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.
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
Insurance industry’s financial clout key to fighting climate change: Lloyd’s CEO Neal
4th April 2022
Lloyd’s CEO John Neal has said climate change is the ‘single biggest opportunity’ he has seen in his career. Speaking on the Lloyd’s 2021 earnings call, Neal said that he saw climate change not as a threat, but as an opportunity for the industry ‘to stand up and be counted’. Neal said ... Read the full article
Market may not understand Ukraine loss this year: Lloyd’s CEO Neal
30th March 2022
John Neal, Chief Executive Officer at specialist re/insurance marketplace Lloyd’s of London, has warned that the market is a long way out from understanding its full exposure to Russia’s invasion of Ukraine. During a call prior to his hospitalisation following a car accident over the weekend, Neal warned that half-year reports ... Read the full article
Lloyd’s & Schroders partner on market investment platform
29th March 2022
Specialist insurance and reinsurance marketplace Lloyd’s of London has appointed Schroders Solutions as the investment partner of its new investment platform. The open-architecture firm manages £150 billion of global assets for insurance companies and has long-standing partnerships within the Lloyd’s market. The new platform will consist of a series of select funds ... Read the full article
Activists urge Munich Re and Lloyd’s to stop insuring EACOP Pipeline
29th March 2022
Environmental activists are calling for Munich Re and Lloyd's to follow other global re/insurers by no longer insuring the East African Crude Oil Pipeline (EACOP). The campaign #StopEACOP has been urging for a number of the worlds largest re/insurance companies to pull back from the scheme. On the campaign’s website it states ... Read the full article
Lloyd’s says Ukraine will be a major claim for the market
24th March 2022
The specialist Lloyd’s insurance and reinsurance marketplace has said it believes the ongoing conflict in Ukraine will be a major claim for the market in 2022. In comments alongside the release of its yearly results today, Lloyd’s said that it continues to be in “close dialogue” with market partners to ... Read the full article
Lloyd’s announces profit of £2.3bn as combined ratio improves to 93.5%
24th March 2022
The specialist Lloyd's insurance and reinsurance marketplace has reported its best quality result for some time, with an overall profit of £2.3 billion and a combined ratio of 93.5%, against a backdrop of heightened catastrophe activity. In 2021, the market's profit improved substantially from the £900 million loss reported in 2020, ... Read the full article
Lloyd’s syndicate Verto partners with Optalitix to enhance offering
18th March 2022
Verto syndicate 2689 (Verto), a follow-only Lloyd’s syndicate, has partnered with Optalitix, an insurtech company providing SaaS software to leading insurers in the UK, to innovate the Lloyd’s market using a fully digital pricing system with full AI capability. Embracing AI and rapid algorithm development through the Optalitix Quote product will ... Read the full article
OIC’s syndicate 2880 receives Lloyd’s approval
18th March 2022
Oman Insurance Company (OIC) and Asta, a third-party managing agent at Lloyd’s have announced that OIC’s syndicate 2880 has received Lloyd’s approval to commence underwriting. The syndicate was launched under Lloyd's syndicate-in-a-box (SIAB) initiative and will operate on the Lloyd’s platform under the Dubai International Financial Centre (DIFC). OIC is based in ... Read the full article
Atrium fined over £1m by Lloyd’s for non-financial misconduct
16th March 2022
Underwriting firm Atrium has been fined over £1m for non-financial misconduct, an amount that Lloyd’s said was the largest penalty ever imposed. The fine, said Lloyd’s, totals £1.05m, plus the payment of costs to the market of £562,713.50. It was however discounted by 30% as the proceedings were apparently settled at ... Read the full article
Inigo reports highest GWP of Lloyd’s start-ups at $411mn
16th March 2022
Specialty insurer and reinsurer, Inigo has submitted its first set of Syndicate accounts to Lloyd’s of London, since launching at the beginning of last year, reporting Gross Written Premiums of $411 million, outperforming new entrants to Lloyd’s with entirely new portfolios. The company’s ultimate premium for the 2021 underwriting year is ... Read the full article
Lloyd’s syndicate uses Vesttoo’s marketplace for agg stop-loss transaction
14th March 2022
Vesttoo, an AI-based insurance-linked investment platform, continues to expand its risk-agnostic offering and P&C liabilities focus, with this news of a transaction for a large Lloyd’s syndicate in the UK that wished to place an aggregate stop-loss transaction covering multiple perils, with total subject gross net written premiums of $270 ... Read the full article
Catastrophe risk has a home at Lloyd’s, but more realistic loss picks required
3rd March 2022
Executives from the Lloyd's insurance and reinsurance marketplace have called on certain managing agents to "have more realistic catastrophe loss picks" in their plans as actual results have significantly fallen short over the last five years. After another $100 billion+ of insured nat cat losses in 2021, it's clear that catastrophes ... Read the full article
Lloyd’s appoints new chief people officer
3rd March 2022
Lloyd’s has made Sara Gomez its new chief people officer. Gomez will move into the role after joining Lloyd’s in July 2021 and becoming Interim chief HR officer and a member of Lloyd’s executive committee in December 2021. As chief people officer, Lloyd’s said Gome will focus on developing Lloyd’s talent, ... Read the full article
LMA names digital transformation as top priority
3rd March 2022
The Lloyd’s Market Association (LMA) has revealed its ongoing agenda, with digital transformation at the top. According to the LMA, Future at Lloyd’s is its highest priority, with a specific focus on digitisation and adoption of standardised, high-quality data through the Data Council, Lloyd’s/DXC’s joint solution for risk, premiums and claims, ... Read the full article
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