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 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
Lloyd’s obtains CFC status and names Casablanca representative
20th September 2017
Lloyd’s has appointed Salah El-Kadiri as its first representative in Casablanca, following its receipt of CFC status by the Casablanca Finance City Authority (CFCA). With its CFC status, Lloyd's managing agents have permission to delegate underwriting authority to intermediaries, third party cover-holders, or service companies established in the CFC. El-Kadiri said; “I ... Read the full article
The Lloyd’s capital base can be relied upon post-event: Inga Beale, CEO
12th September 2017
We spoke with Inga Beale, Chief Executive of Lloyd's of London at the Monte-Carlo Reinsurance Rendezvous this week, to discuss the current events affecting the market as well as her views on a number of key market issues. We began by asking what the Lloyd's CEO thinks about the impacts of ... Read the full article
Lloyd’s reinsurance segment suffers losses in 2016: A.M. Best
8th September 2017
Last year proved turbulent for Lloyd's reinsurance segment which saw losses as combined ratios in all three lines of property, casualty and specialty went over 100%, despite Lloyd's attempts to realise combined ratios below 100% with reserve releases and close monitoring of its reinsurance exposures, according to A.M. Best's latest ... Read the full article
Dale receives Lloyd’s approval to set up a Special Purpose Arrangement
31st July 2017
Dale Underwriting Partners, managed by Asta, has received Lloyd's Franchise Board approval to set up a special purpose arrangement (SPA) to support the firm's contingency and specialty property business portfolio. Tom Phillipson will be joining Dale from Swiss Re in September to lead the SPA which is set to begin underwriting business ... Read the full article
Will brokers role in value chain be disrupted by digital? Inga Beale
27th July 2017
As market middle men the role of brokers has come under fire with re/insurers moving further on down the value chain to access risk directly as their revenue and profitability is squeezed by the softening reinsurance market environment, and with the digital revolution disrupting all industry players, the brokers role in ... Read the full article
Evolving business models and risks are “massive opportunity”: Inga Beale
24th July 2017
Lloyd's CEO Inga Beale said in an interview with Pia Tischhauser, a BCG senior partner and the firm’s insurance segment global leader, that as the new digital economy causes businesses in all sectors to re-examine and change business models, an evolving set of risks is emerging that constitute the next ... Read the full article
Lloyd’s introduces new measures for faster post-Market Turning Event response
21st July 2017
Lloyd's has revealed new measures to facilitate faster response in case of a market turning-event (MTE) as it aims to improve market support with "smarter, stronger" oversight. Lloyd’s said it would focus on shortening the review and agreement process of business and capital plans, allowing syndicates to respond more effectively to ... Read the full article
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