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 examines 2020/21 financial results for syndicates supported by third-party capital
23rd May 2022
Lloyd’s has released forecast results across 2020 and 2021 for all syndicates supported by third-party capital, along with market messages for 2023 business plans. For 2020, Lloyd’s said that the account has shown a slow-but-steady improvement, with the year remaining marginal on current forecasts. However, it said it expected to see ... Read the full article
Lloyd’s confident all Ukraine war scenarios fall within ‘manageable tolerances’
19th May 2022
While the cumulative effects of Russia's invasion of Ukraine in certain classes of re/insurance will undoubtedly be significant, the specialist Lloyd's marketplace is confident that all loss scenarios will be manageable for both the corporation and individual syndicates, according to Patrick Tiernan, Chief of Markets. In late March, when reporting ... Read the full article
“Lloyd’s market returned to profitability last year” – Moody’s
12th May 2022
The Lloyd’s market achieved its first underwriting profit in five years last year, according to a new note from Moody’s. The agency said that the improvement reflected the market’s efforts to increase its prices, cut costs, and withdraw from unprofitable business. These factors have strengthened the market's underlying underwriting performance, which ... Read the full article
Lloyd’s gearing up for conflict over planes stranded in Russia
3rd May 2022
Lloyd’s has reportedly hired law firm Clyde & Co. to give advice on the current situation involving Russia’s annexation of planes following its invasion of Ukraine. It is understood that more than 500 planes were left stranded in Russia after the country began to invade Ukraine earlier this year. A ... Read the full article
PPL’s Next Gen platform won’t be ready for September, to be reassessed
3rd May 2022
The next phase of the London Market’s electronic placing platform is to be reassessed as it's become clear that not all elements will be ready by September, reports the Board of Placing Platform Limited (PPL). In December of last year, Bronek Masojada, Chair of the PPL Board, said that the ... Read the full article
Lloyd’s negotiating lease renewal for 1 Lime Street, would like to stay: Carnegie-Brown
26th April 2022
The Lloyd's Chairman has told Bloomberg that 2026 would be too soon for the marketplace to leave its home on 1 Lime Street in London, as it continues to negotiate to extend its lease beyond 2030. In an interview with Bloomberg, Bruce Carnegie-Brown was questioned on the market's plans to stay ... Read the full article
AM Best sees positives for London insurance market, maintains stable outlook
26th April 2022
A myriad of factors including upward rate momentum, greater clarity around COVID-19 losses, a focus on modernisation, and improved access to alternative reinsurance capital have led AM Best to maintain its stable outlook for the London insurance market segment. For several years now, the London market has welcomed rate increases with ... Read the full article
Lloyd’s syndicate launches green incentive initiative
25th April 2022
Syndicate 2525, the specialist third party and employers’ liability insurer at Lloyd’s, is offering its panel adjusters a ‘fee bonus’ when a site visit is undertaken in an entirely electric vehicle. The bonus, which is a flat amount, boosts the on-site investigation fee by more than 25% for lower value, higher ... Read the full article
Aspen joins commitment to cut ties with the Tar Sands Pipeline
21st April 2022
Trans Mountain insurer and Lloyd’s syndicate Aspen Insurance is to cut ties with the existing Trans Mountain tar sands pipeline when its current insurance policy expires this summer. Aspen joins sixteen other insurance companies that have dropped Trans Mountain or vowed not to insure the Trans Mountain Expansion Project. The commitment from ... Read the full article
Greenlight Re’s Syndicate 3456 at Lloyd’s commences underwriting
20th April 2022
The previously announced Greenlight Innovation Syndicate 3456 at Lloyd's, Greenlight Re's new insurtech-focused syndicate, received approval to commence underwriting from April 1st, 2022. The new syndicate was launched under the syndicate in a box model at the specialist Lloyd's insurance and reinsurance marketplace. It's been launched by its parent to provide ... Read the full article
Possible downgrade for TMK’s Lloyd’s Syndicate 557
20th April 2022
Syndicate Research Limited (SRL) has recently placed the B+ (Above Average) Continuity Opinion of Lloyd’s syndicate 557 (Tokio Marine Kiln Syndicates Limited) under review for possible downgrade, following the syndicate’s active underwriter leaving the business and confirmation that a review was being undertaken of the syndicates account. The syndicate, backed entirely ... Read the full article
Lloyd’s building closed after climate activist protest
12th April 2022
The Lloyd's building at Lime Street in London has been closed this morning, after protesters from climate activist group Extinction Rebellion blockaded entrances. "We are currently unable to enter the Lloyd's building due to protesters outside," Lloyd's said in a statement released at 9.15am this morning. "In the interests of your safety, ... Read the full article
Allianz latest to rule out insuring East African Crude Oil Pipeline
11th April 2022
Allianz has become the seventh insurer to commit to not providing coverage to the East African Crude Oil Pipeline (EACOP). The pressure group #StopEACOP says that the insurer has sent it an email to confirm that they will not be ‘providing direct insurance’ to the project since ‘it neither meets our ... Read the full article
Mosaic adds Lloyd’s carrier Apollo to boost syndicated global capacity
5th April 2022
Mosaic Insurance has added Lloyd’s carrier Apollo to its consortia of industry partners, boosting the amount of syndicated capacity it can deploy for high-demand transactional liability coverage worldwide. The new partnership will support Mosaic’s hybrid syndicated capital program, in which Mosaic Syndicate 1609 commits capital alongside that of trade partners seeking ... Read the full article
Cenata and IQUW partner on reinsurance management solution
5th April 2022
Insurtech software provider Cenata has partnered with Property, Commercial and Specialty re/insurer, IQUW, enabling the Lloyd’s syndicate to use Cenata’s outwards reinsurance management solution, Cenata SURE, a full cycle outwards reinsurance management solution. The partnership will provide IQUW with the capability to process real-time premium and claims data from multiple inwards ... Read the full article
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