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The market also outperformed various indices including the MSCI World.
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The executive said Aviva and Fidelis had endorsed the market’s turnaround.
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The injection will be sufficient to take the platform through its next stage of major development.
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The initiative will focus on fostering innovation through the Lloyd’s Lab.
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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.
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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.
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The CEO speaks on portfolio remediation and the future of the lead-follow model.
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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.
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We look at data trends that shed light on the past year, ranging from growth plans at Lloyd’s to personnel planning, uncertain IPO prospects and the unexpected trends from Florida losses.
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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.
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Head of Lloyd’s relationships James Mackay joined Aon in 2019 after a 25-year stint at Argenta.
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The executive said that work was underway to make sure the energy transition is “led by Lloyd’s”.
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Political violence and terrorism will also be a focus class for the Corporation, amidst geopolitical turmoil.
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In addition to the need for new products when insuring the transition, panelists highlighted the need to innovate and adapt.
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Axa’s Sean McGovern was also elected as a corporate external member of the Council after running unopposed.
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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.
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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.
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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.
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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.
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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.
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Three key reports have unearthed issues around capital and lower return period loss figures that may need to be addressed for the cyber market’s maturation, as a pivotal 1 July renewal date approaches.
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London D&F underwriters are seeing rate rises of 15% on average on clean business, while loss-affected accounts are seeing their rates double.
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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.
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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.
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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.
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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.
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Matthew Wilson, Matthew Moore, Emma Woolley and David Croom-Johnson have stepped down from the board.
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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.
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Lockton said the new program provides full access to London market capacity, estimated to be in excess of $850mn for custody coverage.
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UK insurers have now paid out £1.2bn in final settlements for claims relating to pandemic closures.
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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.
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Sarah Pritchard, executive director for markets at the FCA, set out the regulators’ moves to improve efficiency and enable innovation at a speech.
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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.
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The hires follow the launch of the M&A MGA’s operations in the UK in June.
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A sale of the managing agency and Syndicate 1200 would represent tangible progress in Argo’s strategic process.