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.
Australian reinsurance, binder broker Wickshire gets Lloyd’s approval
15th August 2019
Sydney, Australia-based Reinsurance and Binder Broker, Wickshire Pty Ltd., has announced that it has been approved as a Lloyd's of London Broker. The approval means that Wickshire is the only Australian domiciled business to hold this status, and provides the firm's clients will direct access to the entire London Lloyd's marketplace. Wickshire, ... Read the full article
Further rate increases needed at Lloyd’s, say analysts
14th August 2019
Despite ongoing rate increases in traditional Lloyd's market classes there remains pressure to continue to improve the underwriting performance, suggesting rates will need to improve further, according to analysts at Peel Hunt. A reduction of market capacity and the impacts of the 'Decile 10' review at the specialist Lloyd's of London ... Read the full article
PPL adoption up in Q2 2019, IUA usage rises
12th August 2019
Lloyd's of London Syndicates accepted 60.2% of in scope risks through electronic placement during the second-quarter of 2019, while the use of Placing Platform Limited (PPL) amongst the International Underwriting Association (IUA) companies increased to 51% in the period. This is according to the latest market-wide data for risks placed electronically ... Read the full article
Lloyd’s Lab selects third cohort of insurtechs for accelerator program
1st August 2019
Lloyd’s Lab, the innovation accelerator launched by the Lloyd’s market last year, has announced the third cohort of insurtech firms selected to take part in its 10-week program. The 11 successful teams were selected from more than 130 applications around the world, and will begin working in the Lab from September ... Read the full article
Newline expands into Latin America through Lloyd’s in Mexico
30th July 2019
Specialty insurer Newline Group has joined the Lloyd's of London representative office in Mexico City, expanding its global footprint into the Latin America region. Newline has said that it will service clients in both Latin America and the Caribbean from Lloyd's in Mexico. The company's Latin American Division will commence the underwriting ... Read the full article
Lloyd’s will “wither on the vine” without modernisation: Hiscox Chairman
29th July 2019
The Lloyd's of London insurance and reinsurance marketplace will "wither on the vine" unless it is successful in its mission to modernise and become more efficient, Hiscox Chairman Robert Childs said today. With as much as 30 to 40 percent of risk transfer transaction costs going to cover expense related costs, ... Read the full article
Lloyd’s extols customer benefit of parametric insurance & smart contracts
11th July 2019
New reports by insurance and reinsurance marketplace Lloyd’s of London has endorsed parametric insurance and smart contracts as a way to help re/insurers offer customers better products and services. Lloyd’s acknowledged that parametric policies offer insurers more scope to design products for risks that could otherwise be uninsurable or underinsured. Parametric policies ... Read the full article
New Lloyd’s mandate to require clarity on silent cyber coverage
4th July 2019
Insurance and reinsurance marketplace Lloyd’s of London is to mandate that all policies clearly state whether they will provide affirmative coverage for cyber risks. From January 1, 2020, Lloyd’s underwriters will be required to clarify whether first-party property damage policies affirm or exclude cyber cover. For liability and treaty reinsurance, the requirements ... Read the full article
Lloyd’s set to tighten third party oversight rules in 2020
3rd July 2019
Insurance and reinsurance marketplace Lloyd’s of London has announced that it plans to make significant changes to its framework for third party oversight, which will come into effect from Q1 2020. The changes will be aligned with the new Future at Lloyd’s strategy, and will aim to modernise current arrangements, reduce ... Read the full article
Lloyd’s outlines electronic placement mandate targets for H2 2019
3rd July 2019
Insurance and reinsurance marketplace Lloyd’s of London has outlined a set of updated targets for its electronic placement mandate, which will require syndicates to progressively write more of their risks digitally. In the third quarter of 2019, each syndicate will be required to have written no less than 60% of its ... Read the full article
Lloyd’s makes leadership appointments within EMEA region
1st July 2019
The specialist Lloyd's of London insurance and reinsurance marketplace has appointed Mark Cooper to the newly created role of Head of Market Development for the European Market, and has also named Amit Khilosia as the new Regional Head for Africa. Cooper has been with Lloyd's since 2015 and in his new ... Read the full article
Lloyd’s launches product innovation facility to tackle complex risks
25th June 2019
Insurance and reinsurance marketplace Lloyd’s of London has launched a new initiative to speed up re/insurance product development for complex and non-standard risks, called The Product Innovation Facility. The solution was led by senior underwriters Tokio Marine Kiln, Beazley, MS Amlin, Talbot, Liberty Specialty Markets, Hiscox, Ascot, Chubb, Chaucer, Brit, Antares ... Read the full article
Innovation key as demand for insurance shifts, says Lloyd’s
25th June 2019
The specialist Lloyd's of London insurance and reinsurance marketplace has underlined the importance of innovation in a rapidly evolving risk transfer landscape, underpinned by a global shift to intangible assets and a growing insurance gap. Global commercial insurance penetration sits at below 1%, and with Lloyd's estimating a global insurance gap ... Read the full article
New strategy will “revolutionise” Lloyd’s, says Carnegie-Brown
24th June 2019
The ideas comprising the new future at Lloyd’s strategy are set to “revolutionise” the way the insurance and reinsurance marketplace operate and serves customers, according to Lloyd’s of London Chairman Bruce Carnegie-Brown. Speaking at the Lloyd’s New York City Dinner this last week, Carnegie Brown told re/insurance industry executives how the ... Read the full article
Lloyd’s forms Global & London advisory committees to support new strategy
20th June 2019
Lloyd's of London has established Global and London advisory committees to help it deliver its new strategy for the future. The committees' members are comprised of insurance and reinsurance industry experts and veterans. The prominent industry figures have joined the committees to help the specialist insurance and reinsurance marketplace develop and ... Read the full article
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