Lloyd's
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The market also outperformed various indices including the MSCI World.
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Rokstone has taken box 335 on gallery three and will write several specialty lines from the box.
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The Corporation also appointed Marc Lipman as president of Lloyd’s Americas.
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This year’s analysis of profitability and volatility also includes an alternate view over five years.
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In a departure from 2022 trends, fourth-quartile firms grew the slowest of all syndicates in 2023 at 8.1%.
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Ariel and Blenheim were among eight syndicates moving into top underwriting quartile in 2023.
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The syndicate’s total recognized gains were up to £61mn, from £28mn in 2022.
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Growth in property income was offset by a reduced share of finpro business.
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The syndicate's GWP increased from £51.6mn in 2022 to £141.9mn.
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The syndicate posted a combined ratio of 84.6% and GWP of more than £1.2bn.
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Work is still to be done on the investor proposition, expenses, and navigating a waning pricing cycle.
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CFC noted that growth moderated amid increased competition in cyber.
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The syndicate reported profit up 44.7% to $153mn for the year.
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Lloyd’s gains leadership, and The Fidelis Partnership gets capital diversification.
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The executive said Aviva and Fidelis had endorsed the market’s turnaround.
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Atrium reserved £264.5mn for potential claims resulting from leased aircraft in Russia.
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Active underwriter Smelt said competitors’ ‘blanket’ approaches are creating opportunity.
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Combined ratios have improved as prices rise and investments return to profit.
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The syndicate’s GWP reached £1.44bn in 2023, a 7% increase on 2022.
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Primary casualty, aviation and motor classes were outliers in a bumper year for the market.
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The new target go-live date is October, but a milestone plan will be confirmed in April.
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The Lloyd’s CFO said returns needed to remain high due to investor fatigue.
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Processing and product innovation companies are also in the cohort.
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The injection will be sufficient to take the platform through its next stage of major development.
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Sources believe Lloyd’s may be veering away from central DA systems.
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The narrative of competition between the two hubs can hold space for benefits.
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The syndicate-in-a-box will target £34.1mn in gross premium for 2024.
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If you only read a handful of stories this week, make it the selection below.
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The initiative will focus on fostering innovation through the Lloyd’s Lab.
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For the 2022 year of account, the updated forecast remains unchanged.
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Small scale cyber attacks are set to increase in the near term.
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The Corporation is walking a tightrope between encouraging further growth whilst maintaining discipline.
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There has been a 21% increase on a gross basis and a 62% increase on a one-in-200 final net basis for non-peak perils
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The Lloyd’s chief of markets argued that unmet demand and latent risk will keep rates increasing.
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The pension fund was one of the first investors to use London Bridge.
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CFO said rate discipline needed to remain to offset prior-year losses.
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Syndicate 6104 closed its 2021 year of account with a profit of 4.1%.
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DDM is due to be removed as a core central service on 13 September.
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As a drip-drip of exits have continued amid a harder cat market, broader questions arise.
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The target was initially set in 2020, with a deadline of December 2023.
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Aviva will need to manage the talent base deftly to get the most from the deal.
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The LMG chair also discussed the need for tailored regulations.
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Welcome to the first episode of Behind the Headlines, a fortnightly podcast hosted by Insurance Insider's senior reporter Sam Casey.
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Exposures to property are growing materially in the riskier geographies.
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Velonetic said the transition would not go ahead if questions over readiness remained.
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Slipstream will be available to marine, cargo and logistics UK clients.
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Attention is fixed on how competition will impact pricing in H2.
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Plus all the latest executive moves and the top news of the week.
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CEO John Neal has ambitions to pull in more major insurers, E&S players and captives.
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She stepped into the role on an interim basis in August 2023.
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LatAm represents $1.3bn in premiums, the Caribbean $1bn and Bermuda $700mn.
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The MGA is looking to take advantage of trading in person.
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The Lloyd’s chair warned that clients, capital and talent “will not wait”.
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A minority stake has been taken in the two Lloyd’s Lab alumni.
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Asta-managed Syndicate 1966 will target £75mn GWP for 2024.
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The group has been exploring options to enter the market since 2021.
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Envelop SPA 1925 was launched at the start of the year with Chris Baddeley as active underwriter, based in London.
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The syndicate is expected to complete an RITC process by late 2025.
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The Corporation is cracking down on LOC exposure following the Vesttoo scandal.
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Nearly 80% of transportation companies surveyed cited a lack of access to insurance solutions and a lack of data to understand supply-chain risks.
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The broker said there was a “record level of dry powder” waiting to be deployed.
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Kevin Leach was formerly The Hanover Insurance Group’s financial institutions leader and VP.
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Roughly $750mn of securities across 13 cells are available to institutional investors via London Bridge vehicles.
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In the second part of our themes for 2024 outlook, we explore how fear of missing out in cat reinsurance is still contrasting with an upstreaming of risk that is creating fallout for primary insurers, while momentum in facilitisation and ESG continues.
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In the first section of our two-part outlook for 2024, we explore why macro-economic concerns are taking a step back, though casualty pricing micro-cycles highlight ongoing caution.
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We look at data trends that shed light on the past year, ranging from growth plans at Lloyd’s to personnel planning, uncertain IPO prospects and the unexpected trends from Florida losses.
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Informal conversations to scope out candidates have already been conducted, with an executive search firm expected to be appointed as early as January.
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The Corporation plans energy efficiency measures and refurbishment of the upper galleries.
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The agreement gives the Corporation the option to stay until 2040.
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The fund will be the second private asset product to be launched on the Lloyd’s investment platform after the private impact fund.
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The rating is the market’s highest ever from S&P.
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The executive had been appealing a misconduct hearing that initially upheld some charges against him.
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Any firms that struggle to communicate on the new platform will be charged “translation fees” in the long term.
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Yesterday, this publication reported that James Mackay was set to depart from his previous role at Aon Reinsurance Solutions.
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The new syndicate will write cover for African Specialty Risks’ existing lines of business, with plans to enter new markets later.
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The delayed introduction of phase two changes was at the request of the LMA, to allow more time for phase one implementation.
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James Davidson will become CFO, and general counsel Benoit Waltregny will assume the additional role of deputy CFO.
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Phase one of the launch is still slated to go ahead on 1 July 2024.
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Risk Capital SA is a Luxembourg-based carrier with backing from Henry Junior Chalhoub, a member of the Chalhoub insurance dynasty.
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Head of Lloyd’s relationships James Mackay joined Aon in 2019 after a 25-year stint at Argenta.
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Other early users include Amwins, Aon, BMS Group, Consilium and Costero.
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The question is whether the inherent value in CFC was in fact concentrated in departing executives David Walsh and Graeme Newman, or if the business can trade forward as it did.
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The follow-only algorithmic syndicate has stamp capacity of $925mn for next year.
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The executive said that work was underway to make sure the energy transition is “led by Lloyd’s”.
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Political violence and terrorism will also be a focus class for the Corporation, amidst geopolitical turmoil.
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Growth opportunities at Lloyd’s no longer limited to top underwriting performers, Insurance Insider’s survey shows.
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Growth slows from last year’s 20%, while QBE and TMK close the gap on Brit and Beazley.
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The product is led by Canopius and IQUW, with support from three other Lloyd’s insurance company markets.
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The roadmap sets out planned oversight processes and regulatory expectations on climate-related risk management, capital and reserving as well as transition planning.
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The box is expected to be manned by Pen's team of specialist marine underwriters.
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Phase one of Blueprint Two will see Lloyd’s market participants move to Velonetic’s new digital service portal.
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Blueprint Two should help reduce the claims-process timeline, according to a panel at Insurance Insider’s London Market Conference.
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London’s insurance market is booming in some ways yet still has multiple challenges to address.
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The new contract will include annual rent increases of 3%-5%.
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Unity will provide $50mn of coverage supporting the export of grain and other commodities.
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LIIBA's chief executive Croft has described the delegated authority process as being "ripe for modernisation and improvement”.
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The venture received “insufficient commitments” for its insurance vehicle London Innovation Underwriters.
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The Corporation’s head of culture Mark Lomas said: “We know we can’t undo the past, but we can do something about the inequalities we see today.”
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The move comes after Neal was effectively confirmed in post until at least mid-2026, ushering in the Second Act of his tenure as CEO.
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The number of female CEOs, CUOs, CFOs, MDs or board members has hardly changed in the past 12 months.
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With plans to support three different types of Lloyd’s syndicates, the vehicle intends to trade under the new name London Innovation Underwriters by 15 November.
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Axa’s Sean McGovern was also elected as a corporate external member of the Council after running unopposed.
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Political violence and risk underwriters have heavily cut back in the region, which remains an important source of premium for marine insurers.
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The not-for-profit placement platform generated a surplus after tax of £1.48mn for 2022, a substantial drop from an £8.83mn surplus in 2021.
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Speakers at the Guy Carpenter Baden-Baden symposium said the industry must improve its prospects as an investment opportunity.
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Sources said a move towards facilities was the latest evidence of market softening in the D&O class.
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The US could be exposed to economic losses of $1.1tn in the event of a cyberattack, the highest of any country.
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The business was launched earlier this year with $7mn of seed funding from Aquiline.
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The company said Ki is the first algorithmic underwriter to offer capacity from multiple syndicates.
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The top five insurers on the continent maintained their ‘clear dominance’ in terms of scale.
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The proposals, published in July, would have placed additional reporting burdens on large UK firms.
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Extreme weather events leading to food and water shortages are largely uninsured, the Corporation warns.
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The three new capital vehicles fundraising for a Lloyd’s play, coupled with some of the best underwriting conditions seen for years, have raised the prospect of a new age of investment in the market – but questions remain around execution.
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Strong words from Patrick Tiernan have caused a stir in the market as pricing continues to fall off fast.
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Axa XL, represented by Sean McGovern, and Marcus Johnson are standing unopposed for the corporate and individual external member positions.
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The playbook provides managing agents with a “view of what, when and how action should be undertaken” when implementing Blueprint Two.
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The Corporation made the comments as part of revised guidance on Tier 2 capital limits.
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Coverys placed its syndicate into run-off at the end of 2022, as it looked to switch its London underwriting to the company market.
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Insurance Insider has analysed premium growth trends across Lloyd's and the company market for 2022.
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The Corporation has also increased tax services and corporate real estate charges as a result of inflation, the first rise since 2018.
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Lloyd's has set out what London market firms will need to do to transition from decades-old systems to new central services in July next year, in a crucial step of several modernisation milestones to come in 2024.
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Insurance Insider has compiled a digest of a complex web of regulatory reforms that will take shape during the next 18 months.
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The fac-focused underwriter launched in South Florida earlier this year, providing general liability and PV coverage in Latin American markets.
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Johnson could replace the incumbent council member Jeffery Barratt.
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The Corporation’s chairman said that Names and other third-party capital are essential to maintaining the market’s unique nature.
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The model will focus on Fiji and the Pacific Islands before it is replicated in Asia and parts of Africa.
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The pressure is on Lloyds to deliver benefits as other players build up their domestic E&S platforms.
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The Corporation used its latest market message to call out what it saw as an “underwhelming” approach from specialty insurers to changing conditions and “moronic” D&O underwriting.
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The Corporation’s chairman said Lloyd’s has “earned the right to grow” and wants to drive competitive progress on ESG goals.
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The two-month refurbishment project included a reallocation of ground floor box space and IT upgrades.
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This CVC investment has come hot on the heels of an H1 result which showed performance plus growth, and should be interpreted as vindication of the work done at Lloyd’s.
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A Reverse Mentoring programme from the people behind the Dive In festival aims to give new generations in insurance a chance to ensure their voices are heard.
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Former Brit CEO Matthew Wilson will take on a role of special adviser to the Lloyd's Council later this year, Insurance Insider understands.
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The Corporation will collaborate with Moody’s Analytics to develop a solution to quantify greenhouse gas emissions across managing agents’ underwriting and investment portfolios.
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Nicholas Lyons plans to champion the London market's expertise on cyber and climate risk, and discuss ideas for a consolidated systemic risk pool.
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Insurance Insider explores how insurers can manage the dual, polar-opposite pressures of a litigious anti-ESG movement and net-zero climate activism.
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Plus this week’s executive moves and all the latest exclusives of the week.
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An 85% combined ratio and 22% top-line growth are a deserved boost for Lloyd’s – the question is what comes next.
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Lloyd’s achieved GWP growth of more than 20% in H1, whilst posting an 85.2% combined ratio.
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All underwriting segments in the Lloyd’s market produced an underwriting profit in the first half.
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Gross written premium increased by 22% to £29.3bn, and investments returned to profit.
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There were 150 application for the most recent Lloyd’s Lab cohort, with just 12 firms making the cut for the 11th cohort.
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The group is expanding its remit beyond the black community to focus on more underrepresented groups in financial services.
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Elizabeth Jenkin will take up her role on 9 October and report to the organisation’s CEO, Sheila Cameron.
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After Apollo announced a collaboration marking the latest milestone for algorithmic underwriting-led follow capacity in the London market, Insurance Insider explores how such partnerships can proliferate.
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The collaboration will involve the algorithmic underwriting of risks with a human in the loop for decision verification and portfolio steering.
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The Room has undergone refurbishment over the summer, and the ground floor will have a new layout.
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The independent brokerage, founded in 2019, will now be able to sell reinsurance risks from across Latin America directly to London underwriters.
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The auctions will take place in October-November this year.
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Plus all the latest executive moves and the top news from the week.
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Ongoing rate rises in property are expected to be offset by decreases in specialty lines and casualty.
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PPL has set out how it is resolving various functionality problems raised by sources to Insurance Insider.
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Head of legal Claire Schrader will assume the general counsel role on an interim basis.
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And all the other big moves of the week.
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Beazley and Lancashire’s plans to launch US units exemplify wider competitive challenges that the market must overcome to thrive.
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This publication examined how London market firms are managing post-Covid-19 working practices and found a reluctance to impose mandated office days, but increasing soft pressure to return to the City.
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The Data Council has allocated roles for London market firms around data assembly and approval for open-market placement and endorsements that will underpin the Lloyd's modernisation programme.
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All managing agents and company market carriers will need to sign the contract – still being negotiated – to use central digital services under Blueprint Two.
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The carrier warned that if members do not back its proposals, it will continue with plans for a US E&S carrier without compensation.
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The ratings agency recognised the Corporation’s efforts to improve the resilience of its balance sheet.
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The syndicate – developed in partnership with Aon – will provide capacity for E&S commercial wildfire risk in California.
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The community solar binder is led by Canopius, targeting $2mn-$20mn solar projects.
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A study by digital payments platform Diesta has unearthed time lags for insurers to receive premiums, as well as frictional costs created by inefficient premium processing.
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The Corporation has had to navigate challenging trade-offs around its succession planning.
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The Corporation is looking to increase its engagement with external stakeholders.
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The decision – which is close to being finalised – means a chief executive succession before mid-2026 is unlikely.
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While Blueprint Two was expected to move the market to a data-first approach, firms have different views on when the industry will reach this new destination and rid itself of document-led processes.
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The Corporation’s latest figures show that more than half of managing agencies are falling behind on female leadership.
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The rest of the Lloyd’s building will remain open, with managing agents temporarily using gallery three.
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Management has conducted a round of talks with potential acquirers to assess interest in the Lloyd’s business.
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The Corporation has also created separate codes for pandemic event cancellation and active assailant risk, among others.
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Across the market, 32% of leadership roles are occupied by women.
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The business was launched last year to provide additional capacity for specialty lines and hard-to-place risk.
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Following Neil Arklie's exit, cyber underwriting performance manager Maria Mathews Saunders will manage the class, reporting directly to the head of underwriting performance.
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LMA CEO Sheila Cameron also called for the market not to speculate on the proceedings.
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Plus all the latest executive moves and the top news from the week.
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The new SPA will write cyber reinsurance initially and could progress to writing insurance.
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The broker, led by Ed Gaze, who previously ran the Lloyd's Lab, helps develop and launch InsurTechs based in the UK and globally.
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The initiative aims to fast-track (re)insurance capacity to Ukraine to support reconstruction.
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Financials Acquisitions Corp is looking to extend its merger deadline and raise “substantial” extra funds.
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Lloyd's said early adopters could be operating in a fully digital framework by September 2024, with market testing set to accelerate this year with a vanguard group.
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The company will write excess, architects and engineers and small insurance brokers professional liability.
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Three key reports have unearthed issues around capital and lower return period loss figures that may need to be addressed for the cyber market’s maturation, as a pivotal 1 July renewal date approaches.
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Syndicates which began investing early in digital benefit by a 6-point combined ratio outperformance.
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The partnership will give Lloyd’s Lab members access to expand operations in Dubai.
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The collapse of the Net-Zero Insurance Alliance means insurers must find new neutral ground to continue ESG engagement, CEOs at the Geneva Association's General Assembly said.
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Chief of markets Patrick Tiernan said there has been "minimal improvement" in rate adequacy across political violence, terrorism and strikes, riots and civil commotion business.
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Plus the latest executive moves and all the top news of the week.
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Lloyd's chief of markets Patrick Tiernan set out some of the reasons why Lloyd's controversial approach to cyber war segregations could have had a "softer landing".
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With the move, the Corporation effectively doubles down on its original stance on cyber war exclusions.
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The chief of markets highlighted D&O, political violence and delegated authority as some of several areas of additional focus.
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Lorraine Harfitt also discussed the Funds at Lloyd’s capital squeeze, and the prevailing mindset keeping women from CEO positions in the Lloyd’s market.
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Lloyd’s CEO John Neal said the Corporation now has ‘breathing space’ to consider improving individual investors’ access to the market.
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Patrick Davison has worked for the Lloyd’s Market Assocation for over a decade.
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Neil Roberts, head of marine and aviation at the LMA, has called for a Plan B to Russian sanctions to help the marine sector.
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The Corporation’s exit is the latest blow to the alliance and the announcement comes just hours after Sompo and QBE became the eighth and ninth firms to leave the initiative.
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After founder members Axa and Allianz dealt a potentially terminal blow to the Net-Zero Insurance Alliance by withdrawing, the NZIA is exploring limited options to continue.
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The appointment follows Tony Chaudhry's retirement from the Corporation earlier this month.
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Munich Re, Swiss Re, Hannover Re and Zurich have all abandoned the project in the past eight weeks.
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Joe Gordon also reiterated plans to switch off PPL’s older Ebix Europe platform later this year, claiming some participants see friction with brokers “when it’s not there”.
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The endorsement allows for broader coverage, as it includes a writeback on collateral impacts arising from a cyber operation that is carried out as part of a war.
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Lloyd’s has asked all syndicates to outline their delegated authority (DA) portfolio at a whole account level for syndicate business discussions (SBDs), as the 2024 business plan cycle kicks off.
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PPL has avoided having to renew with Ebix Europe again for 2024 – a move that would have cost the placement platform around £8mn-£10mn.
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Plus all the latest executive moves and the top news of the week.
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The LMA runs numerous influential marine committees, which work on producing wordings and highlighting coverage issues.
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The Corporation appointed two barristers to examine the behaviour of five employees within the underwriting directorate.
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His departure comes after a period of ill-health, from which he continues to recover, according to Lloyd’s.
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The technology company has completed a major step in moving London market systems to the cloud, in a project that lays some of the groundwork for the Blueprint Two reforms.
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Sean McGovern, chair of the London Market Group, outlined why it is critical for the trade body’s outreach programme to build the market’s talent pipeline and attract data science expertise.
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Nick Williams-Walker, COO of Gallagher’s Specialty division, will chair the group as it looks to advance the market’s adoption of foundational elements of the Lloyd’s Blueprint Two programme.
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Matt Unsworth succeeds Bob James as Lloyd’s transformation director, after James was made COO of the corporation earlier this year.
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Plus this week’s Q1 results and the latest executive moves.
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At Trading Risk’s annual ILS conference, Lloyd’s CFO Burkhard Keese explained how the Corporation is working with the market to attract investors to participate in risk transfer across the Lloyd’s market.
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Moffatt’s departure comes just 12 weeks after Westfield’s purchase of Argo’s Syndicate 1200 and Argo Underwriting Agency was finalised.
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Insurance Insider analysis shows which managing agents stand to gain – or lose – the most ground floor space.
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A recent rise in ransomware incidents – along with pricing deceleration, attracting capital, and the Lloyd’s cyber war exclusions – were among the hot topics at Zywave’s cyber conference in London.
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Lloyd’s has begun to move away from more ‘traditional’ syndicate launches, with a number of recent start-ups aiming to minimise expenses in order to return profits.
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The US bank is said to have expressed unease to Lloyd’s over the increased threat of state-backed cyber attacks on large, international corporations.
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CEO John Neal first raised the possibility when he met Chancellor of the Exchequer Jeremy Hunt last month.
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Biba and Lloyd’s are hosting events in Birmingham and Manchester to support the partnership.
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Details on Beazley’s cyber war product are yet to come to light, but there are questions outstanding on event definition, wordings and whether the market will follow.
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The NGO called out “climate laggards” for “tarnish[ing] the reputation of Lloyd’s and all other Lloyd’s insurers”.
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Lloyd’s has launched a fund on its new investment platform to enable the market to invest globally in assets themed around climate adaptation, mitigation and social inclusion.
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The relationship between consistency and underwriting profitability for Lloyd’s businesses remains steady, our analysis shows.
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The new 15-strong committee is to provide underwriting guidance to the wider market.
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All four quartiles of the Lloyd’s market once again grew GWP in aggregate during 2022, Insurance Insider’s analysis shows.
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Scor, RenaissanceRe and other smart tracker syndicates are supporting the consortium.
-
Deputy underwriter Alec Taylor continues the late Meacock’s criticism of the cost of doing business in the Lloyd’s market.
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The syndicate said that claims were “marginally worse” than expected in 2022, but manageable.
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A higher proportion of syndicates reported year-on-year combined ratio deteriorations than in 2021, analysis shows.
-
The Lloyd’s business reported a 95% CoR for 2022, a deterioration of two points on the 2021 result.
-
The Next Gen platform has opened to placements for the entire market after four weeks of limited access, as firms completed training on the new solution.
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The carrier has reserved a gross figure of £138.3mn for stranded Russian aircraft, but the eventual size of claim remains uncertain.
-
Syndicate 1084 reported an overall profit of $16.6mn compared to $129mn in 2021, as net incurred losses increased by just over $227mn.
-
The new product is being developed to meet client demand for the coverage as the Lloyd’s market prepares to exclude cyber war as a peril from 31 March.
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Brokers must begin producing MRC v3 compliant contracts by 30 September.
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Four of 13 companies selected for the 10th cohort of the Lloyd’s Lab incubator programme will focus on European digital and climate solutions.
-
Last week’s headline results were in line with preliminary figures, but here are three Lloyd’s stories you may have missed.
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CEO John Neal and CFO Burkhard Keese retained their salary levels from 2021 during 2022, though their performance bonuses increased significantly, as Lloyd’s made one-off payments to staff to reflect cost-of-living pressures.
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The executive said that the current banking situation affirmed the need for robust D&O pricing.
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Syndicate 1225 has reported a sub-100% combined ratio for 12 consecutive years.
-
The CFO also re-iterated his target of a 31.5% expense ratio by 2025.
-
Lloyd’s also clarified that its overall exposure to US regional banks is around £630mn, spread across more than 50 syndicates.
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Specialty reinsurance profits dropped amid Ukraine war claims.
-
Lloyd’s has confirmed a combined ratio of 91.9% in its full-year results for 2022, following preliminary numbers that also showed an improvement in the attritional loss ratio to 48.4%.
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Ground floor boxes are set to be reallocated based on recent footfall.
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The Corporation’s sustainability director Rebekah Clements will sit on the scheme’s steering committee.
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With chairman Bruce Carnegie-Brown’s third term expiring in June 2025, the organisation needs to start laying the ground for broader changes.
-
The Corporation reported that ethnic-minority representation increased to 11% across the entire workforce.
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The combined ratio reported by Lloyd’s for 2022 would put it in the top half of Insurance Insider’s peer group, analysis of preliminary results shows.
-
Market transformation director Bob James has been given a broader remit as COO at Lloyd’s, while deputy CFO Alex Cliff has joined the executive committee.
-
Inclusion@Lloyd’s partner network initiative aims to support existing networks that are tied to a specific D&I need.
-
Lloyd’s has drawn attention to an improved attritional loss ratio in 2022, warning the market that it would be “very difficult to get back” if it slips.
-
Reinsurance renewals were more orderly than feared and business plan resubmissions have a positive weighting.
-
GWP at Lloyd’s increased 19% during the year, whilst investment losses resulted in an overall pre-tax loss of £0.8bn, according to preliminary results for 2022.
-
With brokers shifting to new providers to place certain classes, and competition among e-trading firms intensifying, the placement platform landscape has reached a crucial turning point.
-
The launch date for PPL’s Next Gen platform was pushed back as the team fixed final defects.
-
The syndicate also booked a combined ratio for the year of 78.6%.
-
A canvass of Lloyd’s market executives generated an expected combined ratio of 92%-93% for 2022.
-
The approval for coverholder status will help to bring Lloyd’s capacity to Africa, it said.
-
The committee will represent the views of managing agents and provide guidance and advice to the underwriting community.
-
Nick Tye revealed that Carbon Syndicate 4747’s 2023 plans include an expansion into financial lines.
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Misalignment in T&Cs means the London market is now running far more PV risk net.
-
The executive had been touted to replace Aon’s Dominic Christian in the position.
-
With PPL just two weeks from launching its twice-delayed Next Gen placing platform, new CEO Joe Gordon has stressed the importance of a migration this year to a completely rebuilt system and its potential as a rich data hub for the market.
-
The broker said the line of business has experienced 22 straight quarters of rate increases to reach “some degree of profitability”.
-
Andrew Lewis has outlined growth plans for Xitus, a niche global legacy firm he has co-founded that will focus on non-life and reinsurance deals of $5mn-$50mn.
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Staff earning less than £75,000 are to receive £1,500.
-
CEO Sheila Cameron has called for “sharp focus” on market transformation.
-
The association allowed managing agents to select the most suitable candidates in this election cycle.
-
Sources said that the company initially claimed to have secured support from London underwriters Canopius, Tokio Marine Kiln and Liberty Syndicate.
-
Despite improving returns, inflation and the availability of economically priced nat cat capacity remain the biggest challenges facing the sector.
-
The move follows former regional CEO Thomas Haddrill’s relocation to the UK to join WTW.
-
John Sununu will become non-executive chair of Lloyd’s Americas.
-
The syndicate will access first excess – and eventually primary – business for US large corporates which typically does not make it to Lloyd’s, the CEO said.
-
It is anticipated that some business plans will need to be revised in the fallout of a tumultuous 1.1 reinsurance renewal.
-
A regional focus has been adopted for the first time, with Lloyd’s Europe sponsoring efforts to tackle cyber and climate underinsurance.
-
Here we walk through seven themes of the market that will be drivers of change in the year ahead.
-
The new market participant will operate under the syndicate-in-a-box scheme.
-
If you only read a handful of stories this week, make it the selection here.
-
Ian Summers has set out AdvantageGo’s plans to manage clients’ eco-systems of technology suppliers on their behalf, and to collaborate with competitors on the Blueprint Two programme.
-
The business is lead by former Barbican group CEO David Reeves.
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As a coverholder, Trawick now has access to Lloyd’s financial security and premier ratings.
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The executive replaces Dominic Christian, who is stepping down from the Council after nine years.
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Will Roscoe, who has managed the Smart Tracker since 2019, has been named active underwriter.
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The Corporation is signalling that it wants to be as responsive as possible to allow syndicates to manoeuvre – but will it merely float with the tide of inflation or can growth take off?
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Some syndicates have access to capital to allow them to pursue net growth, but others may be more vulnerable.
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Actions would include skilled person reviews enforced by Lloyd’s, requirement to submit a contingent run-off plan, limiting how much a syndicate can write or restricting on who it can hire.
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Top-line premium at Lloyd’s is set to hit £56bn in 2023, up 14% on higher inflation.
-
After an annual update from Lloyd’s CEO John Neal on the progress of Blueprint Two, Insurance Insider delves into the delays and what was actually delivered.
-
The new MRC v3, renamed from the iMRC, will be ready by Q1 next year along with the latest version of the core data record.
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Lloyd’s today confirmed that total spending on the Blueprint Two modernisation programme is still forecast to be £300mn, despite a three-to-six-month delay in delivery.
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Lloyd’s is looking to optimise its capital structure and debt maturity profile through the offer.
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In last year’s survey, only second-quartile syndicates reported aggregate year-on-year growth of more than 10%.
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The tech partners have agreed to make at least transitional changes to their software to interact with the Corporation’s new digital services.
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The pace of Lloyd’s capacity growth is set to quicken as three-quarters of syndicates have been permitted a pre-emption.
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It is understood that Revilla will work at Lloyd’s in South Florida until year-end.
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The London Market carrier has reported a 2023 stamp of £3.8bn for Syndicate 2623, its largest Lloyd’s vehicle.
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Patrick Tiernan also voiced support for changes in sanctions to support the transport of Russian-origin food and fertiliser.
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Eight syndicates including newer vehicles from CFC and others, as well as mature vehicles from Everest Re and Lancashire, have so far reported increases in stamp capacity of 50% or more.
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The Lloyd’s capacity provider raised the money as part of an accelerated book-build process.
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Earlier this year, Superscript opened an office in the Netherlands and gained accreditation to operate across the EEA.
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London carriers were bullish on the opportunity ahead and suggested new ways of working will continue to evolve.
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A harder retro market will have a knock-on effect for London reinsurers, a panel of executives said at today’s London Market Conference hosted by Insurance Insider.
-
The Corporation’s CEO said the market could be 50% bigger in treaty reinsurance business.
-
Announcements and interviews at the UN conference have shed light on the tools emerging to help carriers decarbonise their underwriting portfolios.
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The market share for the storm of 3%-5% is below syndicates’ historical average for US wind events.
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The move comes after Antares Syndicate 1274 secured a 16% stamp capacity increase for 2023.
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Syndicates will need to put up more capital for 2023 and will likely have to resubmit business plans after 1 January.
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The Corporation has named Richard Dudley and Brad Irick as nominees for the open seat on the Council of Lloyd’s.
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A total of £254mn of capacity was traded across the three auctions, the most active in recent times.
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CEO John Neal said a pilot with managing agents is working towards a measurement framework to help syndicates transition underwriting portfolios.
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The follow-only syndicate is one of the fastest growing entities in the market’s history.
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The Gulf Coast state is keen to distance itself from Florida’s insurance woes but is resistant to some underlying changes.
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The CFO said European customers must present plans based on “experience” and not “optimism”.
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The managing agency’s syndicate will see its stamp capacity increase to £360mn in 2023, from £310mn this year.
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The entrepreneur will help shape and execute the strategic direction for the algorithmic underwriting specialist.
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Lancashire 2010 has had its syndicate business forecast approved, but it may be revised in the wake of Hurricane Ian.
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Acrisure’s Flux syndicate will be a test case for a broker’s presence at Lloyd’s, one which rivals will watch closely.
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A ballot date of 9 December has been set to replace Dominic Christian on the Council of Lloyd’s, as his term of office is set to expire on 31 January 2023.
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Syndicate 2689 will also be shifting its business plan for 2023, now choosing to focus on single-class consortia.
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Lloyd’s CEO John Neal said the challenges thrown up by the conflict could lead to difficult decisions in the short term.
-
Consortium 7763 will write risks on behalf of Aegis, Antares, Apollo, Axis, Chaucer and Munich Re.
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An investigation concluded there were no security or data compromises.
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Sources told Insurance Insider that unusual activity was the result of an update to some of Lloyd’s systems, however the Corporation declined to comment on speculation.
-
In a canvass of London market professionals, most placed their “gut feel” industry loss estimate for Hurricane Ian at $40bn-$50bn.
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A market memo confirmed that investigations are now at an "advanced point".
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LMA CEO Sheila Cameron, Patrick Tiernan, chief of markets at Lloyd’s and Beazley CEO Adrian Cox discussed the barriers facing female career progression in a webinar on Wednesday.
-
The initiative aims to tackle the growing threat posed by 100 million pieces of space debris to the global satellite network.
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The Corporation is resetting systems as it investigates “unusual activity” on its network.
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The latest statistics from the IUA show that the Lloyd’s market perhaps has not conceded as much ground as initially thought.
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Other firms such as Lexington, QBE and Zurich ranked among the top 20 underwriters in the six counties with highest exposure to Ian.
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Darren Lednor will become managing agent, while Mark Pickett will be active underwriter.
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The charter includes rules on how the LMA will tackle substandard behaviour.
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The syndicate will now pivot “in a very robust and determined fashion” into renewables and green tech, according to CUO Dominick Hoare.
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Adoption of the core data record and intelligent market reform contract (iMRC) will be fundamental to the success of the Blueprint Two modernisation programme.
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Lloyd’s has postponed milestones against work on specifications for a new digital gateway and the build of a proportional treaty system.
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As it became clearer that the Fort Myers area was facing 150 mph winds, sources started to talk about loss estimates with a $30bn floor.
-
The former head of innovation at Lloyd’s Trevor Maynard has joined InsurTech Sotera as the company prepares to raise a seed investment round.
-
LIMOSS and Vitesse will deliver the claims service, which is part of the Blueprint Two reforms, and are offering discounts to syndicates signing up in H1 2023.
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Rising reinsurance rates provide both an opportunity and a challenge for the Lloyd’s market.
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New flexibility will enable top-performing syndicates to raise cat exposures under the Lloyd’s LCM 5 framework, without a penal increase in the required capital.
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Chief of markets Patrick Tiernan said the Corporation will also launch a disaster scenario exercise with the market, looking at China, Taiwan and the US.
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Inflation will define priorities such as a focus on safeguarding clauses and pricing transparency, as well as line of business challenges, for underwriters and actuaries in the year ahead.
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The business booked a turnover increase of 14.5% to £41.4mn.
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The Lloyd’s market has historic connections with the royal family, with the Queen opening the Lime Street building in 1986.
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Insurance Insider selects 10 exclusive news stories reported by our team on the frontline at Monte Carlo Rendez-Vous.
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Cohort 9 of the start-up accelerator programme includes a provider of a parametric loan default product, a parametric BI offering and an embedded insurance specialist.
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The launch will allow the Lloyd’s market to access a greater proportion of Acrisure’s $32bn managed premium.
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The legacy carrier had already been engaging with managing agents ahead of the launch to scope out the opportunity for a starter RITC deal.
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Lloyd’s has confirmed that 1 Lime Street will stay open during the period of national mourning, although the building will be closed on the day of a state funeral for Her Majesty the Queen.
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Plus the full Insider Honours winners list, people moves and all the top news from the week.
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Lloyd’s chairman Bruce Carnegie-Brown paid tribute to Her Majesty the Queen yesterday evening at 1 Lime Street, before the Lutine Bell was rung and a two-minute silence was held.
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The H1 story has overall been a positive one for Lloyd’s, but the market and the Corporation are entering a period which will be characterised by huge uncertainty and volatility.
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CFO Burkhard Keese outlined expenditure on the digitalisation programme, in a media briefing on Lloyd’s H1 results that also tackled inflation and growth.
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A leaked document also details the rationale for the planned combination of syndicates 510 and 557.
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The Corporation is giving some employees a bonus to help tackle rising energy and food prices.
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Data shows that last September there was an uptick in commuter activity in the City, but a repeat in 2022 is uncertain.
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Lloyd’s posted a £1.8bn H1 loss overall, driven by unrealised mark-to-market losses which offset an underwriting profit of £1.2bn.
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The rating agency’s study on US surplus lines shows a gradual loss in the share of US surplus lines, held by Lloyd’s, since 2017.
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The Lloyd’s chairman acknowledged that, five years ago, the corporation wasn’t “match fit”.
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As a full syndicate, Carbon Underwriting predicts it will bring a gross written premium of £135mn ($155mn).
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The International Underwriting Association’s CEO Dave Matcham believes certain Blueprint Two projects can be vital in attracting more business to the London market.
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A signed deal would end a roughly three-year hiatus for significant strategic balance sheet M&A at Lloyd’s.
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Plus the latest people moves and all the top news from this week.
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The Lloyds-centric reinsurer has become a signatory member of the Standards Board for Alternative Investments.
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Novidea will provide a platform for every stage of the broking lifecycle and help Gallagher adopt digital solutions being developed for the Lloyd’s Blueprint Two programme.
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In a six month period characterised by continued rate rises and few major catastrophes, the Lloyd’s market should be set for another profitable half-year underwriting result.
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However, conflict and social inflation still “significant headwinds” for the Corporation, the ratings agency said.
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Insurance Insider explores the themes around growth in London and a contraction of cat limits on the horizon, in the months before an intensive 1.1 period.
-
Yesterday, we published a detailed examination of the barriers preventing women from reaching the executive committees of Lloyd’s managing agencies.
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In the first part of a two-piece investigation, Insurance Insider explores the pernicious barriers to women reaching the executive committees of Lloyd’s managing agencies.
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The executive was also recently appointed CEO of Innovative Risk Labs.
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After PPL announced a second delay to the NextGen platform in May, Insurance Insider examines lingering questions over a beleaguered modernisation project.
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Plus the latest on the FCA backlog, exclusive people moves and all the top news of the week.
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A team within the Lloyd’s, DXC and IUA joint venture is working on the gateway – a pivotal element of the digital solutions for BP2.
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Business will be written directly into Syndicate 5623 from 1 January 2023.
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The loss portfolio transfer reinsures around $116mn of the group’s share of Syndicate 33 reserves from between 1993 and 2018.
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The new rules will apply from 31 March 2023, with LMA wordings permitted.
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The syndicate also posted an underwriting profit of £17.1mn.
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The Corporation has resequenced a key Blueprint workstream for delegated authority business, as it looks to create a data strategy for DA in Q4.
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The capital provider believes the time is ripe to take on increased underwriting risk.
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The first six months have been characterised by substantial double-digit growth and further improvement in underwriting performance.
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The move would enable the Lloyd’s ILS platform to access investors with lower risk-return appetites after launching with quota share options only.
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The increase comes amid improvements in the rating environment, a weaker sterling and the impact of inflation on insured values.
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Lloyd’s Syndicate 609 active underwriter Toby Drysdale will be replaced by Peter Laidlaw.
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The Lloyd's chairman made the comment during a break in a Marylebone Cricket Club meeting which was picked up by microphones broadcasting to members attending online.
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The Corporation’s latest market survey on D&I shows key metrics moving in the right direction but persistent fears remain from individuals around speaking out.
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The report has highlighted how different scenarios arising from the conflict could affect the global economy, with particular warnings on sector exposures to cyber attacks.
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Ed Gaze, who established and ran the Lloyd’s Lab start-up accelerator programme, is joining the InsurTech backer in August.
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The Corporation said firms must do more to ensure employees can call out wrongful behaviour within the market.
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The Corporation will segment the market into 10 working groups to progress market reforms.
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The broker said Russia’s invasion of Ukraine was also driving a range of uncertainties in the market.
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The Corporation will not utilise a 2026 break clause in its lease.
-
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The vehicle would back the broker’s MGAs but also write business channelled via its extensive retail network.
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Lloyd’s is also looking for seasoned LGBTQ+ professionals or allies within the market to mentor LGBTQ+ talent.
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The much-delayed NextGen 1.0 release will replicate the current system’s capabilities with an improved user interface.
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After a half-year update on the Blueprint Two programme, Insurance Insider explores what has been delivered, but also the questions on how adoption will play out.
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The deal would mark the second time the carrier has come to the legacy market in recent times as the syndicate’s turnaround continues.
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The Corporation has updated the market on progress of its delegated authority workstreams, the iMRC and other foundational work.
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As the Aegis London CEO retires this week, he revealed his key lessons from over three decades in Lloyds – and what has to change if the market is to survive.
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The consultation will invite views on the intelligent market reform contract, or iMRC – a new template that will enable digital processing of the core data record.
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The Next Gen platform is expected to be completed in February.
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Lloyd’s said it did not expect the majority of syndicates to be impacted by the change
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The carrier is to underwrite a water risk InsurTech and a Hispanic neo-bank.
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Speaking at the Association of Lloyd’s Members conference, Verto Syndicate 2689 active underwriter Chris Sharp set out the questions underwriters are asking on inflation.
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Aviva Global Corporate & Specialty head Washington said Lloyd’s is likely to be an avenue for the carrier in future.
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The chairman’s new mandate will now run until June 2025.
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Arguably the Corporation could find more creative ways to promote its ESG targets, but the reality is that the showy protests are of less relevance than winning boardroom votes.
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While aggregate premiums grew by 1.5x between 2012 and 2021, annual expenditure at Lloyd’s on salaries and other employment costs has doubled.
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If you believe that the Lloyd's market has turned around its fortunes, it’s a buyers’ market on Lime Street.
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Lloyd’s CEO John Neal has returned to work after he was hospitalised in March following a cycling incident.
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The Corporation will hold crucial sessions with brokers next month to set out how brokers will integrate with digital solutions.
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The agreement commits to a set of services that will create the foundation to transition 400 companies onto a cloud platform.
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Lloyd’s announced back in March that it had appointed Schroders Solutions as a partner for its new investment platform.
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After heading up and establishing the Lloyd’s Lab for more than four years, Ed Gaze is leaving his post.
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More scrutiny on the remuneration of delegated authority business is well overdue.
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Lloyd’s chief of markets Patrick Tiernan highlighted priorities for oversight of delegated authority business, ESG and inflation at a media briefing this evening.
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CEO John Neal and chair Bruce Carnegie-Brown highlighted a continued commitment to "insuring the transition" and D&I.
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Lloyd’s chief of markets has outlined the Corporation’s approach to navigating the market through macroeconomic, social and political challenges.
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Beazley’s pioneering new Syndicate 4321 uses ESG ratings to provide additional capacity for clients, but it will play a broader, strategic role for the carrier.
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Robert Margetts becomes the latest senior departure from Compre, following the exit of chief development officer Eleni Iacovides.
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Recent start-ups have recorded annual underwriting losses about 80% of the time, Insurance Insider analysis shows – even after becoming established.
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The decision comes after Extinction Rebellion activists shut down the Lloyd’s building, protesting against the insuring of fossil-fuel products.
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A second setback to the delivery of PPL’s Next Gen’s platform has triggered questions among firms about confidence in any new timeline.
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PPL said not all elements of its Next Gen platform – which was already subject to a delay – will be ready for a September launch.
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The Corporation has been in negotiations with landlord PingAn over its future in the iconic building.
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The (re)insurer aims to fill a gap in the market by providing ESG data for insurers on the private firms they insure.
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The Corporation’s former global head of operations Joe Dainty has moved over from the DXC joint venture to become market delivery director.
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Hernandez will assume her new position alongside her existing role of country manager for Mexico.
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The follow-only vehicle initially launched in January with a more limited set of permissions.
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The broker was founded in 1980 and specialised in a variety of classes, including property, specie and professional liability.
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With the Lloyd’s Lab in its fourth year and poised to welcome cohort eight to its incubator, Insurance Insider examines its impact so far.
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Only the top quartile increased GWP between 2019 and 2020.
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Only 31% of syndicates reported underwriting losses in 2021 – down from 64% in 2020.
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The broker said there was still a “big unknown” around the potential global economic impact of the conflict.
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The partnership ups Mosaic’s North American M&A liability capacity from $41mn to $50mn.
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The syndicate reported a combined ratio of 83%.
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Lloyd’s improved its underwriting performance relative to its most directly comparable peers in 2021, Insurance Insider analysis shows.
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Plus the latest executive moves and all the top news of the week.
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The carrier strengthened reserves by $41mn due to uncertainty around financial and professional lines claims development.
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Head of M&A Mayur Patel is leaving the legacy specialist, while its Asian CEO Martin Kauer is retiring.
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Lloyd’s annual report shows a rise in fees paid to consultants and overall staff costs.
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The 40-year-old firm dealt primarily in North American binders.
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The 11 successful InsurTechs and specialists were selected among 150 applicants who pitched for a place on the incubator programme.
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Inigo 1301 achieved the greatest scale of the new syndicates, writing $428mn of business.
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The active underwriter of Syndicate 2791 called for models to account for rising prices.
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Catastrophe losses remained high in 2021, adding 5 points to the loss ratio for the year compared to 2020.
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The 2021 result is the first time Syndicate 2003 has turned an underwriting profit in four years.
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In a landmark step for the Blueprint Two programme, the Data Council has agreed the content of the core data record for all risk classes.
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The new platform – a “key deliverable” of the Future at Lloyd’s programme – will consist of a series of select funds across asset classes, made available to London market investors.
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Lloyd’s CEO John Neal is in hospital following a collision with a car while out riding his bike at the weekend.
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The Corporation’s results show aggregate losses for the syndicates whose 2017 and 2018 underwriting years remained open rose £98mn last year.
-
If you only read a handful of articles this week, make it the selection below.
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The Lloyd’s CEO's statement was echoed by CFO Burkhard Keese, who said the losses would be “manageable.”
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Management commentary and disclosure from the Lloyd's 2021 result outlines key challenges for the market ahead.
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Lloyd’s CFO Burkhard Keese said further progress is needed among the lowest-performing syndicate quartile, despite their aggregate combined ratio improving 17%.
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Lloyd’s 2021 results have revealed significant improvements in virtually all lines of business as well as rocketing premium growth in reinsurance and primary casualty business.
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Based on Lloyd’s current risk scenarios, losses from the crisis should be manageable if significant, the CFO said.
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Investment firm BP Marsh has acquired a 40% holding in start-up Lloyd’s broker Denison and Partners and provided a loan facility, stumping up aggregate funding of £802,000 ($1.05mn) for the company.
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Dee, who had worked at the Corporation since 1986, passed away earlier this week.
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Amid ongoing restructuring, poor performance from discontinued classes is weighing on the bottom line.
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CEO John Neal hailed the return to sustainable underwriting profitability as the market posted its first underwriting profit since 2016.
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The syndicate also increased gross written premiums by 17.6% to $1.7bn, amid favourable market conditions in most classes.
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The decision marks the second time the carrier has explored an entry to Lloyd’s and ultimately reverted.
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The syndicate-in-a-box (SIAB) will operate via the Lloyd’s platform at the Dubai International Financial Centre (DIFC).
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The first of a two-part series on innovation examines the barriers blocking product innovation in the P&C market.
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The major UK insurance group has been exploring a launch since last year.
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The firm allowed a culture of discrimination, harassment and bullying, while management failed to take appropriate disciplinary action against the perpetrators, an inquiry found.
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The Corporation said insurance was “too ingrained in the world economy for us to not play an active role”.
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Combined ratio aside, detail on growth, rates and reserves will give some indicator of how well the market is preparing for what lies ahead.
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Acrisure Re brokered the deal.
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The firm will leverage its partnership with DXC to build a fully digitalised managing agent, the co-CEO said.
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As part of the deal, all staff working for the managing agent will join Mosaic, while SiriusPoint will become a strategic investor in the carrier.
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The theme of yesterday’s market briefing is that Lloyd’s is now moving into a period of growth, having completed remediation, but it wants smarter, sustainable growth.
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The Corporation’s chief of markets said managing agents will be expected to articulate the differences between cat loss ratios from modelling to plan.
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The transaction involves net technical provisions of more than £200mn.
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The analyst said that a limited impact from the conflict is expected in other business lines such as trade credit, marine cargo and aviation war.
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The former head of GC Securities will be tasked with easing investment in Lloyd’s underwriting.
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Executives have set out how firms can transition to the processing solutions being built under the joint venture between DXC, Lloyd’s and the IUA.
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Fellow Names-backed Verto Syndicate 2689 reported a loss of £10mn for 2021.
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Insurance Insider does the data work on how Ki’s first-year numbers compare with other Lloyd’s start-ups.
-
Data Council chair and LMA CEO Sheila Cameron has set out the council’s priorities around Blueprint Two, and options for game-changing new contract formats.
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Syndicate 1221 is expected to return to underwriting profitability for 2021, The Hartford’s head of international Carl Bach said.
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Lloyd’s said that it had developed appropriate policies to manage the transition towards net zero.
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The chairs will lead three sub-groups, which have been formed from a wider technical group liaising with the Data Council, to begin vital work on adopting the Blueprint Two reforms.
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The carrier is looking to rapidly achieve scale, taking advantage of its capital light model.
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The deal covers the 2019 and prior years of account, but the size of the liabilities in scope were not disclosed.
-
The company said that it was creating a new product for customers underserved by traditional insurers.
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After a second guide from Lloyd’s on Blueprint Two finally provided timescales for delivery, some firms remain uncertain on the details needed for preparation.
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"I want it to be almost embarrassing for Lloyd’s not to give us light-touch [status] because our results are so good,” CEO Brad Irick told this publication.
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The Lloyd’s Market Association said underwriters will now be physically present on Tuesdays, Wednesdays and Thursdays, either in the Lloyd’s Underwriting Room or their offices.
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The business will deliver legacy portfolio transactions for other Lloyd’s syndicates and be managed by Capita.
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The LMA is pushing for underwriters to be in the office on Tuesdays, Wednesdays and Thursdays as a minimum, as the ‘work from home’ order has now been lifted.
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Syndicate 3456 is the second Lloyd’s launch announced this year, following MIC Global last week.
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With an abundance of detail on delivery, the Corporation can now be held to account.
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Plus booming broker growth; GRP, Covea UK and James River sales; and all the top news of the week.
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The motivation behind the decision reflects members’ belief in the value of face-to-face trading and, in particular, the value of the Underwriting Room.
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Discussing tomorrow’s publication of the Blueprint Two interactive guide, the Lloyd’s CEO said market reforms will slash servicing costs by 40%.
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Chris Croft and Caroline Wagstaff will help to assess the UK sector’s competitiveness.
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Digitisation and a possible lesser future for the underwriting room add pressure for a stratum of the market already facing headwinds.
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Samphire Risk is being incubated by Davies, which has supported the launch and hosting of more than 40 MGAs.
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Insurers need to recognise their role in the race to net-zero, preparing for future political, environmental and economic impacts on climate change in the process, the Corporation said.
-
After Jen Rigby leaves on Friday, CFO Burkhard Keese will take on a wider remit for operations as COO.
-
This publication revealed that Sharp, who was CUO at ESG-focused start-up Parhelion, had left the firm in November.
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After prolonged talks, a contract has been signed to build digital solutions for accounting, settlement and claims services, marking a milestone for the Blueprint Two reforms.
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Lloyd’s will have no further wiggle room to delay the delivery of Blueprint Two elements this year, but it will depend largely on technology partners.
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The rebrand has been supported by the 25 members of the initiative from the Lloyd’s market.
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The deal was brokered by Gallagher Re.
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Hampden Agencies estimated large losses to be 6.8% of 2021 capacity for its syndicates by the end of Q3, with the majority of losses relating to Hurricane Ida.
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The consortium has been developed by Chaucer, Markel and Munich Re Syndicate, and has a maximum working capacity of $100m per project.
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Syndicates will sometimes baulk at the degree of oversight in Lloyd’s, but it remains a poor signal that a niche player like 1975 would walk away.
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The Lloyd’s investment vehicle has also acquired three more limited-liability vehicles.
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The change in plan comes as Lloyd’s restricts cyber growth.
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The medical malpractice business will use a company market platform to pursue its growth ambitions.
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The body will work to drive the digitisation of the market through standardised data.
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The transaction provides reinsurance capital from four pension funds and marks the second use of the Lloyd’s ILS transformer vehicle.
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The architect behind the Grade I-listed Lime Street building has died at the age of 88.
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In 2021, the partner networks hosted more than 70 free, virtual events and attracted five new corporate sponsors to help drive change across the industry.
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The Corporation’s CEO gave an early estimate of the storms’ impact in a year already marked by heavy cat losses.
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The continuous contracts will go live in January 2022 and be powered by a data-driven review process.
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The appointment will be effective from 1 January 2022, when he will replace current general representative Pierre-Michaël de Waersegger.
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Plus the latest executive moves and all the top news from the week.
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A total of 12 managing agents control £1bn or more of capacity, analysis shows.
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All quartiles of the market are expected to increase aggregate stamp next year, analysis shows.
-
The business said the decision will enable Argenta to simplify operations and focus on the development of its London underwriting base.
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The Corporation is granting more flexibility but will keep a closer eye on cat, cyber and delegated authority next year.
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An Ascot-led consortium will be launched at Lloyd’s, offering a variety of space cover.
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Chief of markets Patrick Tiernan warned syndicates that inflation increases must be priced in, during a webinar.
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Business plans submitted for 2022 have set the market on track to generate a sub-95% combined ratio next year.
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The single-digit growth in capacity adds weight to expectations of rate slowdown next year.
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The full breakdown of Insurance Insider's stamp capacity survey.
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It is hoped a joint venture contract with DXC on an expansive set of solutions under Blueprint Two will be signed in the new year.
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Sources said the syndicate had absorbed heavy losses in 2020 and was also facing capital charges to support cat-exposed business.
-
PPL chair Bronek Masojada confirmed the delivery timeline for PPL’s work with Deloitte at a CEO breakfast this morning.
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Proprietary capital will be deployed through Mosaic’s Lloyd’s Syndicate 1609, alongside partner capacity contributed by carriers wanting to leverage Mosaic’s underwriting and distribution expertise.
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Lloyd’s has reintroduced the wearing of face masks when entering and moving around the Lloyd’s building, based on the latest government coronavirus guidelines.
-
The significant increase in planned premium will be interpreted as a vote of confidence in the low-cost, follow-only model from Lloyd’s.
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The Corporation is seeking market views on the second iteration of the CDR before it is ratified by the new Data Council.
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Neil Williams, who spent more than eight years at Lloyd’s, will join the carrier in January.
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Plus the highlights from this week’s London Market Conference and all the top news of the week.
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The syndicate will begin underwriting on 1 January 2022.
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The Corporation's transformation director said most Blueprint Two targets will be hit next year.
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The Redicova product is led by Beazley with initial reinsurance from Axa XL, Hiscox and RenaissanceRe – all members of the Disaster Risk Facility at Lloyd’s
-
A total of 87% of survey respondents are looking to grow their stamp.
-
The roles of full-time staff and those on fixed-term contracts are subject to a consultation process now underway.
-
Arklie follows in the footsteps of Patrick Tiernan, who recently swapped Aviva for Lloyd’s.
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In the Corporation’s ambition to bring new capital and new businesses to Lloyd’s, the look and feel of the marketplace is slowly changing.
-
The market is assessing whether planned single-digit rate rises will outstrip burgeoning claims inflation.
-
It has been suggested that a Lloyd’s syndicate could provide a neat solution to the licensing needs of its growing specialty business.
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To walk away from One Lime Street at this juncture would certainly be a very bold statement on how Lloyd’s is embracing modernisation and its future.
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Ascot CEO Andrew Brooks will retain the role of chair for the Lloyd’s Market Association (LMA) for a second term following a unanimous board vote for his reappointment.
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Due to major refit costs at One Lime Street, the Corporation must take a call on extending the lease, buying the building or leaving.
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The Corporation said it will consider using digital platforms as it evolves its thinking on the future of the Lloyd’s underwriting room.
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Lloyd’s broker Parker Norfolk, launched with backing from Maven Capital Partners in 2018, is to sell off its remaining business portfolios and close its doors, this publication can reveal.
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The company’s new UK specialty team will be led by Grahame Lamb, Richard Daws and Jonathan Britton.
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The cross-industry Insurance Task Force (ITF) working with Lloyd’s has launched a Disaster Resilience Framework for Climate-Vulnerable Countries, as part of its activities for the Prince of Wales’ Sustainable Markets Initiative (SMI).
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Julia Tyson, chief human resources officer (CHRO) at Lloyd’s, is to depart at the end of the year.
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The body’s remit will include governance of the core data record – a crucial element of the Blueprint Two reforms at Lloyd’s.
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The new London Bridge framework is less useful to the bulk of specialist ILS asset managers than it is end investors.
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Plus the latest impact of cat activity on reinsurer results and all the top news from the week.
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The CEO is signalling to the market, investors and the rating agencies that Lloyd’s has turned a corner.
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The Corporation said it planned to transition its £3bn ($4.1bn) Central Fund to net zero by 2050 by redirecting capital flows to green investments.
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The significant pre-emption is predominantly driven by the transfer of a reinsurance book from the carrier’s UK platform to Lloyd’s.
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Stamp capacity for the “beta” syndicate is set to climb by 42% to £204mn.
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The Corporation’s CEO also warned that the increasing use of captives was “dangerous” for clients.
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The syndicate writes most of its premium in US dollars, and the approved plan will see a 9% GWP uplift on a like-for-like basis.
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Lloyd’s also highlighted its desire not to become the “market of last resort” for carbon-intensive companies.
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The carrier will continue to write the business from Bermuda and the US.
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Syndicate 4321 will operate as a consortium led by Syndicates 623 and 2623, providing capacity for companies that meet ESG criteria.
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Marco’s launch marks the latest RITC syndicate to set up at Lloyd’s, following Compre’s move to establish a vehicle under an Apollo turnkey at the beginning of the year.
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Figures from the International Underwriting Association’s most recent report shed some light on the movement.
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Global insurance firms’ efforts to help clients cut carbon emissions are detailed in the report.
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Analysis of financial data shows that the last decade has seen a marked increase in the proportion of premiums ceded by carriers in all sectors.
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The Lloyd’s investment vehicle had raised £53mn in March to invest in further acquisitions of Nameco capacity.
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Mark Cooper has been appointed as head of its UK branch, David Jackson as senior underwriting manager, and Kirstie Keate as underwriting manager.
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Roshni Lillies was head of international casualty treaty for SiriusPoint.
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Other industry executives recognised on the night included Ark CEO Ian Beaton, Lloyd’s CFO Burkhard Keese and Howden CEO David Howden.
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This will be the first syndicate in a box in the Gulf Co-operation Council – an economic union between states in the region.
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The PPL board has finally chosen a partner to deliver the NextGen platform, opting for a build option with Deloitte Digital.
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The reputation of the insurance industry has taken a battering after sexual misconduct stories and pandemic disputes.
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Blueprint Two will now be structured around four digital solutions: data, digital processing, coverholders, and placement and connectivity.
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The Corporation has given in-principle approval for the syndicate, which will have initial stamp capacity of £130mn.
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This publication has reported extensively on the ups and downs of the PPL saga, as the company seeks to push ahead on the development of its NextGen platform – a major component of the market-wide push on modernisation.
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A total of 33 managing agencies have entered into agreements directly on the Tremor market.
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The executive said he was “genuinely worried” about the impact of lockdowns on the workforce.
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Plus the details on CFC’s sale process, the latest on Ida and all the top news of the week.
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The Corporation has also said that one-third of all new hires across the market should come from an ethnic minority background.
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In her new role, she will be responsible for leading and executing the Corporation’s sustainability strategy.
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Lloyd’s chief of markets Patrick Tiernan ruled out completely cutting out sources of energy relied on by certain communities.
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The planned disposal of the syndicate underlines the challenges the cohort of Bermudian entries has faced.
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Nine (re)insurance firms in London took part in the programme for career-break women, organised by diversity and inclusion firm Inclusivity and supported by the Insurance Families Network.
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In discussing the results, the tone coming from the 11th floor of 1 Lime Street was noticeably more confident and self-assured.
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The CFO said that if the bottom 15% were brought back to profitability, this would bring a 30% boost to the market aggregate underwriting profit.
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