Reinsurance News
London Market Group
London Market growth driven by P&C segment: LMG
20th May 2020
The P&C segment accounted for more than half of all premium written in the London Market in 2018, while P&C business dominated in terms of premium income flows into the capital, with a compound annual growth rate of 8.1% between 2015 and 2018. In a new report released today by the ... Read the full article
London Market’s dominance remains, but share of global reinsurance is fading
19th May 2020
The London Market's share of the global commercial re/insurance market remained steady between 2010 and 2018, although its share of global reinsurance did decline by 1.7 percentage points during the period, according to analysis by the London Market Group (LMG) and McKinsey. In a new report released today, titled London Matters ... Read the full article
PPL usage and adoption growing at pace during COVID-19
8th April 2020
In the three weeks since the London insurance and reinsurance market started working remotely as a result of the global coronavirus pandemic, the number of unique users on the Placing Platform Limited (PPL) has increased by 40%. PPL, the London market's electronic placing platform, has been tracking both activity and performance ... Read the full article
LMG announces new market sponsor
7th April 2020
The London Market Group has announced that Kate Markham, Chief Executive Officer of Hiscox London Market, has taken over as the sponsor for the activities which promote the London Market. She replaces Richard Dudley, CEO of Aon Global Broking Centre UK who has recently taken over as Chair of Liiba. Andrew Horton, ... Read the full article
London Market upping tech investment to maintain relevance: survey
25th February 2020
Research from consulting and IT services provider NTT DATA UK suggests London Market investment in modernisation efforts will double over the next three years. The research surveyed 100 senior London Market syndicates, brokers and managing agents, and revealed that 60% of respondents consider business-as-usual to be unacceptable over the next three ... Read the full article
PPL adoption trends continue through Q4: LMG
17th February 2020
Data from the London Market Group (LMG) shows that adoption of of Placing Platform Limited (PPL) continued to increase through the fourth quarter of 2019. Lloyd’s of London syndicates accepted 73% of in scope risks through electronic placement last quarter, and 39% of submissions were electronic. In Q3, syndicates accepted ... Read the full article
PPL chair calls for talent to build next generation of e-placement
6th February 2020
The chair of Placing Platform Limited (PPL), the digital risk transfer platform deployed across the London market, has called on new talent to help build the next generation of e-placement. Bronek Masojada was speaking at a meeting of over 100 Chief Executive Officers across the London market which sought to examine ... Read the full article
LMG London Matters report to look at economic benefits of re/insurance
8th November 2019
The Board of the London Market Group (LMG) has announced that the next London Matters report will be published in the first quarter of 2020. The report will update the fact base on the London market’s position in the global insurance and reinsurance industry. In particular, sections of the new report will ... Read the full article
Market groups commend collaborative approach of Lloyd’s Blueprint One
1st October 2019
Representatives from various market groups have released statements commending the approach proposed by Lloyd’s Blueprint One, which outlines the first phase of the marketplace’s new strategy for change. Industry executives praised the collaborative approach utilised by Lloyd’s, which says it has attempted to respond to the demands of the market. “This Blueprint ... Read the full article
London Market Group to end TOM modernisation program
27th September 2019
The Board of the London Market Group (LMG) has confirmed today that the Target Operating Model (LM TOM) has been wound down in its current form, having delivered the majority of proposed solutions. The LM TOM was considered a core component of the market modernisation proposal, set out by the LMG, ... Read the full article
UK should seek reinsurance equivalence with EU after Brexit, says LMG
29th July 2019
The London Market Group (LMG) has urged the UK Government to seek reinsurance equivalence under Solvency II regulations to guarantee London market firms continued access to the EU market after Brexit. When negotiating its future trading relationship with the EU, the LMG argued that the UK should prioritise the access of ... Read the full article
PPL adoption continues with 250,000 firm orders bound on platform
1st July 2019
The uptake of Placing Platform Limited (PPL), the digital risk transfer platform, has continued to grow, with 250,000 firm orders bound on the platform to date, according to the London Market Group (LMG). The announcement comes three years after the launch of PPL, which forms a core component of the London ... Read the full article
PPL surge continues as Board reveals 50,000 risks now bound on the platform
5th April 2019
The board of Placing Platform Limited (PPL), a core component of the London Market’s Target Operating Model, has announced that over 50,000 risks have now been bound on the platform, with close to 12,500 bound in just the last three months. The adoption of electronic placement is increasing across the London ... Read the full article
New London Market focus to support economic growth & global resilience
4th April 2019
The London Market Group (LMG) has announced the next stage in its plans to build on new trading opportunities, which includes a focus on how the industry can support global economic growth and resilience. The Group noted that a 1% rise in insurance penetration translates into a 13% reductions in uninsured ... Read the full article
London Market Group revises strategy, introduces new workstreams
28th February 2019
The London Market Group (LMG) has made a number of revisions to its 2015 vision and action plan, which includes the introduction of two new workstreams focusing on clients and knowledge. The revised strategy, which was announced at the LMG’s Market Forum event in London today, was created after reflection on ... Read the full article