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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.

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

Lloyd’s report identifies insurance opportunities in renewable energy

3rd April 2020

A new report by insurance and reinsurance marketplace Lloyd’s of London has identified growing opportunities for re/insurers to innovate products and support the renewable technologies industry. In 2018, China, the US, Europe and India invested more than £230 billion in new renewable energy, while total investment in the power sector has ... Read the full article

Fitch puts Lloyd’s on Rating Watch Negative amid COVID-19 risks

2nd April 2020

Uncertainty and heightened risk to Lloyd's of London's earnings and underwriting performance as a result of COVID-19 claims, has pushed Fitch Ratings to place the marketplace and its operating entities on Rating Watch Negative (RWN). Fitch states that it has placed Lloyd's of London's, Lloyd's Insurance Company S.A. and Lloyd's Insurance ... Read the full article

Helios capacity outperforming Lloyd’s market average

30th March 2020

Helios Underwriting, the Lloyd’s of London investment and underwriting vehicle has announced returns on average better than the Lloyd’s market itself. The Helios outperformance is measured using the result on the capacity at the end of the year - including the capacity of the portfolios acquired which include participations on underperforming ... Read the full article

Size matters in Lloyd’s syndicate results, analysts find

30th March 2020

Analysts at Insurance Capital Markets Research (ICMR) have found that larger Lloyd’s of London syndicates were far more likely to report profitable results in 2019 than their smaller peers. The insurance and reinsurance marketplace reported a pro-forma profit of £2.5 billion last year, but its underwriting performance was unprofitable, with ... Read the full article

Focus of the Future at Lloyd’s strategy narrows in response to COVID-19

27th March 2020

The Lloyd's of London insurance and reinsurance marketplace has decided to rationalise and narrow the focus of the Future at Lloyd's strategy as it adjusts to the impacts of the global COVID-19 pandemic. Speaking during the Lloyd's 2019 annual results call, executives at the world's oldest insurance market noted the broad ... Read the full article

Lloyd’s falls to 2019 underwriting loss, COVID-19 drives down solvency ratio

26th March 2020

The specialist Lloyd's of London insurance and reinsurance marketplace has reported an unprofitable underwriting performance for 2019, with its full year results also revealing a decline in its central solvency ratio as a result of financial market volatility driven by the COVID-19 outbreak. Albeit improved on the previous year, Lloyd's has ... Read the full article

LMA introduces Coronavirus contingency clause

13th March 2020

The Lloyd’s Market Association (LMA) has published policy language designed to prevent customers being left without cover in the event of a Coronavirus-related market shutdown. Drawn up by the LMA on behalf of its members, the clause ensures continuity of coverage for Lloyd’s re/insureds should, for more than one day during ... Read the full article

Lloyd’s announces Coronavirus stress test measures

12th March 2020

In the face of rising uncertainty surrounding Coronavirus’ impact on the re/insurance industry, Lloyd’s has announced a series of actions designed to test market resilience. On Friday 13 March, Lloyd’s will close the underwriting room at 1 Lime Street in London and invoke its Emergency Trading Protocol for 24 hours in ... Read the full article

Lloyd’s promotes Sabrina Miesowitz to US General Counsel

3rd March 2020

The Lloyd's of London insurance and reinsurance marketplace has revealed the promotion of Sabrina Miesowitz to US General Counsel as Joe Gunset retires from the position after nearly two decades with the market. Miesowitz previously served as Deputy US General Counsel and will take over from Gunset when he retires at ... Read the full article

New Lloyd’s policy to cover cryptocurrency wallets

2nd March 2020

Insurance and reinsurance marketplace Lloyd’s of London has launched a new insurance policy designed to protect cryptocurrency held in online wallets against theft or other malicious hacks. The policy was created by Lloyd’s syndicate Atrium in conjunction with Coincover to protect against losses arising from the theft of cryptocurrency held in ... Read the full article

Lloyd’s confirms 2020 priorities in Blueprint One update

26th February 2020

Insurance and reinsurance marketplace Lloyd’s of London has published an update to Blueprint One of its Future at Lloyd’s strategy for change, outlining its progress so far as well as key priorities for 2020. As part of its execution plans for the first phase of strategy, Lloyd’s confirmed that it will ... Read the full article

UK / EU reinsurance equivalence not guaranteed: Lloyd’s Chairman

26th February 2020

Lloyd’s of London Chairman Bruce Carnegie-Brown has warned that it would be “extraordinary but perhaps not entirely surprising” for the UK to lose reinsurance regulatory equivalence with the European Union (EU) after Brexit. Addressing the EU Financial Affairs Sub-Committee today, Carnegie Brown said that a loss of equivalence could pose a ... Read the full article

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