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.
Activists claim Lloyd’s CEO is failing on market’s ESG commitment
17th February 2022
Environmental activists have accused Lloyd’s CEO John Neal of failing to sufficiently align Lloyd’s policies with the climate rhetoric that has been repeatedly touted by the insurance and reinsurance marketplace. Lloyd’s has consistently expressed support for environmental, social and governance (ESG) measures within its marketplace in order to help accelerate the ... Read the full article
Asta and JPO Consulting launch ARTes Specialty MGA
15th February 2022
Asta, a third-party managing agent at Lloyd’s, and JPO Consulting have launched ARTes Specialty (ARTes), an independent UK based managing general agent (MGA), specialising in fully delegated portfolio underwriting. The MGA will connect strategic partnerships with selected distributors to Lloyd’s and company market capacity. ARTes has been collaborating with Asta via their ... Read the full article
Ukraine launches $592m fund for flights through its airspace as insurers pull cover
14th February 2022
Global insurance companies, including those at the specialist Lloyd's re/insurance marketplace, have reportedly decided not to insure any Ukrainian landings or aircraft in the country's airspace as the situation with Russia intensifies. In response to the move by insurers, the Ukrainian Government has launched a 16.6 billion hryvnia (USD 592 million) ... Read the full article
Marco completes RITC transaction with Verto
11th February 2022
Marco Capital Holdings, a European P&C insurance run-off group, has completed a Reinsurance to Close (RITC) transaction with Verto Syndicate. The transaction became effective at the beginning of this year, and was underwritten by Marco’s recently established Syndicate 1254, and managed by Capita Managing Agency, which Marco has agreed to acquire. The ... Read the full article
LMA to offer “at the box or in the office” availability
7th February 2022
The Board of the Lloyd’s Market Association (LMA) has entered a market-wide agreement on “at the box or in the office” availability, ensuring Lloyd’s underwriters be physically present for in-person trading with brokers. Its broker will be available on Tuesdays, Wednesdays, and Thursdays, and will either be based in Lloyd’s Underwriting ... Read the full article
Evertas becomes Lloyd’s coverholder
4th February 2022
Lloyd’s of London has approved insurer Evertas to become one of its coverholders. This designation, said Evertas, will allow it to expand access to insurance products relating to cryptoassets. As a Lloyd’s coverholder, Evertas will provide insurance capacity to cryptoasset investors. J. Gdanski, CEO of Evertas, said: “The lack of insurance capacity ... Read the full article
CFC names Richard Ward as Non-Executive Chairman
2nd February 2022
CFC, the emerging risk and cyber insurance specialist, has appointed Dr. Richard Ward as Non-Executive Chairman, who brings a long career within insurance and the London market. Ward has previously served as CEO of Lloyd’s of London from 2006 until 2013, during which time he introduced digitisation across many of its ... Read the full article
Insurtech MIC Global to establish Lloyd’s Syndicate 5183
28th January 2022
Insurtech MIC Global has received 'in-principal' approval from Lloyd’s to launch Syndicate 5183, which is scheduled to underwrite business incepting on or after April 1st, 2022. The new syndicate will be managed by Asta, a third-party managing agent at the specialist Lloyd’s insurance and reinsurance marketplace. MIC provides end-to-end digital micro insurance ... Read the full article
Lloyd’s appoints Dawn Miller as commercial director
21st January 2022
Dawn Miller is to join Lloyd’s as its new commercial director in a role set to begin in Q2 2022. According to Lloyd’s, Butler is to oversee Lloyd’s global network across the Americas, Europe, APAC, and MEA. She will be responsible for distribution, market development, global engagement with brokers, and new ... Read the full article
CyberCube designs scenarios for Lloyd’s RDS exercise
20th January 2022
Cyber analytics specialist CyberCube has designed three cyber-specific scenarios to be used as part of Lloyd’s of London’s annual Realistic Disaster Scenarios (RDS) exercise. The three scenarios include a cyber power outage, a widespread malware event and a cloud outage event. These will allow Lloyd’s managing agents and syndicates to stress test ... Read the full article
Resilience earns Coverholder status at Lloyd’s
19th January 2022
Resilience, an insurance and security solutions specialist, has earned delegated authority as a Coverholder, enabling it to deliver its comprehensive cyber risk management and insurance solutions to the worldwide insurance marketplace served by Lloyd's. Cyber risk is highly complex and difficult to address under traditional risk transfer approaches. Resilience provides intuitive cyber coverage ... Read the full article
LMG welcomes inquiry into UK’s commercial re/insurance market
18th January 2022
The London Market Group has welcomed The House of Lords Industry and Regulators Committee’s inquiry into the regulation of the London insurance market, which was announced recently. The inquiry is to “explore the extent to which regulatory policy is well-designed and proportionately applied and the possibilities for optimising policy following ... Read the full article
Lloyd’s CFO to take on COO duties
17th January 2022
Lloyd’s CFO Burkhard Keese is lining up to take on COO duties when incumbent Jennifer Rigby departs towards the end of this month. The new structure, under which Keese will maintain both roles, is being put in place to facilitate the delivery of Lloyd’s Blueprint Two programme. That programme is the second ... Read the full article
Lloyd’s announces plans to lower market processing costs by 40%
12th January 2022
The transformation of the specialist Lloyd's insurance and reinsurance marketplace has taken another step forward with an agreement between the market, DXC Technology and the International Underwriting Association (IUA) which aims to cut processing costs by 40%. An agreement between Lloyd’s, DXC Technology, the Boards of the Lloyd's Market Association ... Read the full article
Lloyd’s underwriters expect property cat rate rises to persist: Peel Hunt
12th January 2022
After rising by around 10% at the January reinsurance renewals, property catastrophe rates are expected to gain further momentum in 2022 amid a reduction in capacity, reports Peel Hunt following discussions with underwriters from the Lloyd's market. Peel Hunt recently held its Lloyd's Tour, during which most of the underwriters it ... Read the full article