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 needs to disrupt itself rather than be disrupted: Hancock
17th November 2017
The Lloyd's insurance and reinsurance market faces numerous challenges, from an extremely competitive business environment, to the threat posed by new re/insurance market entrants, but it needs to embrace disruption, according to Jon Hancock. Speaking at an A.M. Best industry event in London this week, Jon Hancock the Performance Management Director ... Read the full article
Earnings outlook to improve for Lloyd’s companies
15th November 2017
After Lloyd's companies were hit with incurring material losses in 2017, the earnings outlook for coming years has turned optimistic with price increases expected to benefit existing books of business and new opportunities arising from increased exposure. This will come as encouraging news to Lloyd's firms' after earnings have been hard hit ... Read the full article
Reinsurers believe loss gap will build to match $80-100bn estimates
14th November 2017
Amidst speculation over whether the sizable gap between re/insurers' reported losses and industry estimated losses will be filled, half of conference attendees polled at the 2017 Bermuda Reinsurance Conference said they expect total insured losses to continue to grow to match industry estimates of U.S. $80-100 billion. Q3 re/insurance losses could ... Read the full article
Lloyd’s partners with Advent Claims for claims management hub
14th November 2017
The LMA Claims Committee (LMACC) has selected Advent Claims as a partner and vendor for its Claims Expert Management Hub for Lloyd’s carriers. Using the MATS platform provided by MatsSoft, Advent Claims will develop the platform at the Hub’s core - enabling managing agents to record, track and control budget and spend ... Read the full article
Newbridge secures $20mn Lloyd’s capacity deal for political violence & terrorism market
14th November 2017
To support the growth of its political violence and terrorism insurance and reinsurance business, Newbridge Risk Partners, an underwriting cell on the Castel MGA formation platform, has secured a deal with Lloyd’s and London company market capacity. The new capacity will enable Newbridge to offer up to $20 million for operational ... Read the full article
Dale gets approval for Lloyd’s reinsurance sidecar SPA
13th November 2017
Dale Underwriting Partners has received approval from Lloyd's for its new special purpose arrangement (SPA), a vehicle that will act as a kind of reinsurance sidecar for Dale's Syndicate 1729. The SPA will reinsure a portfolio of contingency and specialty property business that has been underwritten into Dale syndicate 1729 by ... Read the full article
Agora Underwriting approved for its full Lloyd’s Syndicate 3268
13th November 2017
Agora, the Lloyd's of London underwriting operation run by its active underwriter Mike Pritchard, has been approved for a full syndicate at Lloyd's, an upgrade from the Special Purpose Arrangement (SPA) it had previously operated as. Agora Syndicate 3268 has now been approved by Lloyd’s to begin underwriting business that attaches ... Read the full article
Lloyd’s insurers’ results reporting – a $26mn missed opportunity
9th November 2017
The processes of Lloyd's insurers' capital-model governance validation testing and results reporting are overly congested and driven by regulatory feedback rather than standards of measurement that could add genuine value to firms, according to recent research by the Lloyd's Market Association (LMA). A survey of managing agencies’ chief risk officers and ... Read the full article
Lloyd’s pegs Hurricane Maria loss at $0.9 billion
23rd October 2017
Lloyd’s has released a preliminary $0.9 billion hurricane Maria claims estimate, and lowered its net claims estimates for hurricanes Harvey and Irma from a combined $4.5 down to $3.9 billion. "The claims estimate for Harvey and Irma has reduced approximately 10% from the precautionary figure we issued with our half year ... Read the full article
Lloyd’s capital pressured, further catastrophes could threaten market: Fitch
23rd October 2017
Rating agency Fitch remains negative on insurance and reinsurance market Lloyd's of London, saying that recent catastrophes pose a threat to its capital base. While recent losses from hurricanes Harvey, Irma and Maria, as well as the Mexican earthquakes and Californian wildfires, remain within expected tolerances, Fitch Ratings says that they ... Read the full article
Lloyd’s signs artificial intelligence deal to transform business processes
9th October 2017
Lloyd's of London has signed its first agreement with an artificial intelligence (AI) technology provider, signing up with Expert System to enable Cogito powered cognitive automation to transform business processes and support Lloyd's market participants. Craig Civil, Head of Data Innovation, Lloyd's, said; "Artificial Intelligence drives productivity by changing the way ... Read the full article
“I don’t think the industry is doing enough to innovate” – Lloyd’s Chairman
6th October 2017
Lloyd's new Chairman, Bruce Carnegie-Brown, has called for a renewed emphasis on modernisation of the 300 year old insurer, saying that while Lloyd's underwriting performance has been strong, the firm's success is stunted by its overweight cost structure, in an interview with the Financial Times. "I don’t think the industry is ... Read the full article
Lloyd’s struggles on expenses, costs making it less competitive
29th September 2017
The Lloyd's of London specialist insurance and reinsurance market is struggling due to its high expense base and the cost of doing business there, which is driving up its combined ratio above the average of its competitors. Speaking during an analysts presentation yesterday, John Parry, Chief Financial Officer at Lloyd’s, explained ... Read the full article
Lloyd’s volumes up, but profits continue to shrink in first-half 2017
28th September 2017
The Lloyd's of London insurance and reinsurance market reported first-half 2017 profit of £1.22 billion ($1.58 billion) this morning, a decline on the prior year period. However the market also reported higher volumes of business, as new product lines start to help it to grow. Profits at Lloyd's are down almost ... Read the full article
Lloyd’s syndicates commended on early Harvey & Irma claims payments
21st September 2017
The Lloyd's Market Association (LMA) has commended syndicates in the Lloyd's of London insurance and reinsurance market for promptly paying claims from hurricanes Harvey and Irma. LMA chief executive David Gittings commented; “The first response of the Lloyd’s community has been, within days of Irma passing, to pay claims. These are ... Read the full article