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In 2023, the market’s reinsurance premiums grew by 12.8%, driven by material growth in property and specialty lines. -
The business is aiming to launch at 1 January, focusing on non-cat delegated authority business.
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A start-up would mark a return to Lloyd’s for the Australian carrier after a chequered past on Lime Street.
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The CEO said standardising wordings to drive syndicated distribution could help Lloyd’s grow.
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Oak Re Syndicate 2843 will commence underwriting from 1 January 2025.
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The market remains concerned about managing the pricing slowdown, but a “super cycle” continues.
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The executive said that the market was in a protracted period of stable underwriting and capital.
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Overall, Lloyd’s H1 market underwriting profit came to £3.1bn, as the CoR improved by 1.5 points to 83.7%.
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The CFO said defending profitability is the Corporation’s “utmost goal”.
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GWP was up 6.5% to £30.6bn, a notable slowdown from the 21.9% growth posted in the same period a year ago.
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Incoming CEO James promises transparency as digital development accelerates outside Lloyd’s.
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The Blueprint Two build is due to be completed in January 2025.
