Reinsurance News
London Market Group
Committee urges London Market regulation reforms
7th April 2022
The UK Industry and Regulators Committee has written to the Economic Secretary to the Treasury to express concerns about a “lack of proportionality” in the regulation of the London Market. In a letter, the Committee charges that the “one-size-fits-all” approach to the regulation insurers and reinsurers by the Financial Conduct Authority ... Read the full article
ACORD chosen as London market’s data standards methodology
1st April 2022
The London Market Group has agreed that ACORD will be the London market’s chosen data standards methodology, with the content of the Core Data Record (CDR) set to align with that. The decision was made at its meeting in March, with input from the Data Council, supported by its Technical Group. The ... Read the full article
LIIBA appoints new chair
11th March 2022
The London & International Insurance Brokers Association (LIIBA) has announced that Alastair Swift, head of corporate risk and broking for global lines of business at WTW, as well as CEO of Willis Limited, will become its new chair. Swift will succeed Aon’s Richard Dudley in taking on his new role. Swift said: ... Read the full article
London’s global reinsurance market share falls 2% in a decade: LMG’s Wagstaff
26th January 2022
Despite being the largest global re/insurance market in the world, the London Market faces challenges and while primary business has expanded minimally over the past decade, its reinsurance market share has shrunk by 2%. Yesterday, the House of Lords Industry and Regulators Committee opened its inquiry into the regulation of ... Read the full article
LMG welcomes inquiry into UK’s commercial re/insurance market
18th January 2022
The London Market Group has welcomed The House of Lords Industry and Regulators Committee’s inquiry into the regulation of the London insurance market, which was announced recently. The inquiry is to “explore the extent to which regulatory policy is well-designed and proportionately applied and the possibilities for optimising policy following ... Read the full article
LMG names Wagstaff as permanent CEO
23rd September 2021
The board of the London Market Group (LMG) has appointed Caroline Wagstaff as its permanent CEO. This follows a period of six months from April to September this year, during which Caroline was seconded to the role on a temporary basis. Matthew Moore, Chairman of the LMG commented: “Caroline has done an ... Read the full article
LMG adds Patricia Roufca to board of directors
27th July 2021
The London Market Group has announced the addition of Patricia Roufca to its board of directors, representing the market on behalf of the International Underwriting Association. Roufca brings over 15 years of experience within the insurance sector, having worked as Group General Counsel and Director of Strategic Execution at Fidelis Insurance. Prior to ... Read the full article
LMG Chief Exec Lebecq to leave role in April & join Specialist Risk Group
22nd February 2021
The London Market Group (LMG) is searching for a new Chief Executive Officer (CEO) as Clare Lebecq will be stepping down at the end of April 2021. Then Operations Director of JLT Specialty, Lebecq was named CEO of the LMG in August of 2018 to succeed Chris Beazley upon his ... Read the full article
LMG adds Rob Kuchinski to Board of Directors
15th February 2021
The London Market Group has appointed Rob Kuchinski, Head of Commercial Insurance at Zurich UK, as a member of its board. He will replace Patrick Tiernan, Managing Director UK Commercial Lines & Global Corporate & Specialty at Aviva representing the International Underwriting Association. Matthew Moore, Chair of the London Market Group commented ... Read the full article
LMG appoints Aviva’s Patrick Tiernan to board
27th October 2020
The London Market Group has announced the appointment of Patrick Tiernan to its board of directors. Tiernan currently serves as Managing Director UK Commercial Lines & Global Corporate & Specialty at Aviva. He will replace Malcolm Newman, Managing Director, EMEA Hub, SCOR representing the International Underwriting Association. Prior to his time at Aviva, ... Read the full article
LMG provides update on business environment workstream
19th October 2020
The London Market Group has provided an update on the progress of its work with the UK Government aimed at developing new trading opportunities. Part of the workstream's goal is to engage with the UK government, parliamentary parties and the civil service to provide clarity on the position of the London ... Read the full article
LMG names Sean McGovern as sponsor for business environment workstream
21st September 2020
The London Market Group (LMG) has revealed that the Chief Executive Officer (CEO) of UK & Lloyd's market at AXA XL, Sean McGovern, has become the new sponsor for the business environment workstream. The workstream proactively engages with the UK government, parliamentary parties and the civil service, ensuring they better understand ... Read the full article
LMG launches client research program
4th September 2020
The London Market Group has partnered with the Boston Consulting Group (BCG) on the launch of a new client research program. The program is designed to better understand the disruptions faced by businesses reliant on the London market for risk transfer. LMG says that understanding the most relevant risk patterns and client ... Read the full article
PPL use hits all-time high
8th July 2020
Data from the London Market Group (LMG) reveals that use of the Placing Platform Limited (PPL), the London market's electronic placement platform, continued to swell through the second-quarter of 2020, reaching an all-time high. A total of 8,031 risks were bound on the platform in the week commencing June 29th, which ... Read the full article
London’s claims performance is ‘outstanding’: LMA, IUA
10th June 2020
Research commissioned by the Lloyd’s Market Association and the International Underwriting Association has found that insurers paid 100% of all valid claims made by regulated financial institutions under credit insurance policies in 2018 and 2019. The analysis of claims-performance data, which is conducted annually, also found that the market paid more ... Read the full article