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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.

Half of Lloyd’s 20-year profits shared with reinsurers: ICMR

4th May 2020

New analysis from ICMR shows that roughly half of the gross profit generated in the Lloyd’s market over the last two decades has been shared with reinsurers. Cumulatively, Lloyd’s has written £448 billion of gross premium since 2000, with a long-term combined ratio of 98% and a cumulative net profit ... Read the full article

Asta launches syndicate-in-a-box at Lloyd’s

1st May 2020

Asta, a third-party managing agent at Lloyd’s, has launched syndicate 4747, its first syndicate-in-a-box. The syndicate has received in-principle approval from Lloyd’s to start writing business effective July 1, with stamp capacity of £15 million in year one, estimated to rise to £62.5 million in year three. 4747 is a specialist syndicate ... Read the full article

London market modernisation could accelerate post-pandemic: Bolton, Gracechurch

29th April 2020

Certain trends across the London insurance and reinsurance market that were in motion prior to the COVID-19 outbreak are expected to accelerate as a result of the pandemic, according to Ben Bolton, Managing Director at Gracechurch Consulting. Prior to the rapid spread of the ongoing COVID-19 pandemic, the Lloyd's and wider ... Read the full article

COVID-19 could be biggest ever industry loss, warns Lloyd’s CEO

24th April 2020

John Neal, Chief Executive Officer (CEO) of Lloyd’s of London, has said that the coronavirus (COVID-19) pandemic could be the most expensive event in history for the re/insurance industry. Speaking to the Financial Times, Neal said that the crisis will likely dwarf other major disasters such as Hurricane Katrina in 2005 ... Read the full article

Aon secures Lloyd’s accreditation for reinsurer trading portal

22nd April 2020

Global re/insurance broker Aon has received accreditation from Lloyd’s for its reinsurer trading portal, ABConnect Placements. The Lloyd’s Franchise Board provided ‘conditional recognition’ of the platform following the recent deployment of Aon’s binding function, so valid contracts can be written as ePlacements. Gaining approval from Lloyd’s as part of the electronic placing ... Read the full article

Coverys adds Robert Forster as Director of Underwriting

21st April 2020

Coverys Managing Agency has announced the appointment of Robert Forster as director of underwriting. Forster’s appointment is effective June and he succeeds Phil Sloan, who is due to retire from the position. He brings over three decades of specialist underwriting experience to Coverys and most recently served as Chief Underwriting Officer and ... Read the full article

Sompo to consolidate London presence, cease writing business from Lloyd’s

15th April 2020

Bermuda-based P&C insurer and reinsurer, Sompo International Holdings Ltd., has announced that as part of its ongoing transformation, it plans to consolidate its London presence into a single company platform. Effective January 2021, Sompo International will cease writing business from Endurance at Lloyd's or Syndicate 5151, with all renewals and new ... Read the full article

Lloyd’s adds country managers for Mexico, Colombia

15th April 2020

Lloyd’s has announced the appointment of Yelhis Hernandez as country manager for Mexico and Sebastian Gomez as country manager for Colombia as the company looks to bolster its market in Latin America. Based in Mexico City, Hernandez has been conducting the role since September 2019 with a focus on improving Lloyd’s ... Read the full article

D L Dale & Others, Syndicate 2525 adds Harcus as head of Intl casualty

9th April 2020

Specialist employers' and third party liability Lloyd's insurer D L Dale & Others, Syndicate 2525, has announced the appointment of Charles Harcus as head of international casualty. Harcus joins from Apollo Syndicate where he has served as head of international casualty since 2014. Prior to this, he was portfolio manager, international casualty, ... Read the full article

Lloyd’s appoints country managers for Benelux regions

9th April 2020

Lloyd’s Insurance Company S.A. has announced several senior appointments to countries in the Benelux regions, including the Netherlands, Belgium, and Luxembourg. Firstly, Iwan Ropcke has been appointed as the interim LIC Country Manager for the Netherlands and Belgium, with effect from 1 January 2020. Most recently, Ropcke served as Business Strategy & ... Read the full article

RiskBook approved by Lloyd’s as reinsurance e-placement tool

9th April 2020

RiskBook Ltd., an independent provider of reinsurance placement technology, has been approved by the specialist Lloyd's of London re/insurance marketplace as a recognised electronic placement system for open market reinsurance business. The announcement marks the first time that brokers from any firm can leverage a single user-friendly placement tool for global ... Read the full article

Lloyd’s asks members hit by COVID-19 to recapitalise fast

8th April 2020

The specialist Lloyd's of London insurance and reinsurance marketplace has reportedly asked members who have experienced sizeable losses as a result of the COVID-19 coronavirus pandemic to accelerate capital injections. In response, analysts at S&P Global Ratings have said that calling on certain Lloyd's members to accelerate recapitalisation will ultimately help ... Read the full article

Lloyd’s revises Claims Scheme amid ongoing COVID-19 challenges

8th April 2020

The specialist Lloyd's of London insurance and reinsurance marketplace has announced changes to the Lloyd's Claims Scheme to help managing agents respond effectively during the global coronavirus pandemic. Lloyd's, the oldest insurance market in the world, explains that the changes, which are effective immediately, amend the Claims Scheme requirements to empower ... Read the full article

PPL usage and adoption growing at pace during COVID-19

8th April 2020

In the three weeks since the London insurance and reinsurance market started working remotely as a result of the global coronavirus pandemic, the number of unique users on the Placing Platform Limited (PPL) has increased by 40%. PPL, the London market's electronic placing platform, has been tracking both activity and performance ... Read the full article

COVID-19 will make challenging Lloyd’s conditions more difficult: AmWINS

8th April 2020

Analysts at AmWINS have suggested that the coronavirus (COVID-19) pandemic has and will continue to make already-challenging market conditions at Lloyd’s of London even more difficult. The firm acknowledged that Lloyd’s and its syndicates had extensively tested their systems in preparation for a crisis, and said that the transition to remote ... Read the full article

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