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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.

LMA heads pledge support to Lloyd’s harassment actions

24th September 2019

The Board of the Lloyd’s Market Association (LMA) has pledged to work actively through a CEO reporting network to tackle sexual misconduct in the market, following the implementation of new inclusivity measures at Lloyd’s. Lloyd’s said earlier today that it would introduce the new program of measures after the results ... Read the full article

Lloyd’s harassment survey prompts stronger inclusivity measures

24th September 2019

Lloyd’s of London has announced a new program of measures to foster a safer and more inclusive working environment after the findings of a recent survey revealed widespread issues regarding sexual harassment and employee wellbeing in the marketplace. The culture survey, which was commissioned by Lloyd’s in the wake of public ... Read the full article

Lloyd’s performance improvements not yet sufficient, says KBW

20th September 2019

Analysts at Keefe, Bruyette & Woods (KBW) have contended that the Lloyd’s of London results for the first half of 2019 show necessary but insufficient improvements in the performance of the insurance and reinsurance marketplace. Lloyd’s released its H1 results earlier this week, reporting a £2.3 billion profit before tax, ... Read the full article

Nephila looks to reduce Lloyd’s costs with finance platform from Phinsys

19th September 2019

Nephila Syndicate Management Ltd (NSML) has selected the suite of finance and accounting products from software provider Phinsys to help streamline its financial processes and automate statutory, regulatory and management reporting. Nephila Syndicate 2357 is set to migrate from third party management to its own independent managing agency in October, and ... Read the full article

Pricing, modernisation among top concerns for Lloyd’s CROs: LMA survey

19th September 2019

A market survey by the Lloyd's Market Association in conjunction with PwC has identified pricing, cost reduction, change management, market modernisation, and competition as the top five risks facing Lloyd’s. For Chief Risk Officers within Lloyd’s managing agencies, these internal factors rank ahead of external factors such as cyber risk and ... Read the full article

Arch, Marsh collaborate on insurance solution for digital assets

18th September 2019

Arch Insurance UK, a division of Arch Insurance International, has partnered with global re/insurance brokerage Marsh on a new solution designed to protect digital asset private keys held in traditional vault facilities. A private key, in this context, is essentially a string of numbers and letters that leads to a digital ... Read the full article

Lloyd’s reports £2.3bn H1 profit, but underwriting contribution minimal

18th September 2019

The Lloyd's of London insurance and reinsurance marketplace reported a £2.3 billion profit before tax for the first-half of 2019, but the investment return drove all of that as underwriting again failed to deliver and actually declined in the period. CEO John Neal cited an improving underwriting outlook, as attritional losses ... Read the full article

Lloyd’s to launch Miami office

17th September 2019

The specialist Lloyd's of London insurance and reinsurance marketplace has announced a number of changes to its setup in the Latin America (LatAm) region, which includes the establishment of an office in Miami to support and grow LatAm and Caribbean markets. In an email to the LatAm market, Director General, Daniel ... Read the full article

VIBE to close A&H, Property D&F units

16th September 2019

Lloyd’s managing agent VIBE Syndicate Management has announced the closure of its Accident & Health and Property D&F units with immediate effect. Group Chief Executive Officer Joe England said the move follows a strategic review of Vibe’s businesses and that the decision will remain in effect until the market returns to ... Read the full article

Neon CEO Martin Reith to step down from role

13th September 2019

The Group Chief Executive Officer of London-headquartered re/insurance specialist Neon, Martin Reith, will be stepping down from the role on September 30. He will remain on the board of Neon’s Lloyd’s Managing Agency, Neon Underwriting Limited (NUL) and work to ensure an effective transition while advising management on other strategic matters. “I ... Read the full article

Lloyd’s performance pressured, but corrective underwriting actions will help: Fitch

9th September 2019

The Lloyd’s of London insurance and reinsurance market remains under pressure as its underwriting performance has not lived up to expectations, but Fitch Ratings believes corrective actions taken will help. Speaking with Reinsurance News, Director of Insurance at Fitch Ratings Chris Grimes explained why the rating agency maintains a negative outlook ... Read the full article

Nephila’s Lloyd’s managing agency gets regulatory nod

8th September 2019

Nephila Capital, the world’s largest insurance-linked securities (ILS) investment manager, has received regulatory approval to establish its own Lloyd’s managing agency. Nephila’s Syndicate 2357, which is backed by funds managed by Nephila, has been managed by Asta, a third party syndicate manager at Lloyd’s, since its inception in 2013. Nephila Syndicate Management ... Read the full article

Tysers to acquire RFIB Group owner RTG

8th September 2019

Specialty Lloyd’s broker Tysers has announced the acquisition of Risk Transfer Group, the parent company of RFIB Group, for an undisclosed fee. Tysers says the move to combine with another independent specialist brokerage demonstrates a commitment to expanding its capabilities and product offering. As part of the deal, RTG Chief Executive Officer ... Read the full article

Lloyd’s modernisation plans carry high execution risk: Moody’s

3rd September 2019

The Lloyd's of London insurance and reinsurance market's plans to modernise and reduce costs are positive, but come with a high degree of execution risk, according to Moody's. Back in May, Lloyd's announced a new strategy focused on delivering higher quality risk protection for the market’s clients. The six proposed transformational ... Read the full article

Lloyd’s broker MNK Re launches Residual Value Insurance Centre of Excellence

2nd September 2019

Specialist Lloyd's of London brokerage, MNK Re Limited, has launched a new dedicated Residual Value Insurance (RVI) Centre of Excellence. MNK Re has a specialist focus on Financial Risks, Casualty, Terrorism, Cyber risks and Marine liabilities, with clients in more than 50 countries across the world. It's been announced that Robert Prince ... Read the full article

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