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.
Lloyd’s Lab announces its sixth cohort additions
15th April 2021
Lloyd’s of London has announced the next eleven InsurTech start-ups to join the sixth cohort of the Lloyd’s Lab innovation accelerator programme. The program will be focused on creating simpler products for customers, including building solutions related to climate risks. This follows Lloyd’s commitments to reducing complexity and enhancing coverage clarity outlined ... Read the full article
Lloyd’s reports net loss for 2020 on COVID-19 losses of £3.4bn
31st March 2021
The specialist Lloyd's of London insurance and reinsurance marketplace has reported a net loss of £900 million for 2020 against profit of £2.5 billion a year earlier, as net incurred COVID-19 losses, net of reinsurance, reached a significant £3.4 billion. On a gross basis, customer payouts related to the pandemic are ... Read the full article
Compre partners with Apollo to launch Lloyd’s legacy Syndicate 1994
15th February 2021
Legacy group Compre has entered into a strategic partnership with independent specialist re/insurer, Apollo Syndicate Management, to launch a new Lloyd's of London legacy business focussed Syndicate 1994, which has received approval from The Council of Lloyd's. Syndicate 1994 will have the ability to execute the full range of legacy transactions ... Read the full article
COVID losses likely to exceed Lloyd’s estimate, says Brit
12th February 2021
Specialty insurer and reinsurer Brit has suggested that the COVID-19 pandemic could “significantly exceed” the $107 billion claims estimate predicted by Lloyd’s last year. The comments contrast with the view of some other analysts, such as those at Berenberg, who recently reduced their industry loss estimate from $50-70 billion to ... Read the full article
Lloyd’s broker London Re launches in EU
12th January 2021
Reinsurance broker London Re, a new European Lloyd's broker, has been launched as a joint venture between Seventeen Group and MRH Trowe, an independent German broker. London Re will be based in Dusseldorf, Germany, with a branch office based in London. The start-up offers an independent broking solution for EU clients and ... Read the full article
MNK Re adds Bragg, Zarate to international property team
17th December 2020
Specialty Lloyd’s broker MNK Re has added Adam Bragg and Andrea Zarate to its international property team. Bragg will serve as managing director of its international facultative property division and joins from Gallagher Specialty, where he was the head of their Latin American property team. Zarate joins from Lucy A. Raymond and will ... Read the full article
Coverys European Holdings acquires Lloyd’s Gava S.R.L
6th November 2020
Coverys European Holdings subsidiary, AEC Wholesale Group (CEH), has announced the acquisition of Gava S.R.L, a Lloyd’s coverholder. AEC Group will assume 100% ownership of Gava, bringing the Italian Lloyd’s coverholder into its existing network of specialist liability insurance intermediaries. Gava underwrites professional lines risks for both private and public bodies throughout ... Read the full article
Lloyd’s broker MNK Re purchases majority stake in Prospect Brokers Africa
6th November 2020
Lloyd’s broker MNK Re Limited has announced that it has reached agreement to purchase a majority stake in independent South African reinsurance broker, Prospect Brokers Africa (Pty) Limited. The acquisition will see Neesha Parbhoo lead the newly established MNK Re South Africa as CEO, supported by former RFIB colleagues Paul Ray ... Read the full article
Premia selects Phinsys to manage the migration of its Lloyd’s transactions
4th November 2020
Finance automation software provider for the insurance industry, Phinsys, has announced that Premia Managing Agency Ltd has selected the firm to support its Lloyd’s of London run-off business. Premia will be implementing Phinsys products Tandem, Rapport and Inform to manage the migration of its Lloyd’s transactions. Tandem is a source-agnostic finance data ... Read the full article
It’s time to go back to basics, says Lloyd’s CEO Neal
9th October 2020
When considering the new risks of the age, the re/insurance industry needs to go back to basics and prioritise educating people around the benefits of insurance, according to John Neal, Chief Executive Officer (CEO) of Lloyd's of London. As emerging and systemic risks such as cyber and climate change, to name ... Read the full article
Lloyd’s targets $15bn of new business, 13% growth in 2021: Neal
7th October 2020
The specialist Lloyd's of London insurance and reinsurance marketplace expects to approve business plans that will enable the market to write roughly $15 billion of new business in 2021, according to Chief Executive Officer (CEO), John Neal. In the latest of Aon's series of fireside chats with industry experts and leaders, ... Read the full article
Lloyd’s falls to H1 net loss; expects gross COVID-19 claims of $6.5bn
10th September 2020
The specialist Lloyd's of London insurance and reinsurance marketplace has reported a loss of £0.4 billion (USD 0.5bn) in the first half of 2020, as COVID-19 related claims, after reinsurance recoveries, reached £2.4 billion (USD 3.1bn). On a gross basis, Lloyd's says that it expects to pay out up to £5 ... Read the full article
Beat to launch new underwriting vehicle following Bain Capital partnership
2nd September 2020
Beat Capital Partners, an insurance industry-focused long duration investor, is set to enter into a strategic partnership with leading global credit specialist Bain Capital. Due to be completed in late 2020, this long-term strategic partnership will see Bain Capital fund a dedicated underwriting vehicle for Beat. The vehicle will provide capital through Syndicate 4242 ... Read the full article
Intangible assets a “major blind spot” amid COVID-19: Lloyd’s & KPMG
6th August 2020
The acceleration of digital business models, amplified by COVID-19, could lead to intangible assets becoming a “major blind spot” for companies not factoring them into their risk models. This is according to a new report published by Lloyd’s and KPMG, which urges businesses to pay attention to the new risk landscape ... Read the full article
Lloyd’s reveals members of new single governing body
5th June 2020
The specialist Lloyd's of London insurance and reinsurance marketplace has confirmed the members of its newly formed Council, effective June 1st, 2020. In May of last year, Lloyd's proposed the merger of its Franchise Board into the Lloyd's Council as part of its ongoing mission for increased efficiency. Later in the ... Read the full article