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.
New Lloyd’s mandate to require clarity on silent cyber coverage
4th July 2019
Insurance and reinsurance marketplace Lloyd’s of London is to mandate that all policies clearly state whether they will provide affirmative coverage for cyber risks. From January 1, 2020, Lloyd’s underwriters will be required to clarify whether first-party property damage policies affirm or exclude cyber cover. For liability and treaty reinsurance, the requirements ... Read the full article
Lloyd’s set to tighten third party oversight rules in 2020
3rd July 2019
Insurance and reinsurance marketplace Lloyd’s of London has announced that it plans to make significant changes to its framework for third party oversight, which will come into effect from Q1 2020. The changes will be aligned with the new Future at Lloyd’s strategy, and will aim to modernise current arrangements, reduce ... Read the full article
Lloyd’s outlines electronic placement mandate targets for H2 2019
3rd July 2019
Insurance and reinsurance marketplace Lloyd’s of London has outlined a set of updated targets for its electronic placement mandate, which will require syndicates to progressively write more of their risks digitally. In the third quarter of 2019, each syndicate will be required to have written no less than 60% of its ... Read the full article
Lloyd’s makes leadership appointments within EMEA region
1st July 2019
The specialist Lloyd's of London insurance and reinsurance marketplace has appointed Mark Cooper to the newly created role of Head of Market Development for the European Market, and has also named Amit Khilosia as the new Regional Head for Africa. Cooper has been with Lloyd's since 2015 and in his new ... Read the full article
Lloyd’s launches product innovation facility to tackle complex risks
25th June 2019
Insurance and reinsurance marketplace Lloyd’s of London has launched a new initiative to speed up re/insurance product development for complex and non-standard risks, called The Product Innovation Facility. The solution was led by senior underwriters Tokio Marine Kiln, Beazley, MS Amlin, Talbot, Liberty Specialty Markets, Hiscox, Ascot, Chubb, Chaucer, Brit, Antares ... Read the full article
Innovation key as demand for insurance shifts, says Lloyd’s
25th June 2019
The specialist Lloyd's of London insurance and reinsurance marketplace has underlined the importance of innovation in a rapidly evolving risk transfer landscape, underpinned by a global shift to intangible assets and a growing insurance gap. Global commercial insurance penetration sits at below 1%, and with Lloyd's estimating a global insurance gap ... Read the full article
New strategy will “revolutionise” Lloyd’s, says Carnegie-Brown
24th June 2019
The ideas comprising the new future at Lloyd’s strategy are set to “revolutionise” the way the insurance and reinsurance marketplace operate and serves customers, according to Lloyd’s of London Chairman Bruce Carnegie-Brown. Speaking at the Lloyd’s New York City Dinner this last week, Carnegie Brown told re/insurance industry executives how the ... Read the full article
Lloyd’s forms Global & London advisory committees to support new strategy
20th June 2019
Lloyd's of London has established Global and London advisory committees to help it deliver its new strategy for the future. The committees' members are comprised of insurance and reinsurance industry experts and veterans. The prominent industry figures have joined the committees to help the specialist insurance and reinsurance marketplace develop and ... Read the full article
Lloyd’s in talks with Chubb & AIG as it looks to boost U.S growth
20th June 2019
Insurance and reinsurance market Lloyd's of London is conducting talks with major insurer insurers such as Chubb and AIG as it looks to further boost its growth in the U.S, according to reports Reuters. CEO John Neal told the publication that Lloyd’s was discussing potential opportunities for the insurers to sell ... Read the full article
Lloyd’s CEO Neal says marketplace is taking steps to address autonomous vehicles: Bloomberg
18th June 2019
The Chief Executive Officer (CEO) of Lloyd's of London, John Neal, has revealed that the specialist insurance and reinsurance marketplace is in discussions with automakers about new and different types of insurance protection in response to the rise of driverless cars, reports Bloomberg. In a recent interview and in light of ... Read the full article
AI will help automate bespoke policies: Lloyd’s Trevor Maynard
17th June 2019
Artificial intelligence (AI) will create some “interesting possibilities” in terms of automating how the insurance market delivers bespoke products, according to Trevor Maynard, Head of Innovation at Lloyd’s. Speaking at the MMC Rising Professionals’ Global Forum in London last week, Maynard addressed the “wave of technology” currently sweeping across the market, ... Read the full article
S&P turns stable on Lloyd’s due to underwriting improvements
14th June 2019
S&P Global Ratings has revised the outlook on its ratings for Lloyd’s of London from negative to stable, citing improved underwriting performance driven by the efforts of the new leadership team. The revision applies to Lloyd’s, the Society of Lloyd’s, and its core subsidiaries, and S&P has also affirmed its issuer ... Read the full article
Lloyd’s must evolve or become “irrelevant,” warns CEO John Neal
13th June 2019
Lloyd’s of London is facing a “once in a generation opportunity” to lead the marketplace in delivering new solutions and confronting the challenges of a changing risk landscape, according to its Chief Executive Officer (CEO) John Neal. “As a sector, our choice is to continue with business as usual and become ... Read the full article
Lloyd’s misconduct cases could appear by next week: Carnegie-Brown
21st May 2019
Lloyd’s Chairman Bruce Carnegie-Brown has said that two or three cases of serious misconduct in the insurance and reinsurance marketplace could emerge by next week, according to reports from City A.M. Speaking to the publication at the City Week conference in London, Carnegie Brown revealed that there were “two or three ... Read the full article
Lloyd’s to implement faster approval process for syndicate business plans
14th May 2019
Lloyd’s of London, the insurance and reinsurance marketplace, is planning to implement a faster approval process for syndicates’ 2020 business plan and capital submissions. In a recent market bulletin, Director of Performance Management Jon Hancock explained that Lloyd’s will commit to approving plans in four weeks by introducing a phased approach ... Read the full article