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.
Ariel Re gets green light for Lloyd’s Managing Agent
4th October 2022
Global reinsurer Ariel Re has been granted regulatory approval to launch a Managing Agent at Lloyd's of London, a statement from the company has confirmed. The company received approval from the Prudential Regulatory Authority, the Financial Conduct Authority and Lloyd’s to commence the new operation, called Ariel Re Managing Agency (ARMA). Once ... Read the full article
Lloyd’s market not yet universally hard: Patrick Tiernan
23rd September 2022
Chief of Markets Patrick Tiernan has cautioned that the insurance and reinsurance marketplace at Lloyd’s of London is “not yet universally hard” and has emphasised the need for rate adequacy amid challenging conditions. Addressing an audience as part of the Lloyd's market Q3 update, Tiernan acknowledged that syndicates are currently operating ... Read the full article
Lloyd’s broker Ramon Intl. opens office in Korea to drive expansion into Asia
13th September 2022
Independent Lloyd’s of London broker, Ramon International has furthered its expansion into global re/insurance markets by announcing the opening of an office in Korea to drive its Asian business. The broker has brought a majority stake in CKI Korea, which is based in Seoul, through its parent company Kastor Holdings Ltd. The deal ... Read the full article
Lloyd’s falls to £1.8bn loss on investments, reserves £1.1bn for war in Ukraine
8th September 2022
The specialist Lloyd's insurance and reinsurance marketplace has today reported an overall loss of £1.8 billion for the first half of 2022, but despite reserving £1.1 billion for claims related to the war in Ukraine, the underwriting performance improved. The net loss reported today compares with profit of £1.4 billion a ... Read the full article
Market will have to “suck it and see” on cyber wordings: Helios’ Hanbury
5th September 2022
Nigel Hanbury, CEO of Helios Underwriting and Board member of Association of Lloyd’s Members, has said it will be a case of “suck it and see” when it comes to the new exclusions for state-backed cyber attacks recently laid out by Lloyd’s. In a public statement, the Lloyd’s investment and underwriting ... Read the full article
Inflation & Russia flagged as major headwinds for Lloyd’s
1st September 2022
Analysts at AM Best have flagged a number of significant headwinds for the Lloyd’s insurance and reinsurance market, including high inflation and the conflict between Russia and Ukraine. The rating agency acknowledged that considerable remedial and modernisation work has been carried out within the market, along with strong underlying market conditions, ... Read the full article
“Lloyd’s Market will post an robust underwriting performance over next two years” – S&P Global Ratings
30th August 2022
S&P Global Ratings' latest Lloyd’s Market 2022 Review states a belief that the market will post a robust underwriting performance between 2022 and 2024 as rates harden over many lines after turning in 2021 its first underwriting profit in five years. The report, subtitled Let the Good Times Roll?, says that ... Read the full article
Marsh & Ascot’s Ukrainian grain insurance facility now open to Lloyd’s brokers
23rd August 2022
Insurance broker Marsh and global specialty re/insurer Ascot Group have announced the first insurance placement for the new Marine Cargo and War facility. Launched earlier this month, the facility provides coverage for vital grain and food products transitioning through safe corridors established by the newly signed Black Sea Treaty between ... Read the full article
Argenta breaks down Lloyd’s syndicate forecasts
23rd August 2022
Lloyd's managing agent Argenta has broken down the forecast results for the 2020 and 2021 years of account released by Lloyd’s for all syndicates supported by third party capital, together with an aggregate position for those syndicates with an aligned capital base. As at June 30th, 2022, Argenta notes that the ... Read the full article
Lloyd’s approves product recall insurer BluNiche as coverholder in Europe
10th August 2022
MGA accelerator DA Strategy has announced that their client BluNiche, a specialist product recall coverholder for the automotive and food industries, has been approved by Lloyd’s as a coverholder. According to the announcement, DA Strategy will be providing licensing, launch advice and European approval to allow BluNiche to become an Authorised ... Read the full article
Travelers Syndicate 5000 gets ratings downgrade
3rd August 2022
Syndicate Research Limited (SRL) has downgraded the B^ (Average), negative outlook, Continuity Opinion of Lloyd's syndicate 5000 (Travelers Syndicate Management Limited) to B-^ (Below Average). SRL explained that the downgrade was made in light of the syndicate’s underperformance relative to its B (Average) peer group in recent years, and assigned a ... Read the full article
Lloyd’s market set to insure Ukrainian grain shipments
27th July 2022
The Lloyd’s of London insurance and reinsurance market is gearing up to provide coverage for shipments of grain coming out of war-torn Ukraine, Chairman Bruce Carnegie-Brown has said. Carnegie-Brown told Reuters that preparations were underway among Lloyd’s insurers and brokers after Russia and Ukraine agreed to allow the safe transport of ... Read the full article
AM Best highlights Lloyd’s improved combined ratio in recent assessment
18th July 2022
AM Best’s recent assessment of Lloyd’s operating performance highlights the rating agency’s expectation that Lloyd’s will produce strong technical performance over the underwriting cycle, and that capital will continue to be attracted to the market. Analysts noted that improved pricing conditions, as well as a robust performance oversight by the corporation, ... Read the full article
“Critical concerns” persist for Lloyd’s despite progress: Gallagher Re
12th July 2022
A new report by reinsurance broker Gallagher Re concludes that a number of both internal and external challenges remain “critical concerns” for the Lloyd’s of London market, despite measurable progress last year. The first annual Lloyd’s of London Market Report from Gallagher Re tracked the Lloyd’s market's capital and profitability throughout ... Read the full article
Lloyd’s Europe hires Heugues as Chief Underwriting Officer
7th July 2022
Lloyd's has announced the hiring and appointment of former Ageas senior executive as its new Bertrand Heugues as Chief Underwriting Officer (CUO) for the Lloyd's Europe branch. Headquartered in Brussels, the Lloyd's Europe branch was originally established so the market could continue to operate effectively in Europe after Brexit, providing continuity ... Read the full article