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 confirms changes to Council membership following elections
27th October 2023
London-based marketplace for insurance and reinsurance, Lloyd’s, has announced its most recent changes to its Council membership; all the new terms will commence on 1 December 2023. Sean McGovern was elected unopposed as a “Corporate-External” member of the Council, among other appointments; and Marcus Johnson as “Individual-External” member of the Council. Following ... Read the full article
Global economy exposed to $3.5trn loss from potential cyber attack: Lloyd’s
18th October 2023
London-based marketplace for insurance and reinsurance, Lloyd’s, has published a systemic risk scenario that shows the global economy is exposed to losses of $3.5 trillion over a five-year period from a cyber attack on a major financial services payments. The risk scenario models the global economic impact of a hypothetical but ... Read the full article
Oka granted in principle approval for Asta-managed SIAB 1922 by Lloyd’s
18th October 2023
Third-party managing agent at Lloyd’s, Asta, and Oka, the Carbon Insurance Company, has announced that the specialist insurance and reinsurance marketplace has granted ‘in principle’ approval for Oka syndicate-in-a-box (SIAB) 1922. Oka syndicate 1922 is targeting commencing underwriting in January 2024 and introduces an insurance solution to protect against buyer-side carbon ... Read the full article
Ki teams with Travelers & Aspen to expand digital follow capacity
17th October 2023
Ki, the first fully digital and algorithmically-driven Lloyd's of London syndicate, has announced a partnership with Travelers and Aspen which will offer additional follow capacity through its digital platform from January 1, 2024. As a result of this major collaboration, Ki will become the first algorithmic underwriter in the market to ... Read the full article
Lloyd’s new data tool models global economic impact of extreme weather events
11th October 2023
Re/insurance marketplace Lloyd's has launched a systemic risk scenario that models the global economic impact of extreme weather events leading to food and water shocks, estimating the loss to be around $5 trillion over a five year period. According to the announcement, the scenario examines how a hypothetical, but plausible increase ... Read the full article
ICMR calls for holistic approach to ESG at Lloyd’s
11th October 2023
Analysis by Insurance Capital Markets Research’s (ICMR) highlights the need for a holistic approach to environmental, social, and corporate governance (ESG) within the Lloyd's insurance and reinsurance marketplace. ICMR notes that while there's a lot of activity around ESG within Lloyd's, including the LMA's recently launched ESG academy, much of the ... Read the full article
LMA updates Blueprint Two Playbook for managing agents
10th October 2023
The Lloyd’s Market Association (LMA) has released an updated version of its playbook for managing agents to provide them with the tools and knowledge needed to implement the Blueprint Two market transformation initiatives. “Blueprint Two is a pivotal moment for the London insurance market, as we take a major step to ... Read the full article
Lloyd’s emphasises need to regularly check validity of LOCs as marketplace adjusts guidance
3rd October 2023
London-based specialist insurance and reinsurance marketplace, Lloyds, has issued a new market bulletin for members which outlines some changes to the use of letters of credit (LOCs) within Tier 2 capital limits, and underlines the need for frequent confirmation of the validity of each LOC issued. It appears as though this ... Read the full article
Leading European insurers underwrite 30% of U.S. coal: Insure Our Future
28th September 2023
According to a new report by Insure Our Future, leading European insurers are underwriting nearly a third of U.S. coal production, despite their net zero commitments. As per the group's report, Lloyd’s of London, Zurich, and Swiss Re are among the top ten insurers of the 25 biggest U.S. mines. Insure Our ... Read the full article
MGA Redline Underwriting achieves Lloyd’s coverholder status
26th September 2023
Managing General Agent, Redline Underwriting, has been approved as a Lloyd’s coverholder as it continues expanding its operations. Redline Underwriting, legally known as Reinsurance Distribution Lines LLC, is based in Miami with presence in Mexico City, which makes it ideally positioned to serve Latin America, the company claims. Its rapid growth has ... Read the full article
Lloyd’s Lab plays significant role in driving value into the global marketplace: Dawn Miller
25th September 2023
Addressing Lloyd's participants and partners, Dawn Miller, Lloyd’s Commercial Director, stated that the Lloyd's Lab has played a "significant role in driving value into the global marketplace". Speaking at the Lloyd’s latest quarterly market update, Miller highlighted how of the 100 different companies who have passed through the previous 10 cohorts ... Read the full article
Political violence, terror, SRCC a concern: Patrick Tiernan, Lloyd’s
22nd September 2023
Addressing Lloyd's participants and partners, Patrick Tiernan, Chief of Markets, suggested that the marketplace was disappointed with the response of many syndicates to tightening reinsurance coverages in the specialty space, and in particular within political violence, terror, and strikes, riots and civil commotions (SRCC). Speaking at Lloyd’s latest quarterly market update ... Read the full article
Cost, confidence and relevance key to success of insurance: Carnegie-Brown, Lloyd’s
21st September 2023
For the insurance industry to successfully address some of the key risks facing the world and support resilience, inclusivity, and sustainability, it's vital that there's a real focus on cost, confidence, and relevance, according to Bruce Carnegie-Brown, Chairman of Lloyd's, the specialist insurance and reinsurance marketplace. During an insightful discussion with ... Read the full article
Lloyd’s yet to demonstrate same zeal for rate adequacy in casualty book: Tiernan
21st September 2023
"As a market, we have not yet demonstrated the same zeal for rate adequacy in the casualty book as we've seen in property, this is particularly true for US general liability, where rate is barely keeping up with inflation, despite the continuing deterioration of the 2014-2018 years of account," suggests ... Read the full article
Lloyd’s unveils UNCDF & Insurance Task Force partnership
20th September 2023
Lloyd’s, on behalf of the Sustainable Markets Initiative’s Insurance Task Force, has announced a partnership with the United Nations Capital Development Fund (UNCDF) to scale insurance access for climate-vulnerable countries. Through this partnership, all parties aim to collaborate to design innovative insurance products that will deliver financial resilience against climate shocks ... Read the full article