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.
Stability and relative performance key factors in Lloyd’s follow-only underwriting decisions: ICMR
31st May 2023
In the ever-evolving world of insurance underwriting, traditional practices have given way to technological advancements. While brokers once had to physically visit Lloyd's underwriting room to seek follow capacity, the landscape has shifted dramatically. Nowadays, online broker platforms allow for risk placement, enabling underwriters to access crucial information through APIs. However, ... Read the full article
UNEP needs to make NZIA membership rules less prescriptive or risk falling apart says John Neal to Reuters
25th May 2023
A global climate alliance for insurers needs to make its membership rules less prescriptive or risk falling apart, John Neal, the Chief Executive of Lloyd’s of London told Reuters. With some major re/insurers having withdrawn from the Net-Zero Insurance Alliance (NZIA), the United Nations Environment Programme (UNEP) has stated that there’s ... Read the full article
Lloyd’s appoints Beazley’s Rachel Turk as new CUO
25th May 2023
Lloyd’s has appointed Rachel Turk as Chief Underwriting Officer (CUO), reporting to Chief of Markets Patrick Tiernan. In her new role, Turk will be responsible for managing the performance of the Lloyd’s market, including leading the underwriting function to support the Corporation’s strategic goals. She will also be responsible for leading the ... Read the full article
London’s share of global insurance market ‘stagnant’ at around 8%, says LMG CEO: FT
23rd May 2023
Caroline Wagstaff, CEO of the London Market Group, which represents the specialist insurance sector in the City, points out that London's portion of the worldwide insurance market has been "stagnant", hovering around 8% in recent times, the Financial Times reported. London's insurance market, centered around Lloyd's of London, is facing challenges ... Read the full article
Canopius launches digital asset custody product on Lloyd’s Asia platform
22nd May 2023
Global specialty re/insurer Canopius has announced it will underwrite its digital asset custody product from Singapore, noting it is the first carrier on the Lloyd’s Asia platform to provide coverage locally. The launch marks an extension of the product Canopius Syndicate 4444 underwrites in London, catering to a growing demand from ... Read the full article
Lloyd’s aims to identify underwriting & exposure challenges earlier in the syndicate business planning process
16th May 2023
Lloyd's, the world's oldest insurance and reinsurance marketplace, has released a market bulletin detailing the 2024 business plan and capital approval process and timeline for syndicates, stating that it intends to identify underwriting and exposure challenges earlier in the syndicate business planning process. The May 16th bulletin from Peter Montanaro, Market ... Read the full article
Ascot launches innovative portal for Lloyd’s coverholders
15th May 2023
Specialty insurer and reinsurer Ascot announced the launch of its new portal designed exclusively for Lloyd's coverholders. The portal will initially be introduced with a coverholder based in Australia, marking a significant step forward for Ascot in streamlining the distribution chain and enhancing its relationship with coverholders and customers through technology. "By ... Read the full article
PPL to decommission its original V3 platform after Next Gen launch
15th May 2023
Following the launch of Next Gen, Placing Platform Limited (PPL) has announced its plans for the decommissioning of the original PPL V3 platform, and to confirm that the shutdown of the Ebix system will occur, as originally planned, at the end of 2023. As a result, ... Read the full article
State-backed cyber exclusions at Lloyd’s could cause disputes: RPC
11th May 2023
Proposals by Lloyd’s of London to exclude state-backed cyber attacks from standard cyber insurance policies could lead to disputes between insurers and the businesses they insure, according to analysts at international law firm RPC. Lloyd’s is proposing that state-backed attacks are excluded from standard cyber insurance policies to reduce the insurance ... Read the full article
Lloyd’s offers to insure NHS for unexpected costs such as pandemic
17th April 2023
According to a report from the Guardian, Lloyd’s of London CEO John Neal has proposed a deal with the UK government to help the NHS meet unexpected costs triggered by major events like the pandemic, as well as government cover for floods or droughts. The Guardian said that Neal "floated the ... Read the full article
BIBA partners with specialist re/insurance marketplace Lloyd’s
13th April 2023
The British Insurance Brokers’ Association (BIBA) has partnered with specialist insurance and reinsurance marketplace Lloyd’s. BIBA said many of its members and Lloyd’s have always worked closely together and it was pleased to welcome Lloyd’s on board as an official partner. "We will continue to work with Lloyd’s on issues relevant to ... Read the full article
Lloyd’s partners with Schroders on launch of Private Impact Fund with £250m initial allocation
12th April 2023
The world's oldest insurance and reinsurance marketplace, Lloyd's, has launched the Lloyd's Private Impact Fund on its market investment platform, and appointed Schroders Capital, the specialist private assets investment arm of Schroders, as its Portfolio Manager. This new fund, which launches with a £250 million initial allocation for sustainably-focused assets, will ... Read the full article
AXA XL hires Lait as Senior Underwriter, Marine Liability & Ports, UK & Lloyd’s
6th April 2023
AXA XL has announced that it has appointed Adam Lait as Senior Underwriter, Marine Liability & Ports, UK & Lloyd’s. Lait’s appointment is effective immediately. In the role he will hold responsibility for developing and managing underwriting strategies for renewing and new business within AXA XL’s Marine Liability & Ports book business ... Read the full article
PPL Next Gen platform rolls out fully after successful trial
3rd April 2023
PPL Next Gen, the new version of the London insurance market’s electronic trading platform, has been opened to placements for the entire market following four weeks of limited access while market firms completed training and preparation activities. During this time, the platform was also tested to ensure any “teething issues” ... Read the full article
Emma Loynes to become CEO of Lloyd’s Asia
3rd April 2023
Emma Loynes has been named as the new Country Manager for Lloyd's in Singapore and will also become Chief Executive Officer (CEO) of Lloyd's Asia, effective May 1st, subject to regulatory approval. Loynes takes over as CEO of Lloyd's Asia from Mark Dyson, who has held the role on an ... Read the full article
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