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.
Modest combined ratio improvement expected at Lloyd’s in 2023: KBW
29th March 2023
A modest combined ratio improvement is expected at Lloyd's in 2023, KBW’s analysts predict following the specialist re/insurance marketplace’s recently-reported 2H22 results, which also included persistent rate increases, sustained y/y core combined ratio improvement and investment losses y/y due to mark-to-market accounting rules. For the second half of 2022, Lloyd’s interim ... Read the full article
Lloyd’s Lab reveals insurtechs for Europe-focused cohort
29th March 2023
Re/insurance marketplace Lloyd’s has announced the 13 insurtech firms set to join the 10th cohort of its innovation hub, the Lloyd’s Lab, which will include a focus on the European market this time around. For this cohort, the insurtechs were selected based on solutions geared towards three themes: European Digital and ... Read the full article
Ballantyne Brokers completes management buyout
24th March 2023
Ballantyne Brokers Ltd, a new independent Lloyd’s broker based in London, has announced it has completed a management buyout (MBO) from its parent company K2 Insurance Services. The MBO was led by founders, Ross Ballantyne and Richard Spragg, and Chief Operating Officer, John Harris who will continue to lead the company ... Read the full article
Global insurance spending likely to double in the next decade, says Lloyd’s Neal
23rd March 2023
Speaking to the Financial Times (FT), John Neal, Lloyd's CEO, suggested the increase in global insurance spending over the next decade is to be driven by a greater perception of risks such as bank failures and climate change. According to FT, Neal noted that financial risks like bank failures as well ... Read the full article
Lloyd’s reports £2.6bn underwriting profit but investment loss dents full year result
23rd March 2023
Lloyd's, the specialist insurance and reinsurance marketplace, has today announced an improved underwriting profit of £2.6 billion in its 2022 full year results, although a net investment loss of £3.1 billion resulted in an overall loss before tax of £800 million. After numerous years of performance improvement, the Lloyd's market's underwriting ... Read the full article
LMA announces Claims Committee election results
23rd March 2023
The Lloyd’s Market Association (LMA) has announced the results of the LMA Claims Committee (LMACC) elections. The LMACC ballot for five elective membership positions closed at the end of February. Two members of the LMACC who stood for a second term were both re-elected: Nick Doyle from The Hartford, and Steve Yeo ... Read the full article
Scope to close semiconductor supply chain risk protection gaps: Lloyd’s & WTW
17th March 2023
A new report by re/insurance marketplace Lloyd’s, delivered in collaboration with broker WTW, has warned that the global electronics industry is threatened by semiconductor supply chain risks, which are set to be exacerbated by a lack of available insurance solutions. The semiconductor industry is estimated to have a market value of ... Read the full article
Bob James named COO at Lloyd’s
14th March 2023
Specialist insurance and reinsurance marketplace Lloyd’s has announced a number of changes to its Executive Committee, including the appointment of Bob James as Chief Operations Officer (COO). Previously Lloyd’s Market Transformation Director, James will now focus on aligning the Blueprint Two programme with the wider Corporation Operations function. Meanwhile, Burkhard Keese, Read the full article
Lloyd’s has a duty to lead in cyber: Patrick Tiernan
13th March 2023
Patrick Tiernan, Chief of Markets at Lloyd’s, says the insurance and reinsurance marketplace has a duty to provide leadership in the cyber market and ensure sustainable underwriting practices. With the cyber market set to continue it’s rapid growth, it is “encumbent on Lloyd’s to be a leader in this space,” Tiernan ... Read the full article
Lloyd’s to continue profitable underwriting momentum, says S&P
9th March 2023
Analysts at S&P Global Ratings anticipate that Lloyd's will continue its profitable underwriting momentum in 2023. The analysts note that Lloyd's strong year-end 2022 underwriting results reflect its focus on underwriting controls and positive price increases. Lloyd's reported a net combined ratio of 91.9% for 2022, compared to 93.5% in 2021, which ... Read the full article
Lloyd’s sees uptick in reinsurance submissions in recent weeks: Tiernan
9th March 2023
The Lloyd’s insurance and reinsurance market is seeing an uptick in reinsurance submissions in the first-quarter of 2023, as syndicates and participants work through the impacts of the January renewals, according to Chief of Markets Patrick Tiernan. At the same time, Tiernan noted that, only those syndicates that demonstrate they can ... Read the full article
Lloyd’s to report improved underwriting result but investments drive full year loss
8th March 2023
Lloyd's, the specialist insurance and reinsurance marketplace, is poised to report a better than expected combined ratio of 91.9% for full year 2022, although an investment loss of £3 billion is expected to result in a full year loss before tax. The world's oldest re/insurance marketplace is scheduled to release its ... Read the full article
Ariel Re leverages Lloyd’s LB2 structure as it raises $270m of new capital for growth
6th March 2023
Global reinsurer Ariel Re has secured $270 million of capital from investors as it looks to take advantage of exciting growth opportunities in the year ahead. The new capital was raised from five new institutional investors and family office investors, while existing backers Pelican Ventures and JC Flowers & Co have ... Read the full article
ICMR forecasts below 90% combined ratio for Lloyd’s
3rd March 2023
Specialist analytics and consulting firm Insurance Capital Markets Research (ICMR) is forecasting that insurance and reinsurance marketplace Lloyd’s will report a sub-90% combined ratio for 2022. Using the reported data of the RISX index constituents, ICMR predicts that Lloyd’s will report its best underwriting result since 2014. The RISX index comprises the ... Read the full article
FEMA sees 36% decline in number of counterparties at 2023 NFIP reinsurance renewal
22nd February 2023
Data from the U.S. Federal Emergency Management Agency (FEMA) on the National Flood Insurance Program's (NFIP) traditional reinsurance placement for 2023 reveals a 36% decline in the number of participants on the programme when compared with the prior year. In January, FEMA announced the placement of a 50% smaller reinsurance ... Read the full article
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