloyd’s, focused on reinsurance for the construction and operation of offshore wind farms in mainland China. China Re’s Syndicate 2088 manages and co-leads the consortium alongside Canopius Syndicate 4444 and Travelers Syndicate 5000. It is also supported Chaucer Syndicate ... Read the full article

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