-
The market also outperformed various indices including the MSCI World.
-
The executive said Aviva and Fidelis had endorsed the market’s turnaround.
-
The injection will be sufficient to take the platform through its next stage of major development.
-
The initiative will focus on fostering innovation through the Lloyd’s Lab.
-
DDM is due to be removed as a core central service on 13 September.
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Velonetic said the transition would not go ahead if questions over readiness remained.
-
The ratings agency said P&C insurers must "push through" price increases.
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Talbot is rebuilding its PV team after a December Ark and Chaucer raid.
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The carrier confirmed the appointments of Barrett and Tinworth to the property team.
-
The CEO speaks on portfolio remediation and the future of the lead-follow model.
-
The association will also explore the impact of AI and continue its #BackToEC3 campaign this year.
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The platform is adding a contract builder component that would smooth adoption of the new MRC v3 contract.
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The Essential Consortium is a specialised cargo consortium for perishables launched in April 2023.
-
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.
-
Insurance Insider takes a look at some of the biggest news and developments of 2023.
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The move points to a longer spell of independence for Miller – but possible bearishness on external interest in UK broking.
-
Head of Lloyd’s relationships James Mackay joined Aon in 2019 after a 25-year stint at Argenta.
-
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.
-
In addition to the need for new products when insuring the transition, panelists highlighted the need to innovate and adapt.
-
Axa’s Sean McGovern was also elected as a corporate external member of the Council after running unopposed.
-
The fine relates to a breach that took place in 2017, where hackers were able to access the data of 13.8 million UK consumers.
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The appointment follows the recent hire of Pascal Carrer as head of casualty in Switzerland, and David Corrigan as head of property.
-
Loss severity and prior-year development in US casualty dominated discussion at The Broadmoor.
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The consortium is supported by 11 other Lloyd’s businesses.
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Property remained the largest class of business, whilst North America is an increasingly important income source.
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The SPAC has undergone a dramatic shift in strategy since it first listed on the London Stock Exchange.
-
The project shows that a well-designed and accessible market-wide effort to think outside the box on recruitment could be rewarding for the entire sector.
-
Letters from PPL's legal representatives had been issued to Ebix Europe, over the timing for the launch of Ebix Europe's new PlacingHub platform.
-
The London market businesses face potential fallout as Vesttoo investigates collateral inconsistencies.
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Pantheon Specialty will assume 100% ownership of Denison and Partners, another BP Marsh-backed broker.
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Plus all the latest executive moves and top stories of the week.
-
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.
-
London D&F underwriters are seeing rate rises of 15% on average on clean business, while loss-affected accounts are seeing their rates double.
-
Plus all the latest executive moves and the top news of the week.
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PPL is looking to enhance its capabilities around generating a CDR in a pilot that could also demonstrate how a CDR validation process could work for many firms under the Lloyd’s Blueprint Two programme.
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Bay Risk will become part of Gallagher Re’s Global Programmes practice group, led by Andrew Moss.
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AdvantageGo has secured agreements with Acord, Verisk, Vipr and Zywave to establish a collaborative ecosystem of London market data and technology vendors, which will help carriers modernise and prepare for the Lloyd’s Blueprint Two programme.
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In the firm’s 2023 State of the Market report, it covered multiple classes, warning that for property (re)insurance in particular, inflation will likely continue to inflict pressure.
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The veteran underwriter died surrounded by his family while on holiday in Antigua.
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City Minister Andrew Griffith has outlined hopes for the Financial Services and Markets Bill, which will enact various regulatory reforms, including a new competitiveness objective.
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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.
-
The platform has gained Lloyd’s coverholder status along with capacity from Beazley, Axis and Greenlight Re, and started to bind risks in contingency, before expanding to other business lines.
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Major M&A this year has settled the future of a number of players – while the hard market presents an opportunity for challengers.
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Andrew Hedges – who writes the book – will leave the business after a transitional period to oversee the run-off.
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The band had filed a claim against insurers including Talbot, Liberty Mutual, Brit and Munich Re’s Great Lakes Insurance.
-
Speakers at the London Market Conference clashed over the role of data in innovation.
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The market share for the storm of 3%-5% is below syndicates’ historical average for US wind events.
-
Moves to push down London broker commissions highlights the options open to write reinsurance platforms in other markets.
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As a result of the retirements of Nick Ford and Julian Leigh, SA Meacock & Company plans to tender capacity on its Syndicate 727 in the Lloyd’s capacity auctions.
-
Matthew Wilson, Matthew Moore, Emma Woolley and David Croom-Johnson have stepped down from the board.
-
In the last two days of a consultation on the new iMRC template, the volume of responses surged by more than 2,500, leading to a revised timeline for its launch.
-
Lockton said the new program provides full access to London market capacity, estimated to be in excess of $850mn for custody coverage.
-
UK insurers have now paid out £1.2bn in final settlements for claims relating to pandemic closures.
-
The MGA received regulatory approval for its new London and Dublin companies.
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The InsurTech has launched in the UK after previously setting up shop in France, Germany and the Netherlands.
-
Sarah Pritchard, executive director for markets at the FCA, set out the regulators’ moves to improve efficiency and enable innovation at a speech.
-
The holding company’s approval from regulators means that Dale Underwriting Partners Syndicate 1729 can migrate from Asta to Dale’s own new managing agency.
-
The hires follow the launch of the M&A MGA’s operations in the UK in June.
-
A sale of the managing agency and Syndicate 1200 would represent tangible progress in Argo’s strategic process.
-
The 12.2% shareholder has also proposed appointing founder Ken Randall as a company director, with the intention he would act as an executive director if Spiegel is removed.
-
The watchdog will also base its digital delivery centre in the Yorkshire city.
-
Ed Gaze, who established and ran the Lloyd’s Lab start-up accelerator programme, is joining the InsurTech backer in August.
-
Government reforms to drive competitiveness in regulatory frameworks have been delayed.
-
The Bank of England has warned that data gaps and inconsistencies in ESG ratings are impacting insurers’ responses to climate risk.
-
The PRA’s CEO Sam Woods this morning rebuffed reports claiming Boris Johnson was frustrated over the speed and transparency of the Solvency II reforms.
-
The much-delayed NextGen 1.0 release will replicate the current system’s capabilities with an improved user interface.
-
Under the move, brokers Senior Wright and Tasker & Partners will come together under a single brand.
-
The deal would mark the second time the carrier has come to the legacy market in recent times as the syndicate’s turnaround continues.
-
The Corporation has updated the market on progress of its delegated authority workstreams, the iMRC and other foundational work.
-
With Anna Sweeney due to leave, the PRA is now looking to fill one of its most influential roles for insurance supervision.
-
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.
-
As the Treasury falls under pressure to ramp up oversight of the FCA and PRA, Insurance Insider explores what this should mean in practice.
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The executive has worked for the company in London, New York and Dublin.
-
The regulator has criticised London market brokers and MGAs on four key areas, warning them that they have a “long way to go” on diversity.
-
The Financial Conduct Authority is facing a perfect storm of a backlog of approvals, striking staff and an urgent need to transform operations.
-
Davies has more than 30 years of experience in financial services and has held several senior insurance industry roles over his career.
-
The ratings agency said the run-off sector is set to remain highly competitive over the coming years.
-
Andrew Pecover will run underwriting operations across Lloyd’s and company markets, reporting to CEO Carl Overy.
-
Ian Summers has resigned as CEO of Verisk Specialty Business Solutions, which was rebranded from Sequel, after more than seven years at the company.
-
Lloyd’s CEO John Neal has returned to work after he was hospitalised in March following a cycling incident.
-
The Corporation will hold crucial sessions with brokers next month to set out how brokers will integrate with digital solutions.
-
Amid concerns around increased digitalisation in the insurance sector, the PRA will soon publish a discussion paper on new measures.
-
Group CEO Neil Robertson is making his mark on the company with an overhaul of leadership into regional and underwriting heads.
-
Lloyd’s announced back in March that it had appointed Schroders Solutions as a partner for its new investment platform.
-
The InsurTech (pronounced Signus) provides clients with the ability to securely connect and collaborate with brokers, insurers, vendors and policyholders.
-
The UK regulator’s stress test assumes higher global warming temperatures and carbon prices than other watchdogs’ similar assessments.
-
Plus the lowdown on the potential Howden-TigerRisk tie-up and all the top news of the week.
-
After heading up and establishing the Lloyd’s Lab for more than four years, Ed Gaze is leaving his post.
-
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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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.
-
A substantial rise in the value of liabilities transacted during Q1 to $4.2bn was driven largely by Aspen’s $3.6bn LPT with Enstar.
-
Plus the latest company results, people moves and all the top news of the week.
-
-
Prince Charles’ speech to open the next parliamentary session referred to a new bill that will introduce a competitiveness objective for the financial regulators.
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The revised estimates come after Hiscox reported its results for the first quarter last week.
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Clarity is growing over how the Ukraine war loss may eventually play out, although the picture is still uncertain.
-
Shares in the carrier were down 3% as it disclosed $40mn of estimated losses from the Ukraine war.
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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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Cyber and M&A insurance are the emerging trends in the region fueled by increased jackpotting attacks and deal activity.
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The company posted adjusted diluted earnings per share of $2.66, ahead of analyst consensus of $2.50.
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Alan Vallance will replace an interim CEO, following the departure last month of previous chief executive Sian Fisher.
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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 ratings agency said a high degree of uncertainty around ultimate exposure is likely to be long-lasting and will fuel rate strengthening in affected lines.
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Head of marine and aviation Neil Roberts said contradictory legal advice was resulting in “extreme caution”.
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ExposureHub has been designed to help underwriters make more informed decisions on risk selection and general exposure management.
-
The impact of the war in Ukraine has led to a drop-off in IPO activity, which many carriers were relying on for growth.
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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 pair are to exit amid a stream of departures from the Odyssey-owned intermediary.
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Neil Jarman joined Antares back in 2016 to head up the carrier’s new casualty treaty division.
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Plus the latest executive moves and all the top stories from this week.
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The most profitable syndicates tend to be consistent performers long term, Insurance Insider analysis shows.
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Business leaders surveyed by Beazley said they were increasingly worried about war risk in particular, prior to the Ukraine conflict.
-
The ratings agency cited slowing rate rises and challenges for carriers to achieve above-inflation premium increases.
-
The nat cat loss aggregator said the Q1 event was the “largest flood loss on record” for the Australian insurance industry.
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An out-of-court settlement has been reached between a group of Caribbean hotel companies and Besso, closing a drawn-out case.
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The move comes despite the Corporation asking managing agents to develop tailored ESG strategies to transition their businesses to net-zero.
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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.
-
The European Insurance and Occupational Pensions Authority said in a statement that it had observed a number of issues in the supervision of run-off portfolios.
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The government acknowledged it would be unfair for shareholders to continue to benefit financially when insurers fall into insolvency.
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The two companies have collaborated on the submission of a purely data-driven contract that complies with the core data record.
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The hire follows the appointment of Keith Mather to head up financial lines for the international business.
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The comments follow an extensive inquiry into the regulation of the London market.
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The escalation of conflict in Ukraine has led to global energy uncertainty and underpinned high asset prices.
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The partnership ups Mosaic’s North American M&A liability capacity from $41mn to $50mn.
-
The ratings agency has undertaken its first performance assessment of a UK MGA, after launching a methodology for the new process in February.
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Once a location is listed, marine underwriters are entitled to charge additional premiums for ships sailing in the area.
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The syndicate reported a combined ratio of 83%.
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The independent broker has an end to its long search for a new owner in sight.
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Plus the latest executive moves and all the top news of the week.
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If the retail firm also has to pay for structural damage to the building, this will add $80mn to the loss total, sources said.
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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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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 MGA has had a major impact on the marine market since its launch, writing a substantial amount of business.
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Nearly 70% of respondents to an Airmic survey said the market’s IT systems were gradually improving yet still not fit for purpose.
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The broker said the market was flattening but that large losses in the first quarter would sustain pricing levels.
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Under standard marine war coverage, blocked or trapped ships become total losses after 6-12 months.
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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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TigerRisk Partners has added two new brokers to its delegated authority business, including entering the Australian market as it appointed Simon Chandler as head of reinsurance broking programmes and binders.
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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 carrier is focused on maintaining balance across its portfolio and is growing more in specialty reinsurance than property cat.
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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 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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The two former Agora department heads have left IQUW after less than six months at the syndicate.
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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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AIG’s global specialty head Paul Greensmith spoke on a panel at the Marine Insurance London conference, which explored how the capital’s marine market can arrest its declining status.
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The new task force is looking to create an ecosystem for esoteric risks in certain sectors, such as cyber and terrorism and climate risk.
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Lancashire has direct exposure to Ukraine through aviation, marine and political risk lines, according to a Jefferies report that said the carrier will likely incur “immaterial losses” from the conflict in its aviation war business.
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Linda Daly will join the company’s D&O division led by Michael Chu.
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Excess layers of the Marsh-brokered stock throughput policy are led by QBE and spread around the London market.
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New treaty placement elements on the Adept platform will provide structured data exchange functions throughout the placement process.
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Plus more on the market’s exposure to aircraft leasing firm Aercap and the lowdown on the US 1.4 renewals.
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CEO Sue Jakobek said the first release will be made available at a time agreed by the market.
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Scor’s Malcolm Newman, Axa XL’s Sean McGovern and Aon’s Richard Dudley gave evidence to the Lords committee on regulation.
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The carrier is the latest in the Lloyd’s market to post a substantially improved combined ratio in 2021.
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President Putin has signed off on a new law that has banned Russian carriers from ceding risks to reinsurers in "unfriendly states".
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Reuters reported that if a foreign lessor terminates the agreement, a special government commission is to decide whether the aircraft can be returned.
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The embedded insurance specialist for the cargo market now plans to accelerate the development of its proprietary smart technology.
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The new sanctions, which came into force at 17:00 UK time yesterday, give insurers until 28 March to cancel all existing direct or indirect contracts with Russia.
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Multiple interlocking dependencies will determine whether huge potential claims from leasing companies are ultimately paid.
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The market fears that stranded vessels could result in claims, while coverage to enter the Black Sea is scarce and expensive.
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The intermediary’s London Market Appetite Survey also found increased enthusiasm for sustainable energy risks.
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The London CEO laid out the broker’s plans for overseas expansion, his views on market modernisation and the broking war for talent in a wide-ranging interview.
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Interim active underwriter David Message will assume the position of energy lead underwriter.
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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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Allianz looks the most exposed to the conflict, with roughly EUR2bn of its EUR809bn of investment assets at risk, according to the analyst.
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Whether the sanctions are effective immediately remains unclear.
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Government departments have published guidance on trading activities with Russia, including insurance of certain entities, that will now be prohibited.
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Despite the limited exposure overall, Hiscox said that it has some exposure on its terror and political violence book.
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The CEO said that Hiscox had ‘negligible’ exposure in Russia and property exposures in Ukraine were heavily reinsured.
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CEO Ash Bathia told this publication that all business lines were contributing to the result, with property results exceptionally strong.
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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 start-up said its survey shows that SPAC and de-SPAC claims would drive increasing litigation throughout 2022.
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The incoming senior vice president will be tasked with helping to build Sompo’s casualty portfolio in the London market.
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The situation remains ‘business as usual’ for Russian energy contracts, but a worst-case scenario could result in hundreds of millions of premium at risk.
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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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It has also appointed Tim Spencer as head of sales for the UK and Ireland.
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The regulators set out their views to MPs on a proposed statutory objective to focus on the UK financial services sector’s competitiveness.
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Beazley’s head of specialty lines James Eaton will retire at the end of 2022 after 16 years at the carrier.
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At the ABI conference this morning, carriers were warned about crime syndicates’ use of automation to deploy cyber attacks.
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A major conflagration aboard Felicity Ace has damaged high-value VW, Porsche and Lamborghini vehicles.
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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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Sources described the deal as a collegiate agreement, and long term the carrier is still understood to be committed to the US property market.
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Axa XL underwriters will be available for in-person meetings across all product lines every day of the week.
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With parts of Blueprint Two not due to be finalised until Q1/Q2, PPL is understood to be looking at sequential alignment to the CDR and other elements.
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Underwriters are navigating tricky territory as they look to hit growth targets while maintaining discipline on pricing.
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Sources told this publication Tom Draper would become head of insurance at the expansive MGA’s European operation.
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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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The latest attempt to sell Tysers comes with an injection of competitive tension and an improved set of numbers for the 200-year-old broker.
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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 broker said new entrants were “holding their nerve” and that clients should not expect insurance spend to be slashed.
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Improved underwriting performance and double-digit top line growth at most carriers has characterised results reported so far.
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Atrium Underwriters has posted a combined ratio of 88% for 2021, with a strong underwriting performance driving profits up 24% to £68mn ($92mn).
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The carrier is looking to rapidly achieve scale, taking advantage of its capital light model.
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Plus the latest Q4 earnings and all the top news from this week.
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The Bank of England governor indicated how Solvency II reforms could create opportunities for carriers to support investment.
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Emerging results suggest a far-improved Lloyd’s underwriting performance in 2021.
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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.
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The broker’s report highlighted that trade credit underwriting is considered “flexible”, with limits increasing and coverages broadening in this class.
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The company said that it was creating a new product for customers underserved by traditional insurers.
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The firm will now accelerate plans to expand in the US, its major target market, as well as Germany, Australia and Japan.
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Prior to her promotion, Janine McGriskin held the role of senior underwriter, UK financial institutions, at the carrier.
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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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A hardening market, competition from start-ups and macro conditions have combined to drive up staff costs.
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The move has emerged after Axa XL and Hamilton took decisions to move reinsurance books out of Lloyd’s.
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Plus the latest on Floridian reinsurance reform and all the week’s top news.
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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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Positive results from E&S writers, good news on submission flows and creeping discussion of wage inflation are among the trends reflected in early Q4 commentary.
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The carrier has been targeted by activists whose claims it branded “inaccurate and misleading”.
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The appointment comes in the wake of a major private equity deal for CFC, and the launch of a Lloyd’s syndicate.
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EC3 has declined, struggling with a diminished ability to lead, Lloyd’s regulation, declining client relevance and the rise of Bermuda.
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Two legal academics, giving evidence to the House of Lords inquiry into London market regulation, highlighted the need for a climate-focused duty for regulators.
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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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Multiple government and regulator reviews have launched at a time when the cost of compliance is already piling pressure on brokers.
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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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The supply-chain InsurTech is also broadening the scope of its Lloyd’s syndicate.
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The association’s membership highlighted climate change as both an underwriting and an operational issue.
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With government guidance lifted, there is a growing pressure for an in-person presence in the London market.
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The news follows an announcement that Alex Powell will take over leadership of the business following the retirement of CEO David Croom-Johnson.
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The association will also work on cyber risks, cladding and reducing regulation this year.
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Rates are continuing to rise with most sectors experiencing around 15% increases, but, in some cases, cyber accounts had increases of up to 300%, according to Miller’s latest market update.
-
Trade bodies shared concerns today on the London (re)insurance market’s global competitiveness, in the first session of a House of Lords inquiry into regulation.
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London market intermediaries are benefiting from rocketing organic growth and boosted revenues.
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Chris Croft and Caroline Wagstaff will help to assess the UK sector’s competitiveness.
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The London Market Group’s CEO Caroline Wagstaff has set out how the approach of regulators needs to evolve, amid regulatory reforms.
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Also high on the association’s agenda for 2022 is working with the FCA and HM Treasury on a future regulatory framework.
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The full-limits loss on the placement has raised alarm as a stark example of the impact social inflation in the US is having on claims severity.
-
Dawn Miller is stepping into the role that Caroline Dunn left in September 2021.
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The Axa XL executive said a parliament inquiry into London market regulation provides a platform to raise issues around the absence of UK captives and domestic reinsurers.
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The firm said its preference for single class exposures had constrained growth in specialty lines as brokers sought to push different classes together in combined programmes.
-
The Lords Industry and Regulators Committee probe follows the group’s calls for legislative changes.
-
The House of Lords Industry and Regulators Committee will explore whether regulatory policy is well-designed and proportionate for (re)insurers.
-
After Jen Rigby leaves on Friday, CFO Burkhard Keese will take on a wider remit for operations as COO.
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The new platform was developed in collaboration with the London market and Ecliptic’s recently launched Inov8ionLab.
-
Over the last 12 months, three of the four London-listed companies have drastically underperformed their US-listed and Continental European peers.
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Hélène Stanway and Paul Willoughby will be advising clients on digital transformation and other related projects.
-
Jonathan Clark takes up the role with immediate effect, replacing Sian Fisher, who is leaving after six years.
-
Increased competition is shifting market dynamics after a transformation in rating conditions.
-
In a Dear CEO letter from Charlotte Gerken and Anna Sweeney, the regulator has set out expectations on climate change, systemic risks, and a stress test for later this year.
-
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.
-
The catastrophe market, inflation and loss-costs and the pandemic unwind are among the trends to shape the news agenda this year.
-
In the first week of the year the market digested the implications of the last-minute 1 January renewals.
-
Southgate worked at the likes of Canopius, Swiss Re, Aon and Sturge Syndicate during his career.
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Inflationary pressure and climate change meant the market effectively gave ground to cedants despite nominal price rises.
-
The broker said that the there was an increased differentiation in pricing compared to 2021.
-
The carrier has been rebuilding its D&O team after a number of staff left to launch new books of business.
-
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.
-
The rebrand has been supported by the 25 members of the initiative from the Lloyd’s market.
-
Trevor Jones has spent the last 24 years of his 30-year-long career at KPMG in insurance-related roles.
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The former Axa XL executive was hired as deputy CEO last year as part of a succession plan.
-
The executive, who joined Fidelis in 2017, will continue in her role as group head of contract wordings.
-
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.
-
The placement is the first delegated underwriting authority consortium as well as the first consortium supporting SIAB.
-
The UK’s biggest insurance firms saw the tax that HMRC investigated jump by over £260mn between 31 March 2020 and 31 March 2021.
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It is understood that Ascent is currently in negotiations with a number of new potential lead markets.
-
BP Marsh has had a return on equity eight times higher than when it first invested in Walsingham Motor Insurance Limited.
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The Lloyd’s investment vehicle has also acquired three more limited-liability vehicles.
-
The long-serving Aon executive led a team placing a variety of contingency coverage in Lloyd’s and London.
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The change in plan comes as Lloyd’s restricts cyber growth.
-
The landmark reinsurance contract provides protection and indemnity coverage for around 90% of ocean-going tonnage.
-
The Series A funding round was led by Mercia Asset Management.
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The body will work to drive the digitisation of the market through standardised data.
-
The transaction provides reinsurance capital from four pension funds and marks the second use of the Lloyd’s ILS transformer vehicle.
-
New capital made its presence felt in the market in a year that saw both the completion and collapse of major business combinations.
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In his new role, Paul Cooper will join the Hiscox board, subject to regulatory approval.
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The contingency book was skewed towards prize indemnity and over redemption, representing less than 1% of CFC’s business.
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The promotions precede the retirement of both Ed Lines, active underwriter of Syndicate 1084 and Colin Clulow, head of property division, at the end of 2021.
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The new recruit replaces Jon Poole who left in September for Ariel Re.
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Sources said there are already four cells in line to join the platform in early 2022.
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Plus, the latest executive moves in the sector and all the top news of the week.
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She will work alongside James Baum in the new position.
-
The UK regulator has published its latest monthly claims data on Covid-19-related BI payments.
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The Hiscox London Market CEO said better digital access to EC3 would go a long way to securing the market’s relevance on the global stage.
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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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PPL’s existing technology partner will go head-to-head against the organisation with its own platform.
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D&F sources were generally optimistic that this segment would avoid major claims, although said it was early days.
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The former Dual CEO will run a unit in the same stable as the private equity firm’s broker, Oneglobal.
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Plus the latest executive moves and all the top news from the week.
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Hastings will assume his new role at the end of February 2022.
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The technology firm will leverage an Acord platform to enhance data exchange and processing solutions for brokers.
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A total of 12 managing agents control £1bn or more of capacity, analysis shows.
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The major marine classes have undergone substantial remediation, which has attracted new capital to the space.
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Datum Consulting has been set up to support commercial insurers, coverholders and brokers on data usage and digitisation.
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All quartiles of the market are expected to increase aggregate stamp next year, analysis shows.
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The executive has worked as interim CEO since Matt Crane left the business in September.
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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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The system is designed to streamline connections through APIs between brokers and carriers.
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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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The underwriter will also play a part in upskilling upstream underwriters with knowledge of renewables.
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Both underwriters used to be colleagues in the marine hull team at RSA prior to Stuart Forsyth’s departure.
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The move follows another recent energy-related departure from Willis, with news that McGill and Partners had hired former upstream energy broker Ian Elwell.
-
The executive will join the business in early January, replacing Mike Cain.
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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.
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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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The Stephen Catlin-led business will now be able to write business across the EEA from London.
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The product launch is the latest in a series of market entries for the expansive business.
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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.
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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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Inov8ionLab will be a collaborative space offering expertise to help the London market achieve technological change.
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After its record Series A funding round in the summer, the InsurTech platform has hired AIG’s UK CFO.
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The business aims to be a public infrastructure hub for brokers and carriers to deploy underwriting limit programmatically.
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The appointment follows the departure of underwriter Alex Harris, who has joined Antares.
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The carrier has been rebuilding its team after losing key underwriting staff earlier in 2021.
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Under the partnership, Evo Surety will be able to issue guarantees up to £750,000 on behalf of QBE.
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The facility is linked to the ESG rating of Ki’s Funds at Lloyd’s and builds on investment guidelines the business has established for third parties.
-
Over 240 delegates joined our first in-person conference to listen to discussion on rates, capital, talent, technology and the future of the London market.
-
Acrisure Re chairman Jason Howard said carriers welcomed the collapse of the deal.
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The syndicate will begin underwriting on 1 January 2022.
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The CEO warned that data and analytics were beginning to “park their tanks on our underwriting lawn”.
-
David Howden lamented the lack of start-up brokers in the market at Insurance Insider’s London Market Conference.
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A panel representing the class of 2020-21 insurer start-ups said their aim was not to damage rates but to support current price adequacy.
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The Corporation's transformation director said most Blueprint Two targets will be hit next year.
-
Speaking at an Insurance Insider panel event on the future of the market, Axa XL CEO Sean McGovern said the industry should focus less on “recycling” existing talent.
-
The outgoing Hiscox CEO picked climate risk, D&I, systemic risks and digital trends as the key drivers of change.
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Chris Warrior will take on additional responsibility for professional indemnity, cyber and transactional liability.
-
Ursula Wyman joined the business on 15 November, and reports to Jon Walker, CEO of Axa Commercial.
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The London market software provider is helping firms undergo modernisation by offering its data model assets via the standards body.
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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
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A total of 87% of survey respondents are looking to grow their stamp.
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The roles of full-time staff and those on fixed-term contracts are subject to a consultation process now underway.
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The business has appointed two to its London team and 16 to its New York unit.
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Current chair Caroline Foulger will retire as a non-executive director following the 2022 annual general meeting.
-
Plus the latest changes to the Marsh McLennan senior team and all the top news of the week.
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In his new role, Colin Buchanan will manage a team of 14 underwriters writing cyber, D&O and general liability.
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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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The Jensten Group has appointed Steve Folkard as group risk and compliance director, effective 1 December, in a role where he will bring more than 30 years of insurance and consultancy experience.
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Axa XL has promoted Olivia Shing to head of underwriting management, UK and Lloyd’s, in a role where she will execute the regional strategy to ensure sustainable profitability.
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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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The carrier has previously announced an intention to buy up to one million of its common shares.
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The London market has been encouraged by proposals to give the FCA and PRA a statutory objective to promote competitiveness and growth.
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Insurance Insider first reported the carrier’s plans to enter the marine market in August.
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The carrier is expanding its US presence, having doubled GWP at Canopius USA in 2020.
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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.
-
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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RSA’s London Market and European specialty lines teams are to set to join forces with Intact’s global specialty team, following Intact’s acquisition of RSA’s UK & International business (UK&I) in June.
-
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 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).
-
Plus an interview with Swiss Re’s Thierry Léger, and the London listed carriers’ Q3 results.
-
The gross written premium increase was driven predominantly by cyber and executive risk, which grew by 44% year on year.
-
The return to an in-person event follows two years of forced cancellations owing to Covid-19.
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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 executive said during a Q3 earnings call that the company wouldn’t comment on market rumors related to the sale of its primary Lloyd's insurance business.
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The new recruit worked at Hiscox for almost a decade.
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The start-up hopes to write around $250mn of gross premium in 2022.
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The business began underwriting at the beginning of 2021 following an $830mn capital raise.
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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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The UK’s largest firms including insurers and brokers will be mandated to disclose climate-related financial information from April.
-
OPEnergy will be the second MGA to launch on the platform this year, after Navium Marine was founded in April.
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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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The Corporation’s CEO also warned that the increasing use of captives was “dangerous” for clients.
-
New funding could address long-standing industry challenges and help the market’s move to digitisation, according to a letter from six trade bodies to the UK Treasury.
-
The regulator has flagged to London carriers the risks arising from transformation programmes across the market.
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The veteran broker will move to a rival firm after three decades with Willis.
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People movement is picking up in the sector, which is experiencing broadly stable rating thanks to ample capacity.
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David Robinson will work in a senior business management role and report to CEO Matthew Fosh.
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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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New FCA rules apply to all personal and commercial general insurance products but does exclude large risks and reinsurance.
-
CFC group CEO David Walsh has said his firm will not need to pursue inorganic growth via M&A with the additional firepower secured with the MGA’s buy-in deal with private equity houses EQT and Vitruvian.
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Whitespace 2.0 will give brokers and carriers the flexibility to define the data embedded in contracts and integrate internal systems.
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The two businesses are in the late stages of agreeing a deal, which could be announced in the coming days.
-
The coverholder has also expanded its product offering and now underwrites marina business.
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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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Howden inked its biggest deal to date with its agreement to acquire Aston Lark for around £1.1bn.
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Marsh has bolstered its upstream energy division with the appointment of Thomas Burrows from Convex, Insurance Insider has learned.
-
Demand is growing for insurance capacity to cover less carbon-intensive energy sources.
-
The broker is looking to expand in the US and international markets.
-
Global insurance firms’ efforts to help clients cut carbon emissions are detailed in the report.
-
The investment will be used to develop Humn’s data capabilities, grow commercial teams and drive European expansion.
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The former leader of the House of Lords has advised the boards of several high-profile companies including JCB and PwC.
-
Sources said the deal consideration was £1.1bn, confirming earlier reports by this publication.
-
The partnership will open up Verisk’s data and analytics services to Hug Hub’s clients.
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The International Underwriting Association cites hardening market conditions, new market entrants and a transfer of business from Lloyd’s as drivers of growth.
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Distribution and strategic initiatives manager Oliver Davies will become head of distribution.
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John Brown will be joining former colleague Simon Jackson at the ERS-owned syndicate.
-
Nick Pascall becomes the latest senior member of staff to leave the business after a string of recent departures.
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Political risks and contract frustration coverage will now be available alongside the original political violence offering.
-
Experienced brokers Matthew Sinclair and David Pratt-Sinclair are to head up the new division.
-
Plus the details on Chubb, Argo and Canopius’s exits from various lines and all the top news of the week.
-
The Lloyd’s investment vehicle had raised £53mn in March to invest in further acquisitions of Nameco capacity.
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The executive has also worked at MS Frontier Reinsurance and PWC.
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InsurTech UK has signed an agreement that will open up access for start-ups to Gibraltan officials.
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The decision marks a further withdrawal of delegated authority capacity, particularly for US property, from London carriers.
-
The recruit has also worked for Sun Life, Old Mutual, Credit Suisse and EY.
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Syndicate 2121’s reinsurance manager will exit after just under five years with the business.
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The Ark Syndicate Management co-founder will chair the sustainability-focused insurer as it continues to raise capital.
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The vehicle also booked an operating loss of £480,000 after a significant run of acquisitions.
-
Paul Snashall is moving to Senior Wright as liability and construction placing broker, while Stuart Daffin will join City Underwriters as senior construction underwriter.
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The body said the standards will allow further modernisation of the industry.
-
Julian Enoizi succeeds AIG UK CEO Anthony Baldwin in the top job.
-
The AIG-owned business has seen a major transformation in its senior leadership.
-
The company said the transatlantic appointment reflected the carrier’s commitment to expand in the US.
-
The broker expects a slowdown in price rises to continue for the rest of the year.
-
Blueprint Two will now be structured around four digital solutions: data, digital processing, coverholders, and placement and connectivity.
-
The Corporation has given in-principle approval for the syndicate, which will have initial stamp capacity of £130mn.
-
Caroline Wagstaff will take on the role permanently after a six-month secondment as interim CEO.
-
Matthew Burton will work as a senior vice president for business development and Paul Fry as head of London office.
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The stock throughput specialist has worked in the London market for more than 35 years.
-
Doug Ker will work to enhance levels of profitability across the firm’s underwriting cells.
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The underwriter, who used to head up D&O at Starr and Barbican, will lead an expansion into the class at the professional indemnity MGA.
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The executive said he was “genuinely worried” about the impact of lockdowns on the workforce.
-
The executive said such a move would result in the business being written elsewhere.
-
Staff movement is high in the D&O market as carriers look to capitalise on buoyant market conditions.
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Plus the details on CFC’s sale process, the latest on Ida and all the top news of the week.
-
Angela Knight has previously held roles including economic secretary to the Treasury, chief executive of the British Bankers’ Association and chair of the Office of Tax Simplification.
-
In parallel to our exploration of the key questions ahead of Howden Group Holdings, we spoke in depth with the CEO about the challenges ahead.
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The managing agency will also house SPA 6131.
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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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Staff movement in the D&O market remains high as carriers battle to secure top talent in a hard market.
-
The number of female board members has almost doubled following the appointments.
-
From ESG to social inflation, systemic risk to cat risk, we highlight some of the top discussions from this year’s four-day virtual conference.
-
Convex has been building out its FI team, which is headed up by Allison Hollern.
-
Plus all the highlights from the Reconnect conference and the week’s top news.
-
Patrick Tiernan’s comments come as many cyber players in Lloyd’s prepare to ask the Corporation for budget extensions in the face of hard-market conditions.
-
The return to profitability follows a challenging 2020, when Covid claims drove Lloyd’s to a major loss.
-
The loss from the cancelled Bonnaroo festival hits a market already bruised from huge Covid-19 losses last year.
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A ballot will be held in late October to find a replacement Council member for a term beginning in February 2022.
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The business is being marketed by investment bank Morgan Stanley following last year's sale of Ariel Re.
-
More than 80% of respondents expect firms to have begun a flexible return to work by the end of September.
-
Covid-19 has prompted an increase in demand for contract certainty and rapid claims payments.
-
Speaking at this morning’s opening session for Insurance Insider’s (Re)Connect conference, Patrick Tiernan, chief of markets at Lloyd’s, reiterated the Corporation’s expectations over business plans.
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Incoming capacity to the marine market over the past year has led to an easing in rating momentum.
-
Gibson Re will be domiciled in Bermuda and reinsure 80% of R&Q’s new qualifying legacy transactions.
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The initiative aims to improve transparency in the delegated authority claims process.
-
The e-trading company is in the running to deliver PPL’s NextGen platform as the London market moves ahead with modernisation efforts.
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The executive joined Lloyd’s more than seven years ago and has been a mainstay of the performance management team.
-
Sequel will add the company to its ‘digital ecosystem’ and said its investment would speed up the expansion of Ignite’s platform.
-
Market sources said there had been no reports of major incidents, but damage assessments would begin in earnest today.
-
The move follows change in senior management at the business, with Simon Wilson set to succeed William Stovin as president.
-
Experts fear for survivors, who now face an intense heatwave and up to a month without electricity.
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The QIC Global-backed business’s cargo team is leaving to join Clive Washbourn’s MGA Navium Marine.
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Lloyd’s said the new agreement will provide its market with access to multi-source intelligence through the Global Events Observer platform.
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The executive will take on a leading role in all aspects of the carrier’s data management.
-
Davies Group is among a number of potential buyers after talks with Artificial Labs fell through.
-
The management of the syndicate will transfer from Capita Managing Agency Limited to PMA on 1 September 2021.
-
The Week in 90 Seconds: Cyber hardening; Lloyd’s modernisation; Ardonagh re-fi; business travel pollPlus the latest on pandemic BI payments and all the top news from the week.
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The Lloyd’s capacity vehicle carried out a fundraise earlier this year to accelerate investment.
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The platform will automate interactions throughout the risk cycle and enable the transfer of data.
-
QBE, Argenta and Blenheim syndicates also plan significant growth to capitalise on market conditions.
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The questionnaire follows a market impact study, as the PRA said there are areas where it needs further insights to inform Solvency II reforms.
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Eigen Technologies, which helps insurers and brokers extract and digitise data from various sources, hopes to accelerate growth with new investment in the London market.
-
Insurance Insider first reported in March that Asta had been put up for sale by its backers.
-
Staff displacement in the D&O market is high following a tumultuous period of rating adjustment in 2020.
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The underwriter joined Everest at the beginning of last year following Barbican’s acquisition by Arch.
-
The Corporation’s chairman has suggested that insurers slow to withdraw support for carbon-intensive activities risk “damaging” Lloyd’s reputation.
-
Plus this week’s earnings and all the top news from the week.
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PPL is exploring two options for the delivery of its NextGen placement platform, a partnership with Whitespace or a build option with Deloitte’s in-house software division.
-
The regulator has set out timelines and the high-level scope for its 2022 stress-testing exercise with insurers.
-
This publication reported last month that the broker’s algorithmic underwriting solution had gone live.
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The executive said excess profits in the London market and reinsurance could be used to invest in retail opportunities.
-
Analysts noted that large losses were benign but rates were earning through and should continue to improve.
-
Charlie Connell will join the broker’s sports and entertainment practice group in a newly created role.
-
The hull market has seen multiple years of positive rating momentum following a period of prolonged soft conditions.
-
The London-based MGA is pivoting to the renewables market and away from supporting fossil fuel energy.
-
Ensurance has also launched three new underwriting lines: SME casualty, mid-market casualty and risk managed casualty.
-
The carrier had a strong underwriting performance in the London market and reinsurance as Covid-19’s impact receded.
-
Sources have said a deal could be signed as soon as the middle of the week, with a valuation higher than the last agreement.
-
The carrier previously identified cargo as a target class in the business’s specialty build-out.
-
The energy and space MGA said the promotion was part of a strategy to expand into different business lines.
-
The Corporation said it will give firms a "a year or two" to switch to new digital platforms now being built under modernisation plans.
-
The carrier’s global head of hull Mike MacColl resigned from the business earlier this year to join Atrium.
-
The CEO said investors would be "scratching their heads" if hurricanes dragged insurers to a loss.
-
CEO Alex Maloney said the carrier was starting to ‘reap the benefit’ of three years of rate growth.
-
Lord Sedwill also served as head of the UK civil service and national security adviser.
-
The Week in 90 Seconds: Aon and DoJ return to the table; German flooding latest; Aki Hussain profilePlus the latest on UK BI legal wrangling and all the top news from this week.
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The carrier said on business written since the autumn, cyber claims frequency was 20% lower by policy count.
-
Adrian Furness is to succeed James Reader, who is leaving the business and has ‘no plans to take on another executive role’, the company said.
-
A number of employees have recently resigned from the carrier as high staff displacement continues in the D&O space.
-
The executive spoke exclusively to Insurance Insider about his role leading the London Market Group’s five-point plan to lobby for UK regulatory reforms.
-
Masojada will retire at the end of this year after 21 years and be replaced by Hussain at the beginning of 2022.
-
The former insurance executive has turned his hand to machine learning solutions.
-
Two thirds of London losses are expected to be ceded via the Sasria reinsurance placement, while another third could come via a Howden BI wrap binder, sources said.
-
The regulator has launched its Quantitative Impact Study, which will gather data for potential changes to balance-sheet requirements under Solvency II.
-
Insurers MS Amlin, Liberty Mutual and Zurich claim that the BI policy has a maximum limit of £17.5mn.
-
Sources estimated the settlement would have had to exceed $200mn to hit the lower layers of the tower.
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The carrier has been rebuilding its team after Alasdair Butler and Lee Aspinall left to launch an MGA.
-
Leisure broker NDML said the settlement was an ‘initial figure’, with more claims yet to be finalised.
-
New CEO Nikhil Rathi says the watchdog will become “proactive, tough and agile”.
-
The SPA was launched in 2019 and generated a combined ratio of 88.8% last year.
-
Better, faster, cheaper and less burdensome. These are just a few characterisations of Solvency II reforms the industry would like to see, sooner rather than later.
-
MS Amlin Underwriting Limited (MS AUL) has appointed Richard Bayman from Chubb as head of aviation reinsurance.
-
The marine market is expecting a sizeable claim from the ship, which sunk last month off Sri Lanka.
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Markel, Beazley, Hiscox, Chaucer, Brit and Liberty Specialty Markets are all participants in the product development.
-
CFO Burkhard Keese said Lloyd’s new investment platform would improve investment results for the market.
-
The CEO also laid out QBE’s strategy and urged the market to work together on innovation.
-
The broker’s algorithmic solution is already live and binding risks for one major insurer.
-
Patrick Davison replaces Jane Hayes, who will become executive director.
-
Tegron is one of several new entrants to the market, easing pressure on capacity in the D&O sector.
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The appointment follows the departure of energy line underwriter Charles Rawlins last year.
-
Expansive broker Lockton Re has been hiring staff from rival firms across the market.
-
The Mexican state oil company has been a source of major claims in the past.
-
The body said it would be prepared to exercise its regulatory powers if firms did not comply.
-
Hampden said the syndicate’s track record of performance compared to peers does not justify the increase to 15%.
-
Ex-Dual CEO Doyle has teamed up with former Willis Re Specialty COO in a bid to launch a hybrid underwriting vehicle.
-
Forster joined the business in April last year, having left Novae following the Axis takeover.
-
There has been an influx of capacity in the cargo market after several years of improved pricing conditions.
-
Showvanik Dasgupta has worked at Beach Re, Tokio Millennium Re and Aspen Re, where he started his career.
-
Sources said PPL had not been satisfied with the quality and the timing of the work being carried out by CGI.
-
Staff displacement has been high in the D&O market after a period of dramatic rating adjustment in 2020.
-
The rebrand follows a last-minute acquisition of the firm by Aquiline-owned Lloyd’s syndicate ERS, in December of last year.
-
The business recently expanded into the cargo market with an underwriting cell headed by Nick Derrick.
-
The carrier has reshaped its hull leadership team since the departure of global head of hull Mike MacColl.
-
The specialty insurer’s new division will underwrite global liability risks from its London office.
-
Andrew Hubbard will take on the role of executive chairman.
-
Plus the lowdown on CFC’s syndicate capacity and all the top news from the week.
-
He said Lloyd’s was a “broad church” and the market would work together gradually to reduce fossil fuel exposure.
-
The consortium, created with China Re, will later expand to include other lines of business.
-
Rates are beginning to taper in cargo as new capacity enters and staff displacement continues to be high.
-
Illingworth was CUO at MS Amlin, while Hayes spent more than a decade at Zurich, and Cliff hails from Avid.
-
Negotiations have been ongoing since the ship blocked the Suez Canal in March.
-
The Lloyd’s Market Association has finished a six-month project to create a digitally enabled, data-driven and cheaper model for delegated authority partnerships.
-
Howse most recently spent four years as an oversight manager at Lloyd’s.
-
Jennifer Quinn will be tasked with growing Liberty’s market presence in cyber and strategic assets business.
-
Plus, a detailed look at the FCA’s BI claims data and all the most popular news from this week.
-
Eight reinsurers and JP Morgan supported the programme, which triggers once aggregate payments from the Central Fund exceed £600mn.
-
The PRA’s executive director for insurance has outlined the scope of a market study and consultation that will ultimately reform and simplify the Solvency II regime.
-
The research body said that both businesses had reported poor underwriting results.
-
InsurTech Skyline Partners’ parametric platform will inform insureds of a relevant incident within 48 hours.
-
The week also featured extensive discussion of the cyber market and high staff movement in cargo.
-
The carrier also promotes chief claims officer Kirsten Valder to chief administrative officer, effective 30 June.
-
Lloyd’s new chief of markets today unveiled an even tougher approach to syndicates with consistently poor results.
-
The carriers insuring VW’s D&O policies have agreed to pay out claims due to damage inflicted by previous executives in the emissions scandal.
-
The London market has seen a marked slowdown in specialty insurance rates year-on-year, in the latest evidence that the recent upswing in rates is starting to lose steam after three years of acceleration.
-
Personnel displacement is high in the cargo market amid improving conditions in the sector.
-
The appointment is a “statement of intent” as Aston Lark builds out its London market capability in property, casualty and terrorism.
-
The lead market says it believes in the long-term viability of the sector, which has suffered heavy losses due to Covid-19.
-
Chief investment officer Dan Topping describes the targets as a financial lines specialist and a “tech-enabled” business.
-
The information-gathering exercise for large insurers and banks won’t dictate capital requirements.
-
An international competitiveness duty for regulators and measures to promote the UK as a captives centre are among the trade body’s demands.
-
The CEO said he had “no regrets” in taking the radical actions needed to stem losses at the unit.
-
Brokers were informed on the final working day before the 1 June renewal that the MGA would not be able to honour renewal quotes for cyber clients.
-
The underwriting executive will oversee lines including cyber, D&O and casualty.
-
The transfer, which includes most of the Hiscox USA surplus lines broker business, secures coverage of Hiscox reserves valued at $520mn.
-
The advisory firm’s appointment cements plans for a global political risk, surety and trade credit business.
-
Protestors are calling on the insurance industry to “stop supporting” the controversial West Cumbria coal-mine project.
-
The SIAB has abandoned the project, with no other syndicates currently involved.
-
Plus a new London SPAC, CII criticism and all the week’s top news.
-
The limited liability vehicle consolidator, which has raised £75mn in capital in recent months, reinstates a dividend.
-
The resignation comes amid an uptick of competition in the class after four years of positive rate development.
-
Continued rate momentum and retention drives growth in the carrier’s global specialty business.
-
CEO Sheila Cameron says the association plans to have a board where 30% of members are female and/or from an ethnic minority by the end of 2023.
-
The insurance directorate co-head said removing barriers for small start-ups was one focal point for the regulator.
-
SME intermediaries are held back by prohibitive costs and a lack of common data standards, the executive says.
-
The Reinsurance Specialty Equity Index will serve as an equity proxy to compare against the aggregate results of the Lloyd’s market as a whole.
-
Double-digit rate rises are still expected in the class, but not at the same scale as seen in 2020.
-
The Asta-backed SPA will transition to a full syndicate from January 2022.
-
The recently installed chair discusses pressing London market issues.
-
Downstream uses of oil and gas pose challenges for the (re)insurance industry, he says.
-
The former Zurich Ireland CUO will take on the role from July and report to UK & Lloyd’s market CUO Luis Prato.
-
Hiscox’s London market rate rises decelerated from 20% in 2020 to 13% in Q1.
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The newcomer will help drive the development of the start-up's professional lines offering.
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The former Aviva executive joins the Corporation with the new position.
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The follow-only syndicate has more than 800 brokers on its platform and has released its first broker API.
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Aon-Willis, CFC's new Lloyd's syndicate, Talbot's contingency retreat and more.
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The launch marks the next logical move for the MGA, but has wider ramifications for Lloyd’s and the MGA market.
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The Lloyd’s market veteran will retire in September after more than a decade in the role.
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The MGA will put some of its own capital behind the new syndicate, which will assume 20% of the risk from across its portfolio.
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A new framework devised by the carrier shows hidden cyber exposures across contingency, property BI, A&H and property covers.
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The newly created Insurance Rebellion dumps fake coal on the doorstep of One Lime Street.
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With forward Ebitda numbers of £50mn-£60mn, the MGA could secure a valuation of potentially nearing £1bn.
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Plus in-depth analyses of the accident and health and airlines markets.
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Analysis of the numbers by Insurance Insider showed a slight loosening of the Corporation’s restrictions on growth between 2019 and 2020.
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Lisa Hiscock briefly worked as the underwriting head for Arag Services Australia and prior to that worked at Axa XL for around five years.
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The solution uses the broker’s Edge technology platform.
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Plus the detail on Ardonagh’s new facility and all the top news from the week.
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The insurer has been expanding its marine presence in London.
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Underwriters look to avoid the costly option of setting up an EEA service company to use the platform.
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The Corporation sets out initial consultation feedback on the future of the room and will share its final vision later this quarter.
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The co-CEO said that the Bermuda-based start-up’s model was based on the principle of “frailty eradication”.
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The executive’s departure coincides of the end of the three-year terms of non-executive chairman Michel Flamée and non-executive director Christian Noyer.
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The move is to encourage more people to return to the underwriting room and reduce boundaries of entry.
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The comparatively small line of business accounted for almost half of gross Covid-19 losses.
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The Syndicate 2791 founder pins wording issues on the “nefarious activities of the broking houses”.
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The carrier reported a combined ratio of 104.5% but said there were opportunities ahead in 2021.
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This publication outlines key messages from the 2020 results, with takeaways on underwriting improvement, growth and expenses.
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Lloyd’s has completed its initial consultation with brokers and underwriters about the future of the room following the end of lockdown.
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Underwriting profits in future must be able to counteract reduced investment income due to ultra-low interest rates, the CFO said.
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The carrier posts a combined ratio of 112.3% and a 26% reduction in premiums.
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Covid-19 losses materially impact the property market, but the marine, aviation and transport segment returns to profit.
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The carrier reported £194.1mn in coronavirus claims, led by accident, health and life.
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Axa XL’s flagship Syndicate 2003 reported a loss of £334mn ($459mn) for the year as its combined ratio deteriorated by 23.8 points to 133.8% on Covid-19 losses and adverse development on long-tail lines.
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Covid-19 losses accounted for 60% of the major claims, with the rest attributable to catastrophe events.
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Covid-19 claims are expected to reach £6.2bn on a gross basis as major claims added 23 points to the 2020 combined ratio.
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A focus around improving underlying numbers and rates should not obscure the key strategic challenges facing the market.
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Upward rate momentum, clearer wordings and market modernisation are partially offset by US casualty and Covid-19 uncertainty, as well as nat cat trends.
-
The new funding round values the InsurTech at $1.75bn.
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The legacy carrier and Stone Point are to invest a combined $45mn in Richard Watson’s start-up.
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Numbers will be limited at first, but the Corporation aims to relax these rules further from 21 June.
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The Corporation used Acord standards to build this early iteration.
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ERS has secured a $350mn injection of new equity with experienced sector investor Abry Partners buying into the firm to support its strategic pivot to specialty lines insurance and reinsurance, Insurance Insider understands.
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IGI is set to launch into the contingency market and has appointed underwriter Emily Clapham to lead the entry into the class, Insurance Insider can reveal.
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The deal will transfer legacy Pembroke business that still sat with Liberty Mutual Group for the 2018 and prior years of account.
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The syndicate’s combined ratio improves by 5.2 points despite a £12.3mn provision for Covid.
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The Corporation has successfully driven uptake of digital trading by imposing targets on the market.
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The segment returned to underwriting profit despite the group reporting a significant pre-tax loss.
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CEO Richard Harries and active underwriter Toby Drysdale outline the carrier’s ambitions as it leans into the pricing cycle.
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The carrier has posted strong profits over three consecutive quarters after Covid-19 hit the investment book in Q1.
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Pressed for time? This selection of articles will bring you up to speed fast:
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The executive joins from DXC Technology, where he worked after spending 14 years at Lloyd’s.
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The 2020 Lloyd’s culture survey showed improvements, but serious questions remain on whether London is striding towards an inclusive culture.
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Yosha DeLong will be cyber underwriting head, whilst James Tuplin will be international head of cyber underwriting.
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The Lloyd’s chairman tells the House of Lords the development will enable modelling of potential losses.
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Covid-19 uncertainties have prevented the two syndicates from closing out the 2018 YoA.
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The deal comes shortly after the legacy specialist established a $265mn sidecar, Elevation Re.
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The Corporation’s survey suggests an improved perception of the marketplace among women.
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Wayne Page will report to CRO Shane Kingston.
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The syndicate is exploring diversification and aiming to get its own managing agent approved.
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The executive committee will meet next Thursday to discuss the UK government’s Monday update.
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Arch Managing Agency was launched last year to bring together Arch and Barbican’s Lloyd’s operations.
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The organisation charts record progress in meeting its seven key principles.
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Growing links between operational and information technology make cyber-led property damage an increasing risk.
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The Asta-managed syndicate is understood to have failed to attract sufficient capital and is still searching for backing.
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Competition has ramped up over the last two years and now represents a threat to returns.
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Apollo Syndicate Management will manage the new 1994, which starts out with $125mn of net reserves.
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The new launch will be managed under an Apollo turnkey, and looks set to take on run-off liabilities from the Lloyd’s carrier.
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The executive will replace incoming Lloyd’s chief of markets Patrick Tiernan.
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Robertson will join as deputy group CEO before taking the CEO job, with Michael Watson staying on as chairman.
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The Bermudian expects pricing momentum to continue this year.
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The division will service large corporate energy companies in EMEA, Asia Pacific and Latin America.
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Futureset aims to bring together specialists to promote risk awareness and resilience.
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CEO Manning Rountree says its new Lloyd’s investment “hit the ground running” at the renewals.
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The former Ironshore COO said that the business will not be Pembroke 2.0, with the model set to be new.
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The carrier is splitting the CEO and CUO roles at its Lloyd’s managing agency, with Blades continuing as CUO.
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The latest of a cohort of start-ups will focus on specialty lines syndicated on a global basis through Lloyd’s.
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The senior executive previously oversaw Lloyd’s Brexit planning and its China platform.
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The carrier will continue to write Chinese business through its Singapore unit.
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The executive moves up from the deputy chairman role.
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The CEO said there is still some way to go on pricing as he revealed $2.4bn premium expectations for the group in 2021.
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Plus the highlights of Insider London Live and all the week’s top stories.
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The CEO says her carrier will be targeting “thoughtful growth” in specialty insurance and reinsurance.
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The former Novae CEO calls the delegated authority platform planned under Blueprint Two the “holy grail” for MGAs.
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The automated follow-only syndicate aims for integration with broker platforms this summer.
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His predecessor left the business following his conviction for assaulting his then-partner.
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The London-based investor says its 20% stake in the Australian MGA is now worth $10.5mn.
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Ben Wallace will lead the team as the syndicate continues to expand in the casualty space.
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RenaissanceRe, Tokio Marine Kiln, Chaucer and Talbot also provide capacity for the consortium, which specializes in reputational risk.
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The shadow board will form part of the Inclusion@Lloyd’s initiative, which aims to promote best practice for D&I in the market.
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Market executives familiar with Tiernan suggested that his skillset is a good match for the broad role as Lloyd’s looks to progress a new generation of leadership.
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The Marsh JLT-owned business specialises in cover for floating power and desalination operations.
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Plus TransRe contingency losses, Lloyd's chief of staff and a round-up of the rest of the week’s most popular news.
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The executive is currently managing director for UK commercial lines and global corporate and specialty at the carrier.
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The brokers’ association says its work on electronic trading helped the market continue to function last year.
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The Principles for Responsible Investment were launched in 2006, with Hannover Re, Liberty and Everest Re among other signatories.
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Hélène Stanway takes the new role of market engagement and adoption lead, with a focus on data.
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The hires come amid a spate of personnel movement in the D&O market following explosive rate growth.
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It is understood the book will be reinsured to close into Compre’s new legacy syndicate once the launch is approved.
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Ben Goldsmith was a political violence underwriter for just over two years and before was a vice president at Bowring Marsh.
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The new capacity for the sidecar first launched in 2019 will be invested solely in EBRD bonds.
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Katie Small, Nick Gavin Powell and Michelle Suckling are set to join the business in the second quarter of this year.
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Plus a mixed week for Lloyd’s, the asbestos potential of Covid-19 claims and a round-up of our most-read stories from the week.
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A regulator-mandated restructuring of the relationship between managing agents and the Brussels hub will, however, add cost.
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THB and Armfield Harrison & Thomas place the policy for a medical supply chain firm.
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The rethink comes just weeks into Brexit proper and vindicates longstanding concerns that regulators would change initial arrangements for the Brussels hub.
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The new classification will allow the carrier to increase GWP and third-party risk.
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The active underwriter change is the first in more than six years.
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The former casualty treaty underwriter has also worked for PartnerRe and HCC International.
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This publication previously reported the retail broker would change hands for more than £250mn.
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The move follows Axa LM's decision to cease bidding for new external deals, revealed in September last year.
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The joint venture represents one blueprint for UK intermediaries looking to retain access to the EEA market.
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The CEO outlines his vision for the start-up in a full and frank interview with this publication.
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Francois Xavier Boisseau will remain as chairman of the syndicate after the former Lexington chief joins.
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The room is likely to remain closed until at least mid-February, the Corporation said.
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Reinsurers achieved limited price increases in the late and complex renewals.
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The newcomer held the same role at the French insurer’s London hub for around nine years.
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Loss-free accounts are repricing by high single digits but the real battle is over terms.
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The insurance veteran laid the groundwork for the restructuring programme implemented by successor David Rowland.
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Syndicate 5678 went into run-off in December 2019, and carried net liabilities of £251.1mn as of 30 June.
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The broker said that it expects double-digit growth for most property syndicates for 2021.
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AmWins also highlighted the continued availability of “cheap” excess capacity from London cyber MGAs.
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Areas of significant hardening include property, casualty, US financial institutions, D&O, US EPL and aviation.
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The underwriting room will be open on Wednesdays only for all classes.
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The coronavirus pandemic prompted huge change in a sector already dealing with systemic challenges.
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The Corporation has also upped the e-placement target to 90% for Q2 2021.
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Plus more on cancellation cover for the Olympics and final negotiations ahead of the 1.1 reinsurance renewals.
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The Lloyd’s CEO said it was not for business to set the tone on climate, as the Corporation laid out its first ESG report.
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Insure Our Future said Lloyd’s proposals were a step in the right direction, but must be implemented faster.
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The Corporation will guide towards no “new business” in areas like thermal coal-fired power plants and Arctic drilling from 2022 onwards.
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Syndicate 1796 is looking to unlock "billions of dollars" of insurance coverage for low-income countries.
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A full breakdown of stamp capacity movements for 2021 from this publication’s annual survey.
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The new Syndicate 1796 is the conduit for the initiative and is backed by 14 global (re)insurers.
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A string of management changes have been implemented by new CEO Chris Rash.
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The acquisition of the digital-only broker is part of GRP’s ‘omni-channel’ approach.
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The local Organising Committee expects to receive around 50bn yen ($481mn) for the initial delay.
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Measures put forward for consultation include a single coming into line date and a waiving of deterministic rules for capital requirements.
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The Howden alumni-run business plans to promote Lloyd’s carriers to clients.
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The parent will introduce a split stamp for the syndicate and 2012, whose capacity increases about 16%.
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RSA’s Scandinavia finance chief will replace Mark Allan, who is moving to run new syndicate Ki.
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The new role for the former head of M&A is a strong signal that plans for a Lloyd’s platform are advancing.
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The broker will add a Belgian office alongside its London operation for post-Brexit trading.
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Sandy Warne will report to former Lexington chief George Stratts at the Lloyd’s start-up.
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One top-tier broking source claimed that across the market, claims were being settled in two-thirds of the usual time.
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The deal will help the Aquiline-owned syndicate diversify away from motor insurance.
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The former head of AmTrust Re and ex-MS Amlin property underwriter will help establish the start-up's Bermuda office.
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The business plan approval follows a slew of senior underwriting appointments at the start-up carrier.
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Lloyd’s Virtual Roadshow panel warns of rise in E&O claims.
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The deal will accelerate the pivot of the acquirer from motor insurer to multi-class specialty player.
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An employment tribunal finds that Liam Vaughan’s claim for constructive unfair dismissal is “well founded”.
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The syndicate has £110mn of capacity for 2021, with retained capacity nearly doubling to £58.7mn.
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One Lime Street will be open to all classes of business on Tuesdays, Wednesdays and Thursdays from 2 December.
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The Corporation has confirmed the council membership from 1 December following an election delayed by Covid-19.
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Syndicate 1225 plans to write £918mn on a gross premium basis, with growth spread across all lines.
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The follow-only syndicate went live last week and is working with around 20 intermediaries.
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The decision marks further reshaping of MS Amlin’s marine appetite, as the carrier continues its turnaround efforts.
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CEO John Neal reiterated that profit over growth would always be the default approach at Lloyd’s.
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The Corporation must maintain a focus on profit over growth, the CEO said.
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The syndicate has a £651mn stamp for 2021 as it looks to redeploy growth capital released from a recent adverse development cover.
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The clearance sets Lloyd's on track to complete the mammoth transfer by year end.
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The regulator warns that it expects insurers to continue to treat customers fairly during the pandemic.
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The increase is just above the Lloyd’s aggregate 8.5% market growth figure.
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The syndicate will have a £900mn stamp for 2021 as it leverages its light-touch status.
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The follow-only syndicate has carved up most of its 2021 capacity among leading Lloyd’s intermediaries.
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The ruling will follow a final, uncontested court hearing on Wednesday.
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The move comes as conditions continue to improve for hull underwriters following years of losses.
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Plus Aon's new cat XoL facility under the spotlight.
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The Lloyd’s chairman reportedly warns that pandemic-related losses will exceed the Corporation’s earlier estimate of $107bn.
-
The executive takes over from Peter Welton, who was made UK & Lloyd’s CUO for marine, energy and aerospace earlier this year.
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The carrier cut back net written premiums in its overseas operations by 12.3% following restructuring at MS Amlin.
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The SPA’s main capital provider did not give a reason for the decision but the syndicate has not turned an underwriting profit since inception.
-
The Lloyd's business ran a bid process with TigerRisk during the summer and autumn.
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Following market consultation, the re-imagined model is to be unveiled in Q2 2021.
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Enstar, Stone Point and Dowling funds will receive $30mn in Inigo shares from the transaction.
-
The chairman says the marketplace could end up looking more like a coffee shop again.
-
The carrier will expand 11% across Syndicates 2999 and 386 to manage a combined £1.58bn of capacity.
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The executive, who has worked at Travelers since 2015, has left as part of the carrier’s restructuring.
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Existing capacity relationships include those with Aviva and Tokio Marine HCC.
-
The week also saw Cinven agree to buy Miller from Willis Towers Watson.
-
The expansion rate tallies with early guidance, but is lower than the 12%-13% flagged in October.
-
The pullback from incumbent backer Credit Suisse is influenced by concerns over returns against a long-term capital lock-in, as the manager’s AuM has shrunk.
-
Managing agent Coverys attributes the decision to the syndicate’s performance.
-
The executive has worked at Axa XL and legacy XL Catlin since 2011.
-
The market chairman says the new entry point for submissions will radically improve data quality for placements.
-
Capital requirements are expected to rise by only 1%-2%, dispelling fears of a 5%-10% rise.
-
Deputy active underwriter Chris Allison is set to take on the role as of 1 January.
-
The Syndicate 6131 team will also start writing business on ILS Capital’s US rated balance sheet.
-
Ki, Howden and Hyperion X will develop a placement procedure allowing for the instant commitment of follow capacity.
-
COO Jennifer Rigby said that Lloyd’s would work with the market to develop common data standards.
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The second change plan from Lloyd's feels more rooted in the present and realistic.
-
A London Market Live panel discusses further modernisation of the historic marketplace.
-
This publication examines the key changes since the first blueprint was published last year.
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The 104-page document lays out a two-year roadmap for creating a digital marketplace, with a focus on open market and delegated authority business.
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Underwriters Francis Hernandez and Ian Seakens have joined Cincinnati Global Underwriting to lead the new lines of business.
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The Corporation has told UK-based employees to work from home with exception of a few essential roles.
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The previously announced fundraising plans will more than double its retained capacity to £50mn for 2021.
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If the syndicate does indeed go into run-off, it will be the 11th syndicate to close at Lloyd’s since Advent’s decision to go into run-off in 2018.
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Trading has been suspended for the syndicate’s capacity in the remaining 2020 auctions.
-
Matthew Holmes and colleagues move to the Lloyd’s operation after Dubai-based MGA Elseco restructured its energy portfolio.
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Some 63% of black respondents consider visible representation of black people in an organisation a key factor in applying for a role.
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The syndicate in a box will underwrite Australian non-profit and other mutual risks.
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Pre-emptions in the mid-teens and above suggest that Lloyd’s is willing to permit exposure growth for some syndicates.
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The capacity represents a pre-emption of 18%.
-
The syndicate’s managing agency says the search is on to replace active underwriter Ian Maguire.
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The syndicate will have a stamp capacity of £1.5bn ($1.9mn) for 2021.
-
The carrier will have a 2021 stamp capacity of £1.7bn following the merger with AmTrust Syndicate 1861.
-
The move comes as Dual adds Liberty Specialty Markets veteran Alan Telford as CUO.
-
The Corporation reiterates the “Covid-safe” status of One Lime Street as London prepares to enter tier-two lockdown.
-
Albert Benchimol, Michael Watson, Karen Green and Dominick Hoare throw their hats into the ring.
-
The decision follows an earlier move to shrink the book and the departure of CUO of international financial lines Tim Powell.
-
The liability-focussed carrier appoints James Tully from Brit to work in the international casualty team.
-
The Lloyd’s coverholder writes a variety of professional liability business.
-
The pandemic has reinforced the need to make products more understandable, a report says.
-
The Ash Bathia-led business gains Lloyd's approval to write premiums of £173mn.
-
The Europe-focused legacy firm has also been lined up to take the Syndicate 1969 run-off portfolio.
-
Around 40% of syndicates outside of the light-touch cohort did not pass all of Lloyd’s KPIs and gross written premium targets.
-
The forecast is an upward revision of a recent prediction of high single-digit growth.
-
The licence will provide direct access to the market and strengthen the company’s ability to provide non-traditional cover.
-
Syndicate 609 expects to receive up to £20mn in new business from the StarStone International renewal book.
-
The fundraise would more than double the Lloyd’s capacity provider’s market value.
-
The Treasury had raised concerns that insurers were paring the value of state support from claims payouts.
-
The carrier pulls back further from the market after choosing to close Syndicate 5151.
-
Mini-MDLs will be established for some lawsuits brought against Arch, United Specialty and Society Insurance.
-
The Ark CEO speaks to this publication after the conclusion of its ambitious scale-up transaction.
-
The insurance company has written around $3.2bn in GWP since the start of 2019.
-
MWM Consulting has been replaced by all-female Sapphire Partners.
-
Members’ subscriptions, Central Fund contributions and all other charges stay at this year’s levels.
-
The Corporation has said that a third of the supervisory body should be female by 2023, with at least one non-white member.
-
The majority of inbound enquiries to become a Name have had no previous involvement in the Lloyd’s market, the Hampden Agencies CEO said.
-
The move marks the latest sign of capacity retreat from the sector.
-
The survey will include more perception-based questions and focus on observed behaviours.
-
The policy pays out automatically once a company’s IT services are disrupted.
-
Enstar, R&Q and Riverstone remain as the Willis-run process heads towards its conclusion.
-
The legacy bidder prevails over Enstar, Premia and start-up Marco.
-
The senior partner says the investor is eyeing further insurance opportunities.
-
Sources said the flagship syndicate failed to meet top-performer requirements.
-
Analyst Philip Kett said that the move could lift the company’s valuation.
-
Lloyd’s CEO points to the likelihood of a drawn-out dispute in comments on an Airmic panel.
-
The international insurance CEO criticises the industry’s “unhealthy obsession” with market cycles but says London has a bright future.
-
The ILS manager is in the process of applying for a corporate member, sources said.
-
Corporation employees will be urged to work from home unless they can’t, or it is affecting their wellbeing.
-
Speaking on Tuesday, John Neal reiterated the market’s commitment to customers in the Americas.
-
The CEO stands by the Corporation’s recent decision to impose gender leadership quotas on the market.
-
The broking chairman says the modernisation programme will not disintermediate brokers providing true value.
-
The undisputed news highlight of the week was the High Court ruling in the Financial Conduct Authority’s test case over UK BI claims and Covid-19.
-
The Peter Scales-led vehicle is reunited with the private equity house.
-
The New York PE firm says the data-powered business offered a “unique opportunity in Lloyd’s to revolutionise the market”.
-
This publication earlier revealed that two financial institutions underwriters had resigned from the Lloyd’s business.
-
The group remains committed to the class in Bermuda and the US.
-
The executive said the marketplace had the resources to create “the Chicago Mercantile Exchange of insurance”.
-
The Lloyd’s business has just appointed former MS Amlin and StarStone executive Chris Rash as CEO.
-
The bulk of premiums will be assigned to property, followed by reinsurance and casualty.
-
We round up the biggest themes from our five-day virtual conference, which welcomed 2,600 delegates this week.
-
High-quality data and data standards will simplify and speed up both placement and claims, panellists during the virtual (Re)Connect event said.
-
The newly created role will focus on broker relationships in the E&S markets.
-
Concepts around what the underwriting room could look like will be presented to the market in Q1, the Lloyd’s CEO said.
-
But the market still has to finish remediation work to achieve long-term sustainable earnings, the Lloyd’s CEO said.
-
Plus more on fundraising, cat losses and major executive moves.
-
The purchase gives the buyer new regional offices in Manchester, Bristol and Perth.
-
A yet-to-be-appointed chief of markets will head up the new operation.
-
CEO John Neal gave the estimate ahead of the FCA test case judgment next week.
-
The CEO says £12bn-£13bn of new business is set to be approved for 2021.
-
The small market has paid out huge sums after events across the globe ground to a halt during the pandemic.
-
The Corporation sets its overall expectation of pandemic claims at £3bn net of reinsurance.
-
Umron Ahmed has been at Lloyd’s since 2015 and oversaw strategy for managing agents, capital providers and new entrants.
-
Lawrence Po-Ba was hired by the firm to source capital solutions for Lloyd’s syndicates in May.
-
The MGA’s underwriting firepower rises by 15%.
-
The underwriting room is operating at 45% capacity, with the working week split by line of business.
-
The former Hiscox CUO has $300mn of cornerstone backing from the PE firm to make a deal happen.
-
The Corporation has hired Carey Bond to the newly created role as part of its Future at Lloyd’s focus on claims.
-
The underwriting association aims to tackle outstanding reinsurance lines ahead of the Lloyd’s schedule and in time for the key renewals season.
-
Specialty CUOs Andrew Wright and Mark Clements, and reinsurance CUO Phil Wooldridge step down as the newcomer is charged with “repositioning”.
-
The ratings agency predicts further syndicate closures as Lloyd’s “loses patience”.
-
The Corporation has also introduced a class of business weekly rota to ensure social distancing.
-
The agreement, which will leave Enstar with 26% of StarStone US, fulfills a long-term ambition for Stone Point.
-
The goal rises to 30% of in-scope risks by Q4, with e-responses from syndicates now counting towards the figure.
-
The accelerator programme will focus on data and models, new insurance products and markets and Covid-19 response.
-
Other rival parties are understood to remain in talks about buying the shuttered entity's assets.
-
The company is looking to increase its retained capacity and grow its fund with pre-emptions and acquisitions.
-
A snap poll of Insurance Insider’s London-based readership last week found that a third of respondents were planning a return in September but many are waiting until next year.
-
Ahead of the Dive In festival, the Axa XL UK and Lloyd’s CEO said better data collection for D&I was imperative to achieve progress.
-
Intangible assets can make up to 85% of total business value and that is only set to grow, the Corporation said.
-
The Lloyd’s business is looking to raise $800mn of new equity and $200mn of debt.
-
Pavlos Spyropoulos takes over from Angela Kelly, who had been in the role since 2016.
-
Sources have indicated that exposure to cat risk and further definition around the need for a syndicate in a box to be accretive are two areas of focus.
-
Poland softens its stance, while German transactions into London will end unless the UK is deemed equivalent, the Corporation warns.
-
Women now hold 29% of leadership roles, while seven firms in the market have all-male board and executive committee teams.
-
From 17 August all of the facultative (re)insurance and specialty content hosted on Inside FAC will be moving to our reinsurance and London market title, Insurance Insider.
-
There is virtually no correlation between market share and combined ratio at Lloyd’s, analysis by this publication has shown.
-
New rules also aim to prevent an overreliance on reinsurance and to encourage cedants to use multiple risk partners.
-
Three senior executives take on new roles after the appointment of Sean McGovern as permanent chief of the regional unit.
-
Q2 reports reveal pandemic losses, FCA test case gets underway, Lloyd’s top performers unveiled.
-
Ex-Novae deputy CUO to become active underwriter at Syndicate 2358.
-
Syndicate 1796 has been developed by InsurTech Parsyl with Ascot as managing agent.
-
The delay will give the “maximum amount of time available” and will not affect the ability to write new EEA business.
-
The consortium plans to offer cover triggered by WHO public health emergency declaration.
-
The new follow-only syndicate has worked with Google Cloud to develop a digital offering.
-
The Corporation also plans a protected cell company to connect ILS money with the market, COO Rigby said in a Future at Lloyd’s update.
-
Clauses have been introduced for marine cargo policies designed to help eliminate forced labour.
-
The new claims chief has over three decades’ experience and has worked at TMK since 2012.
-
This week the team looks at the underperformance of Bermudian syndicates at Lloyd’s.
-
The platform secured authorisation after passing the 100-customer milestone.
-
Syndicates have collectively requested around £11bn in new business for next year as market conditions improve.
-
The Canadian technology consultant has been working with PPL for an initial period of exclusivity to determine its suitability for the project.
-
The Corporation set out plans for further Covid-19 capital collections, letters of credit and its Part VII transfer in a circular.
-
DXC’s Xchanging backs down from rules that appeared to put the kibosh on any placement that had Cuban or Iranian exposure.
-
The Lloyd’s carrier has seen a number of senior management changes in the last year.
-
Lloyd's business-planning outlook, Aon-Willis' merger update and the Covid-19 spur to reinsurance buying.
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A $49mn marine liability policy held by supply ship operator Rodi Marine is expected to be one of the first in the market to receive a Covid-19-related claim.
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The market hones its US focus on reinsurance and surplus lines.
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McGovern was named as permanent CEO for UK and Lloyd’s at Axa XL earlier this week.
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The start-up Sequitur has initiated talks with around half a dozen other potential launch partners.
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The lenders are among seven institutions that no longer meet the Corporation’s criteria.
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It will have a maximum line of over $20mn and allow members to adjust lines on a risk-by-risk basis.
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Yesterday, we reported that Lloyd's had issued 18 warning letters to syndicates that were serial underperformers.
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Metabiota, Praedicat and Dialogue selected for pandemic project.
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The firm is expected to engage with both PE and strategic players in search for "permanent" capital.
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The move comes as a broader range of better performing syndicates are told they can “file and use” 2021 plans.
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There is only ‘limited validity’ in comparing the Covid-19 losses to those experienced in 2001, the report said.
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Codes were also generated for a number of natural hazards.
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Jose Núñez starts in the role effective immediately and replaces Juan Arsuaga Serrats.
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Syndicate 1200 is the second Lloyd’s syndicate after Canopius to explore such a deal.
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Neal highlights “urgent responsibility” for market to address racial bias as the African-Caribbean Insurance Network draws up six steps for racial inclusivity.
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Vanessa Macdonald-Smith, who resigned as CEO of the legacy JLT Fac business in April 2019, has resurfaced in the market as head of direct and facultative (D&F) at JC Flowers-owned Oneglobal Broking.
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ReStart, Recover Re and Black Swan Re aim to address the short-, medium- and long-term risk associated with Covid-19 and future systemic events.
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Syndicate 2358 will write specialty risks, an expansion from the Markel-owned platform's historic focus on property catastrophe.
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The launch will mark the third follow-only syndicate in the works within the Lloyd’s market.
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The wheels have been set in motion for a discussion on working practices and corporate expense in insurance which is well overdue.
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Former QBE executives Steven Burns and Mel Goddard are to join the board.
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The success of remote working is prompting businesses to rethink how the London market will operate post lockdown.
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Munich Re Syndicate has appointed Rob McAdams as its new head of marine, replacing Simon Parnell, who is retiring after 21 years at the company.
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The statement follows commitments from the Corporation last week to combat racism.
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The early renewal approach has been met with opposition from Lloyd’s reinsurers.
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The space will have plastic screens between desks and temperature sensors, while lift numbers will be limited at 1 Lime Street.
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The Corporation looks set to complete the mammoth transaction comfortably within the transition period.
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A virtual underwriting room is also expected to be up and running by 1 September.
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CEO John Neal rethinks a direct replacement for Jon Hancock.
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Guy Carpenter has been retained to advise with the outcome likely to influence a call on future equity raising.
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The prospect of a fourth consecutive year of underwriting losses and Covid-19 uncertainty has spurred additional rate momentum since January.
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The London chief seeks leadership positions but may contemplate pivoting most of Syndicate 1955 to follow.
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The Antares chief looks set to depart alongside ceded reinsurance head Richard Anson.
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Christian Stanley will be its underwriting insight head and Christian Vandoorne its terrorism and political violence head.
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The measures come after the death of George Floyd shone a spotlight on discrimination globally.
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The new development allows for the flow of placement data for submissions and quotes between carriers and brokers.
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Claims payments over the past two years have been in full and on time.
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Allianz, Chubb and WRB are among the carriers that oppose the centralisation of BI claims.
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The investment vehicle looks to establish its own balance sheet to support underwriting franchises.
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The money would support the upgrade of the carrier’s Bermuda arm to a Class 4 reinsurer, as well as expansion at Lloyd’s.
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The syndicate’s Opal platform handled over $5mn of net premium for the first time.
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Research from Lloyd’s and Willis Towers Watson suggests portfolio management can shave points off combined ratios.
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The new active underwriter is appointed following the takeover of Barbican.
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The Corporation reveals the members of group replacing separate council and franchise board.
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The new venture would mark the third follow-only syndicate to come to light this year.
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Yesterday, this publication reported that Lloyd's was permitting syndicates to write an additional 2 percent of gross written premium on top of their business-as-usual budget for product innovation.
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The Corporation will introduce a new “innovation” class of business, which could bring as much as £720mn of new business to Lloyd’s.
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The London market veteran holds several advisory positions and assists the UK government.
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Marc Lipman was COO and innovation officer at AIG Canada for nearly 15 years.
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The Corporation will in the medium-to-long term look to combine the “best elements” of the physical room with the virtual room.
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Rates are up 20% at a minimum, with T&Cs tightening and deals restructured to suit subscription players.
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Jefferies note also reveals the carrier’s post-Covid growth strategy.
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The carrier has also brought in recruiters for the follow-only Lloyd’s syndicate.
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The High Court of England and Wales has approved Lloyd’s plans to notify policyholders of its plans.
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The executive predicts more algorithmically driven syndicates in the near future.
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The executive outlines the progress made on performance and culture at the firm after a challenging 12 months.
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The syndicate would use a concept for automated placement developed by the former CTMA CEO.
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Covid-19 industry losses, Insider US highlights, Charman on the record and the lowdown on Brit’s new syndicate.
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The P&I club says rates must rise on its mutual book of business to come into line with risk.
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The former head of financial institutions replaces John Taylor, who is leaving the business.
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The Lloyd’s CEO said market repricing “has to happen” after the substantial losses from the pandemic.
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The Lloyd’s market loss is expected to absorb up to $4.3bn of this loss.
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Others in the market are “burying their head in the sand” in wanting to stick with the traditional methods, the executive said.
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The algorithmically driven syndicate aims to do to insurance “what quantitative hedge funds did to capital markets in the 1990s”, Brit CEO Matthew Wilson says.
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Hudson managing partner Michael Millette says the syndicate gives it unique access to the high-net worth segment.
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Also, Rhic Webb has joined the company from Axa XL to take up the new position of general counsel and company secretary.
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The Judicial Panel on Multidistrict Litigation will determine whether federal BI lawsuits should be consolidated.
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CEO Stephen Card calls on MGAs to overcome the “fear factor” surrounding the recently launched SIAB framework.
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Ed Cruttenden will take on the role as Bryan Dalton becomes CUO for the Bermuda carrier’s European operations.
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Upstream energy is unaffected by the pullback.
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Corporation also opens up “file and use” to more syndicates.
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The venture was the first waved through under the streamlined process at Lloyd’s.
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Angela Kelly is due to leave the Corporation at the end of July.
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CEO John Neal also urged managing agents to pay Covid-19 claims on products with unspecified pandemic or contagious disease extensions.
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The broker said the former Securis and Scor executive was joining at an opportune time for syndicates sourcing 2021 capital.
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The new vehicle, which is targeting a 1 January 2021 launch, represents a revision of original plans to launch an SIAB.
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As more information comes to light, the scale of potential Covid-19 losses continue to grow.
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The launch would mark the first MGA entry into Lloyd’s via the new framework.
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The 5-point increase comes as the London market embraces e-trading amid lockdown measures.
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Natasha Jodrell succeeds Simon Parnell, who is retiring after 21 years at the syndicate.
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Lloyd’s CEO John Neal said that the volume of submissions into Lloyd’s is up around 50% year-on-year.
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She is set to lead the company’s US growth strategy as it expands into the admitted lines cyber market.
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The Aon UK global broking centre chief says Covid-19 should assist the modernisation and D&I agendas.
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Lloyd’s is estimated to absorb £3.4bn of this loss, according to the firm.
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Predecessor Lino Leoni retains the Arch Insurance International specialty CUO role, while Marie Biggas becomes 2012 deputy active underwriter.
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The executive rejoins Tom Milligan, a former CEO at the Bermuda reinsurer, as partner at the (re)insurance-sector investor.
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Coronavirus’ unwanted record; John Neal speaks out; structured credit freezes up.
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The Lloyd’s CEO says insurance can still do a “hell of a lot” to help the crisis as he throws his weight behind Stephen Catlin’s “Pan Re” initiative.
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A deal would bring the curtain down on AFG's unhappy Lloyd's experience.
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The entity will provide reinsurance for its syndicates across financial lines, cyber, political risk, terrorism and marine.
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New hire to replace retiree Phil Sloan.
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Small businesses from the hospitality sector sued the insurers in six states.
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Hiscox, Willis and Lloyd's were among the companies that faced up to the Covid-19 crisis, while US lawmakers also had their say.
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The six remaining Council members will continue uncontested until an election later in the year.
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Half the sum will be put towards a UK market-wide pandemic risk pool facility.
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The move follows repeated years of underwriting losses for Syndicate 5151.
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The Lloyd’s CEO insists that the impact of the virus is an earnings not a solvency event.
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The move was a “practical measure” that would help stabilise the market, the ratings agency said.
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A record number of risks were placed on the platform last week, as companies continue trading remotely.
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Lloyd’s first syndicate-in-a-box kicks off with parametric wind cover and a warranty aimed at backers of small solar farms.
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The carrier is looking to grow its business share in the international liability market.
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Iwan Ropcke will lead Netherlands and Belgium, with Guy-Antoine de La Rochefoucauld taking on Luxembourg.
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The industry association umbrella group urges regulatory flexibility around requests for pandemic-related data.
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Kate Markham takes over from Aon’s Richard Dudley, who was recently appointed Liiba chair.
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Prime Time Sports Grill says its insurance claim was denied on 23 March.
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The Lloyd’s performance management director delayed his departure from the Corporation to assist with Covid-19 planning.
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The ratings agency said uncertainty around Covid-19 threatened underwriting performance and earnings.
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As the Covid-19 crisis continues to deepen, this week signs of strain became increasingly evident in certain lines of business.
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The active underwriter also said that he is still waiting to see evidence of lighter touch oversight.
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Jim Ramage has more than 50 years’ experience, most notably at JLT Re and Guy Carpenter.
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The syndicate has undergone extensive remedial work but also benefited from lower cats and substantial reserve releases.
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The syndicate reported a 26-point deterioration in its combined ratio year on year.
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The crunch left a range of syndicates scrambling for capacity in 2019, with Pioneer 1980 and Vibe going into run-off.
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The potential expansion could be made possible by the January US-China trade deal.
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Underwriters have been instructed to attach the label CORO to claims from the pandemic.
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A second market return is scheduled for 17 April, with no “further requests planned”.
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The syndicate reported a £25mn profit for 2019 as it delivered strong investment returns.
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The worst performing Lloyd’s syndicate suffered from adverse development on prior years for both classes in 2019.
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Active underwriter says pricing, retro conditions and casualty crisis will play out in MAP 2791’s favour.
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Industry bodies are concerned that relationships will sour without regular sporting fixtures.
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Existential threats mount from Covid-19, as investment gains push Lloyd's back into the black.
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Joint-third-ranked Cincinnati 318 and WRB Syndicate 1967 achieve significant underwriting turnarounds.
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The estimate assumes normalised major losses of 10 percent of Lloyd’s net earned premium.
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The market’s underlying underwriting performance showed only a small improvement, while GWP growth fell well short of rate increase.
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CFO Keese sees the ratio falling no further than 135 percent in an extreme scenario.
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Remedial actions start to bear fruit in primary property.
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Investment gains buttress results, while the combined ratio improves 2.4 points to 102.1 percent.
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Lloyd's is following the universal business imperative to focus on essential work during the coronavirus crisis.
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The private equity house is said to have backed out of exclusive talks late last week.
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The test case over whether Covid-19 losses constitute physical damage could jeopardise (re)insurance industry solvency.
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Coronavirus confusion, market meltdown and the lead-follow sceptics.
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Underwriting executives still hold reservations over the changes, including how much cost benefit can be realised.
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The performance management director has extended his tenure to help tackle the Covid-19 crisis.
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Most of Lloyd’s staff have been told to work from home starting Tuesday.
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All managing agents must submit data for current potential losses and exposures, as well as an estimate of ultimate potential losses.
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Emergency trading measures using PPL and email will be implemented.
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The public disclosures from Lloyd’s players give an indication of the direction of travel for market performance.
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HIIG is on the brink of securing a major capital injection from its existing shareholders, which might be structured as a rights issue.
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The strategy includes contingency plans for e-trading if the virus forces the Lloyd’s building to be shut down.
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Incumbent Joe Gunset will take an advisory role at McGlinchey Stafford after leaving the Corporation at the end of March.
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The broker is seeing an increase in demand for coverholder and binder services.
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The liability cover is the second product to stem from the Lloyd’s innovation facility.
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The MAP active underwriter also warns that Lloyd’s business plan upgrades risk creating a “still-born” market recovery.
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Coronavirus and the contingency market, the future of Axa XL, and more.
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The executive will step into the role when Hancock departs in a month.
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The appointment positions the outgoing Lloyd's executive as a likely successor to Zaffino as GI head.
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It is hoped the capital platform will be live in Q4 for investors to support 2021 capacity.
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The executive said syndicates would struggle to grow market share as casualty rates rise.
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Six companies had previously been invited to submit proposals for re-platforming PPL.
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The Corporation will buy a 40 percent stake in e-placing platform PPL.
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CEO Julian Tighe said his firm’s long-held ambitions were now aligning with captive plans at the Corporation.
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CEO Theo Butt has a matter of weeks to secure a backer.
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The fast-track entry route offers a “perfect opportunity for an ambitious MGA” seeking more control, according to the executive.
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Plans for the syndicate in a box are in the early stages, but the venture could be trading by 1 January 2021.
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The carrier will maintain a hull book and continue to insure physical damage, including bluewater fleets.
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Bill Cooper moves from a consultant role to leader of the broker’s investment banking business.
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(Re)insurance representatives say a report this week demonstrates why the regulator needs a “competitiveness” mandate.
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Ralph Van Helden will leave the Corporation after almost 10 years.
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John Keen leads the project to revive a previous framework for hosting captives at Lloyd’s.
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The Beazley CEO says Lloyd’s could implement reforms in short order to make risk syndication more efficient.
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Lloyd’s syndicates accepted 73 percent of in-scope risks electronically along with 39 percent of submissions.
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PartnerRe sale talks, Fidelis capital raising and AIG results.
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Large man-made losses limit the combined ratio improvement.
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The CEO backs Lloyd’s decision to hone the focus of its Blueprint on three areas this year.
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CEO Neal says he’s “super-sympathetic” to carriers looking to capitalise on market hardening.
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The new complex risk platform, claims and delegated authority become priority areas.
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The BGC-owned broker eyes facultative reinsurance expansion.
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Top executives from the LMA, LMG, Liiba and IUA will also participate.
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The association is to focus on underwriting standards, PPL and data.
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The Lloyd’s chairman predicts the virus will be a “reasonably underinsured” event.
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Lloyd’s has appointed the veteran broker with immediate effect.
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Brit underwriter Tom Gardner joins former Nexus divisional head James Steele-Perkins at the Lloyd’s business.
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The e-trading platform is looking to develop new software with better functionality and user experience.
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Louise Smith worked at the bank for eight and a half years, and joins COO Jennifer Rigby’s team.
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The charge relates to reserve strengthening and other associated run-off costs, and added 5.5 points to the P&C combined ratio in Q4.
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CEO Theo Butt is understood to have held talks with PE houses interested in entering Lloyd's.
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The Corporation amends the roll-out to ease underwriter concerns but will still enforce it across all classes.
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Insider London panellists said access to capital was a draw but SIAB performance measures were dissuasive.
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The broker submission target will remain at 15 percent for Q1, and a figure is yet to be confirmed for Q2.
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Beat Capital co-founder and chairman said SIAB and the new lead-follow model could encourage more entrepreneurs.
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Hyperion X analytics head says Lloyd’s should publish pricing indices.
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Market leaders give their thoughts on what qualities the next performance managing director should possess.
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The board member will also serve as whistleblowing champion for the Corporation.
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The Liberty Specialty Markets chief succeeds Beazley CEO Andrew Horton in the role.
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The executive will take over part of the role of Mel Goddard, who left last February.
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Discussions about the programme's roll-out reveal fears of accidental coverage widening and a flight by insureds to companies markets.
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The former casualty deputy steps into a gig economy risk role.
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The executive is to step down after joining the firm in late 2018.
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The platform is one of the key pillars of the Future at Lloyd’s initiative.
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Hancock’s shock departure, Pioneer for sale, AJG’s Matson on record and more loss updates.
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The equity research firm said Beazley and Hiscox would be challenged by their casualty exposure.
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The Lloyd's veteran's departure will follow that of chairman Rupert Atkin last year.
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The performance management director said he is ready to return to the “cut and thrust” of commercial P&L accountability.
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John Neal’s number two will leave at a yet-to-be-determined date.
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Jeremy Shallow becomes head of international specialty, while Ross MacDonald takes on the post of head of non-US international casualty.
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The syndicate is being positioned as an entry point to the RITC market at Lloyd’s.
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Management could look to the example of Bradley Knight's SPA with Argenta.
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Bushfire losses mount, and as does the likelihood that other Lloyd's businesses will follow Neon into run-off.
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Ash Bathia’s company is no longer writing open-market business, although it will support some facilities.
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LMA and Lloyd’s say the exercise will begin around March or April this year.
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Sam Whitnell was Aspen’s head of international onshore construction for more than three years and becomes construction director at the broker.
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The ratings agency highlights considerable staff turnover, a fluctuating business strategy and soft market growth.
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The Corporation had previously failed to provide sufficient whistleblowing avenues for staff, the regulator said.
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This week a clearer sense began to emerge of the likely shape of the 1.1 renewals.
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The number of leaders will not be capped, and small-to-mid-sized players will have scope to get status.
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Harman has worked in the market for 40 years and was a working member of the Council of Lloyd’s for nine years.
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The closure follows attempts by Evercore to find a buyer for the underperforming business.
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Senior hires join from Chubb, Brit and Liberty Specialty Markets.
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The platform is designed to simplify the collection of data for coverholder business.
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The Corporation reverses last year’s stamp capacity contraction as market conditions improve.
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Argenta, Beazley, Blenheim, Hiscox, Lancashire and Munich Re syndicates are among those armed with double-digit capacity growth.
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Active underwriter Jill Frances says the MGU will leverage Lloyd’s licensing for international growth.
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Victor US managing director Jill Frances will be active underwriter at the Asta-managed syndicate.
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The Corporation avoids an increase in market levies to pay for the transformation programme.
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Marsh JLT Specialty’s Stuart Blyth will chair the entity.
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The Sussex Specialty Insurance Fund will allow institutional investors to access Lloyd’s risks through Syndicate 2988.
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The trio are among seven further senior staff now known to be under consultation as the Arch integration continues.
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The Hiscox CEO calls the progress the market has made on digitisation “unimaginable”.
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An accelerated share buyback and a special dividend will complete the deployment of the $850mn generated through the China Re deal.
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The initiative is offering $25mn capacity per risk and will cover assets from before launch to their operation in orbit.
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The legacy carrier is in line to seal RITC deals following the closure of its acquisition of CTMA and Syndicate 1884.
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The projected 2020 expense ratio will fall 0.4 points to 38.5 percent for the market.
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Light-touch syndicates’ 2020 planned premium growth is 14 percent, compared to 3 percent for the wider market.
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Angela Kelly predicts the Singaporean platform will have a combined ratio of under 100 percent this year.
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The Ed and Besso owner is developing a new platform spearheaded by Jonathan Prinn.
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Chile riots exposure, premium growth at Lloyd's, MS Amlin departures, and more.
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Planned premium will be a few points higher than the market-average risk-adjusted rating uplift expected for 2020.
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After a three-year transition period, underwriters outside the island will need a locally authorised intermediary to write most primary risk.
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Loss deterioration, interest rates and capacity reduction lend weight to reinsurers’ case for rate rises.
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The e-trading platform also adds Chubb, QBE, Markel and Munich Re Syndicate to its customer roster.
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The merger with Syndicate 2088 and a 2020 pre-emption brings the number of £1bn-plus syndicates at Lloyd’s to 11.
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Paul Grimsey served as chief actuary at Antares and was also a board member.
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The syndicate is finalising capital arrangements as the 29 November deadline nears.
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The Lloyd’s CEO is concerned that some market participants ‘still don’t get’ diversity and inclusion.
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The move by the insurer accompanies a decline in marine capacity at the marketplace.
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The closure of the Miami office will also affect Aspen’s insurance operations.
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The retailer’s QBE-led political risk programme faces record claims.
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Smaller Lloyd's businesses have come under scrutiny following a spate of run-offs.
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The Corporation said it would lobby regulators and tax authorities to deliver an effective structure.
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The business was established as a JV by Willis and Pembroke in 2012 after change in Lloyd’s rules.
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International CEO Vandendael predicts staff numbers in London and Dublin will rise by about a quarter in 2020.
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The Corporation introduces an initiative including 24-hour advice line for market staff.
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ProAssurance continues to back both syndicates, with three new trade capital partners added.
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Sister Syndicate 2988 gains clearance for a 52 percent capacity uplift.
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The syndicates defy a trade capital retrenchment by carriers including PartnerRe and Aioi Nissay Dowa.
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Lloyd’s has announced it will clamp down on silent cyber in the new year.
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The £177mn of 2020 capacity includes paper for medical SPA 1892.
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Staff explore funding for an MBO or merger after management calls time on the syndicate.
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The dispute is the fourth such case filed against the insurer in recent months.
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The parent company is continuing to work with Canaccord Genuity on capital options for its own growth.
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The PE-backed company draws its top team from Hemispheric Re.
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The "Hundreds" product will have a $100mn limit excess of $100mn, and cover 100 named perils.
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The deal covers around £150mn of reserves from the 2017 and prior years of account.
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CEO John Neal said Munich Re’s SIAB will bring a “very different product set” into the market.
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The Hyperion X analytics head said the process would be “painful and nerve-wracking” but would enable more trading opportunities.
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The mooted lead-follow arrangement was another bone of contention.
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The focus is now turning to broker submissions, with a mandate coming in for Q4.
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Syndicate 5886 stamp will reach £250mn next year.
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About $190mn of reserves are associated with the transaction.
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Syndicate 5678 chose a bad time to start writing live business, while its strategic review coincided with several stuttering competing processes.
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Modernisation progress has been too slow, the ratings agency says.
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The decision follows a Fenchurch-led review and a failure to secure the necessary capital for expansion.
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The move represents the biggest governance shake-up at the Corporation since since the Franchise Board was established in 2002.
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The carrier becomes the latest to curtail Lloyd’s operations in Asia.
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The Lloyd’s CEO said that at least eight to 10 launches are now likely next year.
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Capacity will be led by Swiss Re’s US operation, which underwrites 51 percent of the quota share agreement.
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Citi started to contact potential acquirers at the end of last month.
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Andrew Holderness, who has been with the law firm for 22 years, will leave the business effective immediately.
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The executive was previously global head of marine and offshore energy at StarStone Underwriting.
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The wider market must get closer to a 20 percent expense ratio, the Lloyd’s CEO told delegates at SIRC.
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Only 8 percent of this loss would be insured, according to research commissioned by Lloyd’s.
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Further details come to light on AIG’s plans for $1bn Syndicate 2019.
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The CEO downplayed the threat that market reform could pose for intermediaries.
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Trust Lime Street not to go ‘past a certain point in the distribution chain’, the Ascot Group CEO said.
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The active underwriter is taking the break for “personal reasons” and Tony Ive will cover his duties.
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Intermediaries support moves to streamline processing while urging caution on cutting value chain.
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CFO Burkhard Keese also said most plans had been approved without additional capital load.
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The transaction would address the 2017 and prior years of account.
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AM Best said it removed the carrier from under review with negative implications and affirmed its financial strength rating (FSR) of A-.
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Market participants face a squeeze on retrocession capacity but brighter earnings prospects from 2021, the research house says.
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The performance management director stressed, however, that his approach would differ by syndicate.
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The rebadging comes four years after the exit of the original top team.
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The Lloyd’s chairman suggests the post will enhance, rather than detract from, his work at the Corporation.
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The AmTrust at Lloyd's international property treaty head could be among around 15 to 20 staff who leave following the carrier's takeover by Canopius.
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Class underwriter Geoff Thrower and underwriter Karen Yeomans have worked in the London property market for over a decade.
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The executive left Canopius after its suprise retreat from London-based open market PI and FI business last year.
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Syndicate premium growth is expected to be in line with risk-adjusted rate expansion, with some exceptions.
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The work will stoke fears that UK intermediaries without EEA authorisations could struggle to access risk in the bloc.
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As a “light-touch” syndicate, Hiscox will have its plan automatically approved by Lloyd’s.
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A&H, US property cat and energy underwriters face redundancy as Canopius looks for deal synergies.
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The underwriting vehicle, Munitus, is being launched by the long-time Lexington underwriter.
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The head of underwriting development gives further detail on the launch to The Insurance Insider.
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Christopher Drake was previously at Barbican Syndicate 1955.
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Three underwriters have been put under consultation as a result of the decision.
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The deal creates a top-five Lloyd’s insurer with premiums of around $2.2bn.
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The performance management director was the internal lead for the modernisation and growth programme.
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Trade body flags potential issue, but also emphasises strong support for blueprint.
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The Chinese shipping giant swaps London for domestic carriers following sanctions.
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Lloyd’s performance director stresses commitment to reforming syndication.
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The Insurance Insider provides a breakdown summary of the most important points in the 145-page strategy blueprint.
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Lloyd’s CEO reveals ‘light on the hill’ strategy at presentation to the market's great and good.
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Liiba warns that technological development should not undermine the role of the broker.
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The CEO said the market must embrace this one-time opportunity for change or face irrelevance.
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The ambitious 145-page document details plans for major changes to distribution, claims and capital.
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Munich Re Innovation Syndicate will start underwriting on 1 January 2020.
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The former Lloyd’s CEO tells City AM that reform has to “be meant from the top”.
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E-placement, simplified delegated authority business and structured data capture will become part of Future at Lloyd’s.
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Sources had already estimated that capacity in the £2bn market could fall by 20 percent for 2020.
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FCA CEO Bailey warns that conduct around D&I cannot be divorced from other business behaviour.
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The product is led by Tokio Marine, with following members including Chaucer, Munich Re Syndicate, Beazley, Faraday and Axis.
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CEO Neal told The Insurance Insider the sexual harassment findings of the survey in particular were “just shocking”
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The two cases follow an earlier complaint over alleged mis-selling of insurance filed in July.
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The Corporation predicts £7bn in new business will be written this year.
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Property swings back into the black while the market overall moves to an underwriting loss.
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Investment returns swelled more than elevenfold in the first half.
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A lower underwriting result belies improving fundamentals after unprofitable lines fall away.
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The combined ratio deteriorates to 98.8 percent though the market improves its expense ratio.
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The interim CRO’s role is formalised as the chief people officer ends a four-year tenure.
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The Blue Vault product covers digital “keys”, providing limits of up to $150mn.
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The MS Amlin-owned ILS fund is speaking to Lloyd’s about new entry routes to the Corporation for open-ended ILS funds.
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The Lloyd’s Latin America and Caribbean director-general will move from Mexico to the US city.
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Deputy chief Brad Irick will replace the current TMK leader as of 1 January.
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The CEO outlines the likely shape of credible candidates for syndicate in a box launches at Lloyd’s.