Reinsurance News
London Market
PPL’s Next Gen platform to go live in February 2023
21st December 2022
The Board of Placing Platform Limited (PPL) has announced that the next phase of the London Market’s electronic placement platform is set to go live on February 20, 2023. It was reported earlier this year, that the release of the platform had been delayed to early next year. In December ... Read the full article
All London market tech partners now support Blueprint Two solutions: Lloyd’s
6th December 2022
The specialist Lloyd’s insurance and reinsurance marketplace has confirmed that all London market technology vendors that interact with the existing central services have pledged their intent to introduce changes to their platforms to accommodate the new Blueprint Two solutions for the London insurance market. According to Lloyd's, Blueprint Two will digitalise ... Read the full article
African Development Bank, UK & London Market insurers enter risk transfer partnership
24th October 2022
The African Development Bank, the government of the United Kingdom, and global insurers, AXA XL, Axis Specialty, and HDI Global Specialty, have closed on a new and innovative risk sharing transaction. The Room to Run Sovereign transaction was structured with the intention of scaling up the African Development Bank Group’s commitments ... Read the full article
Specialty MGA UK launches in London
21st October 2022
A new MGA has been launched in London a short distance from Lloyd’s market. Specialty MGA UK has been created with a focus on providing additional capacity for specialty lines of businesses and hard to place risks. According to the announcement, at the heart of this client-focused MGA is flexible and ... Read the full article
E-trading to be the norm in the London Market by 2023: Gracechurch Consulting
12th October 2022
According to Gracechurch Consulting’s recent London Insurance Technology Monitor report, most brokers & underwriters prefer to use an e-trading platform than not, with eight in ten believing that e-trading will be the norm for everyone in the London Market by mid-2023. The report suggests that in the first half of 2021, ... Read the full article
London Market could benefit from attractive property cat reinsurance lines: Goldman Sachs
23rd August 2022
Analysts at Goldman Sachs believe that London Market (LM) names can benefit from the current tailwind of cat reinsurance lines as price increases earn through to the P&L. LM names have focused on growing profitable business lines with attractive rates and, according to Goldman Sachs, property cat reinsurance is exactly the ... Read the full article
Tokio Marine HCC International’s London Market operations to move to the Walkie Talkie building
12th August 2022
Tokio Marine HCC International (TMHCCI) has announced that its London Market operations, which includes GCube, will be moving from their current separate offices in to one consolidated location on floor 6 of 20 Fenchurch Street – commonly known as the Walkie Talkie building. The move is scheduled to happen in the ... Read the full article
London PI market buoyant, but concerns grow about inflation: Clyde & Co
2nd August 2022
Clyde & Co’s second annual London Market Professional Indemnity Report, based on a survey of PI professionals across underwriting, broking and claims, has revealed a widespread optimism about market conditions for the coming months, tempered by wariness of macroeconomic and inflationary pressures on the horizon. The survey, which took place in ... Read the full article
Next phase of London Market’s placement platform slips to early 2023
5th July 2022
The next phase of the London Market’s electronic placement platform has been further delayed, this time to February of next year. According to a new note, Placing Platform Ltd (PPL) is still finalising the commercial details of plans with Deloitte, and these are expected to be completed satisfactorily in the next ... Read the full article
Claims and inflation trends could threaten London market: AM Best
22nd June 2022
Analysts at AM Best have warned of the financial impact of social inflation on London market re/insurers as the rising cost of claims becomes increasingly severe. The rating agency notes that the impact on the London Market is most clearly evidenced by the strengthening of US casualty technical provisions. In 2020, court ... Read the full article
London market conditions “exciting” for reinsurers: Berenberg
21st June 2022
Analysts at Berenberg have said that “there is a lot for reinsurers and London Market participants to be excited about,” despite the challenges of a difficult macro environment. In a new report, the firm notes that pricing was even better than expected when companies reported at Q1 and the market is ... Read the full article
Lloyd’s, DXC & IUA extend London Market digitalisation contract
27th May 2022
The shareholders of the London Market Joint Venture – Lloyd’s, DXC Technology, and the International Underwriting Association (IUA), have announced a $465 million USD contract extension. The extension is to ensure seamless continuity for the activities of London insurance market customers, whilst DXC moves forward with the transformation of the market’s ... Read the full article
PPL’s Next Gen platform won’t be ready for September, to be reassessed
3rd May 2022
The next phase of the London Market’s electronic placing platform is to be reassessed as it's become clear that not all elements will be ready by September, reports the Board of Placing Platform Limited (PPL). In December of last year, Bronek Masojada, Chair of the PPL Board, said that the ... Read the full article
AM Best sees positives for London insurance market, maintains stable outlook
26th April 2022
A myriad of factors including upward rate momentum, greater clarity around COVID-19 losses, a focus on modernisation, and improved access to alternative reinsurance capital have led AM Best to maintain its stable outlook for the London insurance market segment. For several years now, the London market has welcomed rate increases with ... Read the full article
London Market’s Q1 losses remain uncertain: BofA
22nd April 2022
Analysts at Bank of America (BofA) have warned that the scale of losses incurred by London Market insurers and reinsurers during the first quarter of 2022 will remain uncertain for some time yet due to the ongoing uncertainties around exposure to the conflict between Russia and Ukraine. Although the key area ... Read the full article
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