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.
Oman Insurance Company approved for DIFC syndicate-in-a-box
29th September 2021
Oman Insurance Company (OIC) and Asta, the leading third-party managing agent at Lloyd’s, have been granted ‘in-principle’ approval from Lloyd’s to launch Syndicate 2880 under the Syndicate-in-a-Box initiative (SIAB). The syndicate will operate on the Lloyd’s platform under the Dubai International Financial Centre (DIFC). Dubai-based insurer OIC will provide lead and follow ... Read the full article
Helios secures further capital raise with latest LLV purchases
27th September 2021
Helios Underwriting, the Lloyd’s of London investment and underwriting vehicle, has acquired three limited liability vehicles (LLVs) for an aggregate cash consideration of roughly £1.95 million, generating syndicate capacity of £2.39 million. The acquired LLVs, named Nameco (No 2011 & No 2012 and G.T.C. Underwriting, follows Helios' purchase of North Breache Underwriting, a ... Read the full article
Volante secures approval for new Asta-managed syndicate at Lloyd’s
23rd September 2021
Multi-class international MGA platform Volante Capital Holdings (Bermuda) has received ‘in-principle’ approval from Lloyd’s to launch Syndicate 1699 for the 2022 year of account, with initial stamp capacity of £130 million. Volante will be managed by Asta Managing Agency Ltd. The syndicate will bring business to Lloyd’s through Volante’s existing international ... Read the full article
Over two-thirds of Lloyd’s capacity now accessible via Tremor
21st September 2021
Over two thirds of Lloyd’s capacity is now available via the online re/insurance pricing and placing platform Tremor Technologies, a figure equating to $33 billion. Tremor says 33 Lloyd’s Syndicates representing over 70% of its Managing Agents have entered into agreements to offer coverage directly on its marketplace. The Syndicates are described ... Read the full article
Dale Partners receives ‘in-principle’ approval to establish managing agency
16th September 2021
Dale Partners Limited, the holding company of Dale Underwriting Partners (DUP), has been granted approval by Lloyd’s to form its own managing agency. The new entity, Dale Managing Agency Limited, will now submit its regulatory business plan, seeking approval from the PRA and FCA during 2022. DUP, an independent, owner-managed underwriting business, ... Read the full article
Lloyd’s returns to profit as underwriting performance improves
9th September 2021
The specialist Lloyd's insurance and reinsurance market has reported profit of £1.4 billion for the first-half of 2021, as the marketplace returned to underwriting profitability with an improved combined ratio of 92.2%. The overall result at Lloyd's has improved significantly from the net loss of £400 million reported for the same ... Read the full article
Davies acquires Lloyd’s MGA Asta
8th September 2021
Specialist professional services and technology firm Davies has acquired Lloyd's third party managing agent Asta in an effort to add strength and reach to its global insurance services practice. London-based Asta was key in the development of Lloyd’s recent Syndicate-in-a-box (SIAB) framework and is seen as a way to widen Davies' ... Read the full article
Hurricane Ida could cause major hit to Lloyd’s & energy markets: Peel Hunt
1st September 2021
Analysts at Peel Hunt have warned that Hurricane Ida could result in a major hit to both the Lloyd’s and energy re/insurance markets, in addition to massive costs for the US P&C sector. Ida made landfall in Louisiana as a Category 4 hurricane just south west of New Orleans on Sunday ... Read the full article
More price rises needed to offset Lloyd’s losses: analysts
27th August 2021
Analysts at insight and consultancy firm Insurance DataLab have stressed that, despite substantial rate increases over recent months, further price rises will be needed to offset losses within the Lloyd’s market. Lloyd’s premiums have increased by more than 50% year-on-year in every quarter since the start of the pandemic, the firm ... Read the full article
Jefferies sees promising tailwinds for Lloyd’s market
26th August 2021
Analysts at Jefferies expect the Lloyd’s of London re/insurance market to benefit from a number of promising tailwinds going forward, despite a challenging year in 2020. Last year, the Lloyd’s market reported a combined ratio of 110.3%, largely driven by the adverse impact of the COVID-19 pandemic, which caused some £3.4 ... Read the full article
Lloyd’s reports improved syndicate forecasts for 2019/2020
19th August 2021
Insurance and reinsurance marketplace Lloyd’s of London has released updated forecasts for its 2019 and 2020 years of account, which show improved forecasts for most syndicates. Overall, 16 syndicates are reporting an improved forecasts, with the largest improvements at SPAs 6107 (Beazley) and 6104 (Hiscox), although some syndicates continued to report ... Read the full article
Hudson Structured buys majority stake in Occam
17th August 2021
Specialist lines-focussed managing general agency Occam Underwriting has announced Hudson Structured Capital Management's decision to become a majority shareholder. Additional investment from HSCM, an asset manager specialising in the re/insurance and transportation sectors, is expected to help Occam expand into new lines via new talent acquisitions and upgrades to its various technology platforms. As ... Read the full article
Slow climate response could “damage” Lloyd’s brand, says Chairman
11th August 2021
Lloyd's of London Chairman Bruce Carnegie-Brown says the marketplace’s brand could be “damaged” by re/insurers that have proved slow to withdraw their backing for carbon-intensive activities. Speaking to the Financial Times, Carnegie-Brown warned that climate laggards could “let down” efforts at Lloyd’s, which has already come under fire from climate activists ... Read the full article
Lloyd’s names Guy Carpenter’s Vicky Carter as Deputy Chair
22nd July 2021
The specialist Lloyd's of London insurance and reinsurance marketplace has named Vicky Carter of reinsurance broker Guy Carpenter as its new Deputy Chair, effective September 1st, 2021. Carter has served as a member of Lloyd's Council since February 2019 and has worked for the Lloyd's marketplace for over 40 years, having ... Read the full article
MCI receives in-principle approval to establish Syndicate 1902
21st July 2021
Specialist managing general agency Medical & Commercial International (MCI) has received ‘in-principle’ approval from Lloyd’s for Syndicate 1902 to underwrite business incepting on or after 1 January 2022. The syndicate will write gross written premium (GWP) of £45 million in year one. It will be established under ... Read the full article
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