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.

Wakam’s Syndicate 1347 receives Lloyd’s approval

20th December 2022

European B2B2C insurer Wakam, has announced that Wakam’s Syndicate 1347 has received Lloyd’s approval to start underwriting for the 2023 year of account. The syndicate was launched under Lloyd’s Syndicate in a Box (SIAB) initiative and will operate on the Lloyd’s platform. It will be managed by Polo Managing Agency (PMA), ... Read the full article

Lloyd’s Council grants approval to Lime Syndicate Management

13th December 2022

Lloyd’s Council has granted ‘in principle’ approval to Lime Syndicate Management to be the first managing agency in Lloyd’s since Reconstruction & Renewal over 25 years ago, established solely to provide management services for third-party syndicates. A statement from Lime SM said that its technology solution JUICE provides a cost-effective, legacy-free ... Read the full article

Trawick Intl. receives approval as Lloyd’s Coverholder

13th December 2022

Trawick International has announced that it has received delegated authority as an approved Lloyd’s coverholder. As a coverholder, Trawick International is now part of Lloyd's foremost global network. The company also now holds the authority to underwrite and issue policies on behalf of Lloyd's. At the same time, this appointment grants Trawick ... Read the full article

Lloyd’s elects Richard Dudley as Council member

12th December 2022

Richard Dudley, Global Head of Climate Strategy at Aon, has been elected as a Working Member of the Lloyd’s Council, effective 1 February 2023. Dudley has been working in the Lloyd’s market, the world’s leading marketplace for commercial, corporate and specialty risk solutions, for nearly three decades and currently sits on ... Read the full article

Lloyd’s has headroom to sensibly grow catastrophe book: Tiernan

7th December 2022

The Lloyd's insurance and reinsurance market has "headroom" to grow its catastrophe book of business sensibly in the hardening market, according to Chief of Markets Patrick Tiernan. Tiernan was speaking this morning during his delivery of a Q4 message to the market and explained that despite plans being submitted for the ... Read the full article

All London market tech partners now support Blueprint Two solutions: Lloyd’s

6th December 2022

The specialist Lloyd’s insurance and reinsurance marketplace has confirmed that all London market technology vendors that interact with the existing central services have pledged their intent to introduce changes to their platforms to accommodate the new Blueprint Two solutions for the London insurance market. According to Lloyd's, Blueprint Two will digitalise ... Read the full article

Connect Underwriting launches Pixel Re for $500m+ property & downstream energy risks

5th December 2022

Specialist reinsurance MGA, Connect Underwriting Limited, has announced the launch of Pixel Re, a new dedicated monoline reinsurance vehicle for global property and downstream energy risks. For attachments of typically USD 500 million and above, the newly launched Pixel Re will offer facultative reinsurance for large multinational risks on an excess-of-loss ... Read the full article

Sports insurance business expected to reach $600bn by 2025

24th November 2022

The global expansion of the professional sport industry combined with the varying type of its insurance needs, has resulted in the exponential growth of the sports insurance business in the past few years. DBRS Morningstar expects it to continue growing and to reach $600 billion in revenues by 2025. Currently, Lloyd's ... Read the full article

Risks to food supply chains growing alongside complexity and size: Lloyd’s & WTW

21st November 2022

A new report from Lloyd’s and WTW says that the risks associated with food chains around the world have increased as these chains have grown in size, volume, and complexity. The firm said that food and drink supply chains will play an essential part in facilitating global progress and building societal ... Read the full article

Lloyd’s sees up to $3bn of Hurricane Ian claims after reinsurance

18th November 2022

The specialist Lloyd's insurance and reinsurance marketplace expects claims related to Hurricane Ian of up to $3 billion, net of reinsurance, based on third-quarter data provided by its syndicates. Lloyd's has released an estimated range for Hurricane Ian losses of $2.3 billion to $3 billion, after reinsurance, and says that this ... Read the full article

Trium Cyber syndicate 1322 approved to underwrite at Lloyd’s

17th November 2022

Trium Cyber syndicate 1322 has been given final approval by Lloyd’s. The third-party managing agent Asta said that the risk carrier had received permission to commence underwriting business on or after 1 January. It said that Trium Cyber plans to write $50m of gross premiums during its first year. All business will ... Read the full article

BOC Aviation sues 16 insurance companies over Russia losses

16th November 2022

BOC Aviation, a Dublin-based aircraft lessor, has begun legal action against 16 insurance companies, including Lloyd’s of London, Chubb European Group, AIG Europe and Swiss Re, over losses linked to Russia-Ukraine war, according to a Reuters report. The proceedings were issued in the High Court on November 3, 2022. In August, the ... Read the full article

Antares Global Management Bermuda approved as Lloyd’s coverholder

15th November 2022

Antares Global Management (AGML Bermuda) has received approval from Lloyd’s to operate as a Lloyd’s in-house coverholder. This will enable AGML Bermuda to write Lloyd’s business on behalf of Antares Syndicate 1274 from Bermuda, in addition to the managing agent’s operations in Singapore, Antares Underwriting Asia Pte Limited. Michael van der Straaten, ... Read the full article

It’s a risk to get carried away in a hard market: Lloyd’s CFO Keese

11th November 2022

It's likely the hardest market in reinsurance since the aftermath of 2005, but as Hurricane Ian's impacts accelerate the trend with additional firming anticipated for the months ahead, it's important for underwriters not to get carried away, according to Burkhard Keese, Chief Financial Officer (CFO) of the specialist Lloyd's re/insurance ... Read the full article

Integration process of Lloyd’s European network completed

31st October 2022

Lloyd’s has announced the transfer of Lloyd’s Italian Branch to Lloyd’s Insurance Company (LIC) concluding the integration of the European network into LIC, a post-Brexit move to consolidate Lloyd's European business. The UK’s exit from the European Union meant British insurers like Lloyd’s were no longer able to underwrite EU risks ... Read the full article