Reinsurance News
Lloyd’s 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.
News on syndicates operations, company formations and corporate members in the Lloyd’s marketplace.
For cyber to grow at Lloyd’s we must manage our potential risks: Patrick Tiernan
4th December 2023
Speaking at Lloyd's Q4 2023 Market Message, Patrick Tiernan, Chief of Markets, explained that cyber underwriting will remain a key clear focus class of growth for 2024. Tiernan stated that for 2024, plan GDP growth is shy of 20%, which remains on par with the growth that Lloyd's witnessed in 2023. He ... Read the full article
Lloyd’s Europe names Hanna Norumhas as the General Representative for Norway
1st December 2023
Hanna Norumhas has been appointed as the General Representative for Norway, by Lloyd’s Insurance Company S.A. (Lloyd’s Europe). This appointment follows the retirement of Espen Komnaes, and is effective starting December 1st 2023. Most recently, Norumhas served as a Partner at Advokatfirmaet Berngaard AS, previously she has also served as the Senior ... Read the full article
Howden unveils primary cyber & technology E&O facility with Lloyd’s
24th November 2023
Global broker Howden has announced that it has launched a new primary cyber and technology errors & omissions (E&O) facility. The facility has been developed in conjunction with the Lloyd’s Insurance Company According to the announcement, the product has been designed for a wide range of cyber and technology risks across 14 different ... Read the full article
Lloyd’s announces consultation on roadmap for insuring low-carbon transition
23rd November 2023
The world's oldest insurance market, Lloyd's, has launched a consultation which sets out its proposed approach for the next three years across all areas of sustainability, as it looks to support global ambitions to achieve net zero. The consultation on its roadmap sets out the Lloyd's approach across underwriting, investments, exposure ... Read the full article
Lloyd’s syndicate forecasts showing continuous improvements, says Argenta
23rd November 2023
Lloyd’s has released the updated forecasts for all syndicates’ 2021 and 2022 years of account. Argenta Holdings Ltd., an underwriting and insurance services group operating in the Lloyd’s Market, and a wholly owned subsidiary of reinsurer Hannover Re, states that the forecasts for both underwriting years continues to improve. The company noted ... Read the full article
Pen Underwriting takes box at Lloyd’s
22nd November 2023
Arthur J. Gallagher & Co. subsidiary, Pen Underwriting, has taken a box at Lloyd’s as its investment into maximising ease of doing business continues. Pen’s team of specialist marine underwriters will be taking box 393, on gallery 3. Their presence on the trading floor will provide brokers with support in placing ... Read the full article
Lloyd’s confirms changes to Council membership following elections
27th October 2023
London-based marketplace for insurance and reinsurance, Lloyd’s, has announced its most recent changes to its Council membership; all the new terms will commence on 1 December 2023. Sean McGovern was elected unopposed as a “Corporate-External” member of the Council, among other appointments; and Marcus Johnson as “Individual-External” member of the Council. Following ... Read the full article
Global economy exposed to $3.5trn loss from potential cyber attack: Lloyd’s
18th October 2023
London-based marketplace for insurance and reinsurance, Lloyd’s, has published a systemic risk scenario that shows the global economy is exposed to losses of $3.5 trillion over a five-year period from a cyber attack on a major financial services payments. The risk scenario models the global economic impact of a hypothetical but ... Read the full article
Oka granted in principle approval for Asta-managed SIAB 1922 by Lloyd’s
18th October 2023
Third-party managing agent at Lloyd’s, Asta, and Oka, the Carbon Insurance Company, has announced that the specialist insurance and reinsurance marketplace has granted ‘in principle’ approval for Oka syndicate-in-a-box (SIAB) 1922. Oka syndicate 1922 is targeting commencing underwriting in January 2024 and introduces an insurance solution to protect against buyer-side carbon ... Read the full article
Ki teams with Travelers & Aspen to expand digital follow capacity
17th October 2023
Ki, the first fully digital and algorithmically-driven Lloyd's of London syndicate, has announced a partnership with Travelers and Aspen which will offer additional follow capacity through its digital platform from January 1, 2024. As a result of this major collaboration, Ki will become the first algorithmic underwriter in the market to ... Read the full article
Lloyd’s new data tool models global economic impact of extreme weather events
11th October 2023
Re/insurance marketplace Lloyd's has launched a systemic risk scenario that models the global economic impact of extreme weather events leading to food and water shocks, estimating the loss to be around $5 trillion over a five year period. According to the announcement, the scenario examines how a hypothetical, but plausible increase ... Read the full article
ICMR calls for holistic approach to ESG at Lloyd’s
11th October 2023
Analysis by Insurance Capital Markets Research’s (ICMR) highlights the need for a holistic approach to environmental, social, and corporate governance (ESG) within the Lloyd's insurance and reinsurance marketplace. ICMR notes that while there's a lot of activity around ESG within Lloyd's, including the LMA's recently launched ESG academy, much of the ... Read the full article
LMA updates Blueprint Two Playbook for managing agents
10th October 2023
The Lloyd’s Market Association (LMA) has released an updated version of its playbook for managing agents to provide them with the tools and knowledge needed to implement the Blueprint Two market transformation initiatives. “Blueprint Two is a pivotal moment for the London insurance market, as we take a major step to ... Read the full article
Lloyd’s emphasises need to regularly check validity of LOCs as marketplace adjusts guidance
3rd October 2023
London-based specialist insurance and reinsurance marketplace, Lloyds, has issued a new market bulletin for members which outlines some changes to the use of letters of credit (LOCs) within Tier 2 capital limits, and underlines the need for frequent confirmation of the validity of each LOC issued. It appears as though this ... Read the full article
Leading European insurers underwrite 30% of U.S. coal: Insure Our Future
28th September 2023
According to a new report by Insure Our Future, leading European insurers are underwriting nearly a third of U.S. coal production, despite their net zero commitments. As per the group's report, Lloyd’s of London, Zurich, and Swiss Re are among the top ten insurers of the 25 biggest U.S. mines. Insure Our ... Read the full article
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