Reinsurance News
London Market Group
XL Catlin binds first political risk policy on London market’s PPL
23rd April 2018
Bermuda-based XL Catlin has become the first insurer to bind a political risk policy on the London Market Group's (LMG) electronic placing platform, PPL, the company has announced. PPL, the London market’s electronic placing platform, went live in July 2016, and recently announced the addition of Accident & Health (A&H) ... Read the full article
London Market Group’s PPL goes live with A&H business
18th April 2018
The London Market Group’s Placing Platform Limited (PPL) went live with Accident & Health (A&H) classes of business on Monday April 16th, 2018, the PPL Board has announced. PPL, the London market’s electronic placing platform went live in July 2016, with the Board announcing in November 2017 that property and casualty lines of ... Read the full article
LMG launches permanent body to manage London market modernisation
13th April 2018
The London Market Group (LMG) has announced the establishment of a permanent body designed to manage market services, called the London Insurance Market Operations & Strategic Sourcing (LIMOSS). The new body has been launched to both source and manage the portfolio of market services the London insurance and reinsurance market has ... Read the full article
Beazley CEO Horton to succeed Aubert as Chair of the London Market Group
9th April 2018
The London Market Group (LMG) has announced that Andrew Horton, Chief Executive Officer (CEO) of Beazley, will succeed Nicolas Aubert as its new Chair. Aubert, who is Head of Great Britain for insurance and reinsurance broker Willis Towers Watson, has held the position for the last two years, and will be ... Read the full article
Markel International to cease writing London open market property business
16th March 2018
Markel International has revealed plans to discontinue writing London open market property insurance business with immediate effect. William Stovin, president of Markel International, said; “Dean Pitts, supported by Guy House, has worked hard to make this business successful but, sadly, the market has been against them, in terms of both capacity ... Read the full article
Chris Beazley to step down from role as London Market Group CEO
7th March 2018
The London Market Group (LMG) announced today that Chief Executive Officer (CEO) Chris Beazley will be stepping down this summer to return to MS Amlin as CEO of MS Amlin AG, subject to regulatory approval. Beazley joined the LMG, a market-wide body which speaks for market practitioners on growth and modernisation ... Read the full article
Inga Beale warns London is losing market share and relevance
1st March 2018
Lloyd's Chief Executive Officer (CEO) Inga Beale warned at the Association of British Insurers (ABI) conference that the London re/insurance centre is losing market share and relevance, as emerging markets gain traction in the global re/insurance hub space, A.M. Best reported. Beale said that while London remains the largest global insurance ... Read the full article
PRA and UK Treasury consulting on extensive Solvency II reform package: Sam Woods
27th February 2018
Speaking at the annual conference of the Association of British Insurers (ABI), Sam Woods, Deputy Governor for Prudential Regulation and Prudential Regulation Authority (PRA) Chief Executive Officer (CEO) said consultations are now underway for an extensive package of reforms that aim to improve re/insurers' implementation of Solvency II. Woods said that ... Read the full article
UK life insurers positive, but general market sentiment deteriorates: CBI-PwC
9th February 2018
Life insurers expect a profitable year ahead with business forecast to continue to grow throughout the first quarter of 2018, however, collective sentiment for general insurers has deteriorated and insurance broking community optimism also nose-dived for the first time in five years, according to the latest CBI/PwC financial services survey. Life ... Read the full article
London market’s PPL used to close Aon Client Treaty facility
29th January 2018
The London market electronic placing platform PPL was used to close one of Lloyd's largest transactions, the Aon Client Treaty facility for 2018. The transaction is said to be one of the most complex in the Lloyd's market; at 191 pages long, it covers 20 different underwriting ... Read the full article
Regulatory development a top priority for London Insurance Market: IUA
24th January 2018
With Brexit looming the International Underwriting Association (IUA) has named regulatory development as a top priority for the London Insurance Market in 2018, if the re/insurance hub is to retain its global relevance in coming years. Firms operating in the London market have been tasked with the challenge of adapting to ... Read the full article
London Market welcomes approval of ILS regulations
30th November 2017
The London Market has welcomed the news that the proposed UK legislation to reform its regulatory and tax regime for Insurance Linked Securities has received parliamentary approval. William Hogarth at Clyde & Co called the new legislation a "great step forward" for the London market. The final formalities allowing it to pass into ... Read the full article
LMG proposes UK-EU post-Brexit Free Trade Agreement
29th November 2017
The London Market Group (LMG) has issued a proposed Free Trade Agreement (FTA) that follows the EU-U.S. covered agreement model to enable post-Brexit mutual market access for UK and EU re/insurers. The FTA would ensure that UK and EU governments maintain control over their regulatory systems, with a Solvency II equivalence ... Read the full article
London market could become more competitive as FCA investigates broking practices
15th November 2017
Heavy operating costs mean the London market has been losing business to foreign re/insurance hubs in recent years, but according to Fitch Ratings, an upcoming review of broker practices by the Financial Conduct Authority (FCA) could help to reverse this trend. Rising broking commissions have added to pressure on insurers' underwriting ... Read the full article
Brexit and emerging markets an opportunity for London: Nicolas Aubert
14th August 2017
Chair of the London Market Group (LMG) and Head of Great Britain at Willis Towers Watson, Nicolas Aubert, says London insurers and reinsurers should focus on the opportunities presented by Brexit and feels the London market can thrive in emerging parts of the world, in an interview with the Boston Consulting ... Read the full article