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 announces plans to lower market processing costs by 40%
12th January 2022
The transformation of the specialist Lloyd's insurance and reinsurance marketplace has taken another step forward with an agreement between the market, DXC Technology and the International Underwriting Association (IUA) which aims to cut processing costs by 40%. An agreement between Lloyd’s, DXC Technology, the Boards of the Lloyd's Market Association ... Read the full article
Lloyd’s underwriters expect property cat rate rises to persist: Peel Hunt
12th January 2022
After rising by around 10% at the January reinsurance renewals, property catastrophe rates are expected to gain further momentum in 2022 amid a reduction in capacity, reports Peel Hunt following discussions with underwriters from the Lloyd's market. Peel Hunt recently held its Lloyd's Tour, during which most of the underwriters it ... Read the full article
FEMA sees decline in participating Lloyd’s Syndicates at 2022 NFIP reinsurance renewal
10th January 2022
The U.S. Federal Emergency Management Agency's (FEMA) January 2022 flood reinsurance renewal for the National Flood Insurance Program (NFIP) saw a reduction in the number of participating Lloyd's syndicates, which could be a reflection of the heavy catastrophe load. FEMA recently announced the procurement of $1.064 billion of flood reinsurance ... Read the full article
Lloyd’s releases Product Launchpad
7th January 2022
Lloyd’s has released its new Product Launchpad to further the work of the Product Innovation Facility and enable the Lloyd’s market to keep partnering with Insurtech, advancing innovation and developing new insurance solutions. Under the oversight of the Lloyd’s Lab team, potential ideas reaching the Lab through its expanding programme can ... Read the full article
The Ardonagh Group acquires Portuguese Lloyd’s broker MDS
24th December 2021
The Ardonagh Group is set to acquire Porto, Portugal-based insurance broker and risk management advisor, MDS Group, through a combination of equity and debt via Ardonagh Overseas Investments Ltd and operate as part of Ardonagh Global Partners. As well as its headquarters in Porto, MDS has offices in Brazil, where it ... Read the full article
Lloyd’s Asia sets up renewable energy consortium
23rd December 2021
Insurance and reinsurance marketplace Lloyd’s has launched a new renewable energy consortium for the APAC region and supporting countries. Developed by the Lloyd’s Asia platform, the consortium pools underwriting expertise and capacity among the participating syndicates for renewable energy risks. The new consortium has been developed by Chaucer, Markel, and Munich Re ... Read the full article
Brit partners with Lloyd’s to pilot continuous contracts for coverholders
14th December 2021
Brit Ltd (Brit) has piloted the first continuous binder at Lloyd’s, which is planned to launch in January 2022. The new forms of contract aim to improve efficiencies by replacing the traditional annual renewal cycle, which can often be time and labour intensive and result in capacity being confirmed weeks or ... Read the full article
Argenta pegs industry hit from US tornados as high as $7bn
13th December 2021
Lloyd's managing agent Argenta says the freak tornado outbreak which devastated multiple US states over the weekend could drive industry losses as high as $7 billion. Mayfield, Kentucky Analysts believe the most suitable comparison to a past event is a derecho that hit Iowa in 2020. A derecho is essentially an ... Read the full article
MPS syndicate to start trading in 2022
26th November 2021
Third-party Lloyd’s managing agent Asta has announced that Medical Protection Society (MPS) has been granted final approval for the transition of its Special Purpose Arrangement (SPA) 1892 to a market-facing syndicate. The syndicate will commence underwriting from the beginning of next year. MPS is offering its medical malpractice insurance for corporate providers ... Read the full article
Apollo gains Lloyd’s approval for ibott syndicate 1971
22nd November 2021
Apollo Syndicate Management, the independent specialist insurer and reinsurer, has been granted approval from Lloyd’s to establish and manage ibott syndicate 1971 for 2022. It has also been granted Permission to Underwrite in accordance with the agreed business plan. The ibott SPA 1971 was launched in January 2019 at Lloyd’s and specialises ... Read the full article
MNK Re announces new UK wholesale, retail business
10th November 2021
MNK Re, a broker of specialist risks into Lloyd’s, has announced the launch of a new business focused on UK wholesale and retail. MNK Re UK Specialty will initially focus on developing wholesale and high net worth lines. Grahame Lamb, Richard Daws and Jonathan Britton are set to lead the new operation; ... Read the full article
Specialty re/insurer Inigo approved to double premiums for 2022
2nd November 2021
Specialty insurance and reinsurance company, Inigo Limited, has seen its 2022 business plan approved by Lloyd's, enabling the firm to double its underwriting to a controlled premium in excess of $850 million for the year. Inigo launched at Lloyd's last year after the acquisition of Enstar and Stone Point Capital’s managing ... Read the full article
Hamilton opts to cease writing property treaty reinsurance in London
20th October 2021
Bermuda-based insurer and reinsurer, Hamilton Insurance Group, Ltd., has decided to stop writing property treaty reinsurance through Syndicate 4000 in London. The re/insurer says that it will continue to write this line of business out of Bermuda, consolidating its peak peril catastrophe reinsurance underwriting into a single hub. Additionally, the company will ... Read the full article
Beazley receives in principle approval to launch Lloyd’s first ESG syndicate
18th October 2021
Specialist insurer Beazley has received in principle approval from Lloyd’s to establish Syndicate 4321 from the start of next year. The syndicate will focus exclusively on offering additional capacity to businesses that perform well against ESG metrics and will be led by Will Roscoe, Head of the Market Facilities Division. Syndicate 4321, ... Read the full article
Marco gets nod to provide RITC/legacy solutions to Lloyd’s syndicates
15th October 2021
European P&C run-off group Marco Capital has been granted ‘in principle’ approval to launch a Reinsurance To Close (RITC)/run-off syndicate. Formal approval of the syndicate is subject to completion of a review phase by the Lloyd’s Council. The Council’s approval would allow Marco to participate in and quote on RITC and other ... Read the full article
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