April 2015/3

Lloyd's pre-tax profits remained flat in 2014 as lighter cat losses, continued reserve releases and better investment returns kept its profitability above the £3bn mark.

Lloyd's came under top-line pressure last year as gross premiums written by the market dipped by 1.3 percent to £25.3bn.

Lloyd's delivered a strong set of 2014 results with another sub-90 percent underwriting performance, however growing industry pressures began to take their toll on the market's individual syndicates.

Lane Financial's rate-on-line index for the insurance-linked securities (ILS) market stabilised in the first quarter of 2015, ticking up 1 percent from a value of 86 to 87, Trading Risk reported last week.

The residual insurance pools for the states of Texas and Massachusetts have both returned to the cat bond market with new transactions ahead of the 2015 hurricane season, sister publication Trading Risk reported last week.

Former AJ Gallagher and Oval executive Peter Blanc is set to return to the market through a management buy-in of a small retail broker, bankrolled by a private equity partner.

A change to the US Jobs Act that makes it easier for small companies to raise capital will increase exposure for directors' and officers' (D&O) underwriters.

Tony Ursano, chief executive of Willis Capital Markets & Advisory (WCMA), is leaving the big three broker, The Insurance Insider revealed earlier today (13 April).

Leading London market energy underwriter Kelan Hunt is set to join Lloyd's specialty (re)insurer Chaucer as head of energy, The Insurance Insider revealed earlier today (13 April).

Lloyd's insurer ProSight Specialty Underwriters Limited is seeking a rebate from the UK tax authorities (HMRC) over supplies provided for Syndicate 1110 that were standard rated.

New start-up syndicates are struggling to write sufficient premium to keep pace with their planned stamp capacities, as market conditions continue to worsen.

Sportscover's Syndicate 3334, which was acquired by Hamilton last year, has reported a £10.7mn loss for 2014 in a severe deterioration on the previous year.