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 names REG as new admin platform for coverholder compliance
15th December 2017
Lloyd's of London has announced its selection of online due diligence and regulatory compliance platform, Regulatory Efficiency Gains (REG), to help manage data and reduce the administrative burden of coverholder compliance. The REG platform will help with capture and maintenance of up-to-date public market data, initially on Lloyd's UK based coverholders, ... Read the full article
Pioneer’s syndicate 1980 at Lloyd’s approved for underwriting from 1/1
14th December 2017
Pioneer Underwriters, which operates as both risk carrier and managing agent, said today that it has received approval from Lloyd’s of London to commence underwriting through its new Syndicate 1980 as of 1st January 2018. Pioneer received in principle approval for Lloyd's Syndicate 1980 in September, as it moved towards ... Read the full article
“The soft market feels over for now”: RBC Capital Markets
12th December 2017
2018 should be the end of the soft market for European re/insurance in catastrophe loss affected lines, with property lines, in particular property direct and facultative re/insurance forecast to see the best price increases in excess of 10%, according to RBC Capital Markets. "We expect prices to increase – the soft market ... Read the full article
Brexit certainty “urgently” needed for re/insurance sector: Inga Beale
8th December 2017
The UK's insurance and reinsurance sector still requires greater certainty on how the UK's trading relationship will pan out post-Brexit, according to Lloyd's of London Chief Executive Inga Beale. Speaking after the UK government and the EU announced that they are ready to move onto the next phase of Brexit talks, ... Read the full article
One of our major competitors seems to be governments: Lloyd’s CEO Beale
5th December 2017
According to Lloyd's of London Chief Executive Inga Beal, the governments of both mature and emerging markets are increasingly competing with the insurance and reinsurance industry, as governments take the lions share of catastrophe losses. Speaking to Bloomberg in a recent interview, Beale said that the disaster load in 2017 highlights ... Read the full article
Helios increases capacity for 2018 on expectance of higher rates
1st December 2017
Helios Underwriting plc has increased its capacity for the 2018 year of account by 26% to £41 million (US$55.2mn), improving the quality of its portfolio as it looks to take advantage of expected price increases at the January 1st, 2018 renewals. The Helios Board has said that it expects to record ... Read the full article
Lloyd’s of London’s Harvey, Irma, and Maria payouts reach $1.7 billion
29th November 2017
The specialist Lloyd's of London insurance and reinsurance marketplace has now paid out $1.7 billion in claims following hurricanes Harvey, Irma, and Maria. A couple of weeks into October and the Loyd's market said it had paid claims worth $738 million from the three hurricanes, which devastated parts of the ... Read the full article
Lloyd’s eyes 20% premium growth in MENA region in 2018
23rd November 2017
The specialist Lloyd's of London insurance and reinsurance marketplace is anticipating 20% year-on-year premium growth in 2018 for business written out of its Middle East and North Africa (MENA) base, according to Vincent Vandendael, Lloyd's Chief Commercial Officer, in an interview with The National. Lloyd's opened its MENA base in the ... Read the full article
Helios approved by Lloyd’s to acquire Chapman Underwriting
23rd November 2017
Helios Underwriting plc has announced the acquisition of Chapman Underwriting Limited, a limited liability member of Lloyd's of London, for a cash consideration of £540,000 (roughly US$715,000). The acquisition comes following approval of change of control by the Lloyd's of London marketplace, and is in line with Helios' strategy of increasing underwriting ... Read the full article
Lloyd’s needs to disrupt itself rather than be disrupted: Hancock
17th November 2017
The Lloyd's insurance and reinsurance market faces numerous challenges, from an extremely competitive business environment, to the threat posed by new re/insurance market entrants, but it needs to embrace disruption, according to Jon Hancock. Speaking at an A.M. Best industry event in London this week, Jon Hancock the Performance Management Director ... Read the full article
Dale gets approval for Lloyd’s reinsurance sidecar SPA
13th November 2017
Dale Underwriting Partners has received approval from Lloyd's for its new special purpose arrangement (SPA), a vehicle that will act as a kind of reinsurance sidecar for Dale's Syndicate 1729. The SPA will reinsure a portfolio of contingency and specialty property business that has been underwritten into Dale syndicate 1729 by ... Read the full article
Agora Underwriting approved for its full Lloyd’s Syndicate 3268
13th November 2017
Agora, the Lloyd's of London underwriting operation run by its active underwriter Mike Pritchard, has been approved for a full syndicate at Lloyd's, an upgrade from the Special Purpose Arrangement (SPA) it had previously operated as. Agora Syndicate 3268 has now been approved by Lloyd’s to begin underwriting business that attaches ... Read the full article
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
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