-
The consortium will target excess layers, providing $250mn of capacity. -
The CEO said smart-follow is a structural evolution of the specialty market.
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APAC now represents roughly 15% of all Lloyd’s premium.
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The business has not initiated a sale process, with the wheels not yet actively turning on an exit for Apiary.
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Prices were 37.4p per £1 of capacity, according to Argenta.
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Plus, the latest people moves and all the top news of the week.
-
The syndicate is expected to write ~$300mn of business in 2026.
-
Starr’s reinsurance ambitions and embrace of Lloyd’s will be watched closely.
-
How do struggling governments across the globe tackle stagnating economic growth?
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This publication revealed that Starr was zeroing in on the deal earlier today.
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The parties could announce the transaction soon, according to sources.
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The start-up has struggled to build scale since its 2024 launch and has cut back its 2026 stamp.
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Brokers may encourage clients to capitalise on falling rates by boosting coverage.
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The MGU’s second syndicate launch was delayed from January 2025.
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Private capital providers are being signed down as two strong years have piqued interest.
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The number of syndicates traded at auction was the highest for a decade.
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Lloyd’s investment vehicles have been shelved in past years but a strong run of returns is creating interest.
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Sam Geddes will join Syndicate 1918 next year in an executive leadership role.
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The company noted tougher market conditions and higher large losses during the year.
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The traditionally lucrative class has faced a series of challenges in the latest geopolitical crisis.
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The hire follows the departure of David Martin to GIC Re Syndicate.
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Christopher Reynolds and AJ Jones have been hired as business development directors.
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The syndicate says it will not set any top-line targets on digital follow strategies.
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The two lines will add £11mn in planned premium.
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As two working member vacancies are arising on the Council, a ballot will be held.
-
Plus, the latest people moves and all the top news of the week.
-
IGI’s premium income has almost doubled since it listed in 2020, but how can growth still be achieved in a soft market?
-
Rachel Turk was speaking on an Aon Reinsurance Renewal Season panel.
-
Ark has been adding new product lines across its three Lloyd’s syndicates.
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Differentiating Lloyd’s claims performance could help drive business to the market.
-
Plus, the latest people moves and all the top news of the week.
-
Incumbent Jane Warren will retire at the end of the year.
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Without flexible mechanisms the Corporation risks suppressing transactions.
-
The specialty insurer was recently acquired by Korean carrier DB Insurance.
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It comes as the MGA expects to write more than $1bn of premium in 2026.
-
The former civil servant joined the Corporation in October 2021.
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Jo Smart has worked for Torus and Aegis during his two decades in the market.
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Volante launched Syndicate 1699 in 2021.
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Inigo CEO Richard Watson said the team is ready for its “second album”.
-
What’s driving the wave of shifting ownership structures in the Lloyd’s market?
-
The upcoming Lloyd’s Lab cohort 16 will include a dedicated Irish theme.
-
Several airlines are understood to have come to market early.
-
Legacy reinsurance deals will be reviewed by the Legacy Review Panel.
-
The Lloyd’s investment business has cut expenses by 54% over the past six months.
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The deal will be watched closely by Radian’s handful of similar peers.
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The pair hail from Dale Underwriting and Axa XL, respectively.
-
Plus, the latest people moves and all the top news of the week.
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Small modular reactors are increasingly viewed as a means of meeting surging energy demand.
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The veteran underwriter said market conditions are still ‘robust’.
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The Corporation’s chair reiterated its aim to reduce the cost of doing business.
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The Corporation’s chair laid out plans to make Lloyd’s a preeminent market in the long term.
-
How does Lloyd’s plan to secure its future as a leading global marketplace?
-
Losing senior women creates a knock-on effect as juniors lose role models.
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The mortgage insurer said Inigo will continue to operate as a standalone business.
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The CEO said the lack of portfolio crossover was highly attractive to Inigo.
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The US mortgage insurer announced its $1.7bn acquisition of Inigo earlier today.
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The deal becomes part of a wave of carrier dealmaking.
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Organisations were challenged to address systemic DEI failure rather than play “word salad” with labels.
-
Inigo executives told Insurance Insider last year they were weighing up the casualty treaty market.
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The carrier plans to reduce 623’s stamp by around 10% next year.
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Property remains the dominant line, accounting for nearly 30% of total London premiums.
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The business has ramped up its underwriting volume since launching in Lloyd’s last July.
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Plus, the latest people moves and all the top news of the week.
-
This will be the 15th cohort of companies to go through the Lloyd’s Lab.
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There are concerns that repeated delays could lead to market disengagement with the process.
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Lloyd’s has pursued a Big Game Hunting strategy to lure major insurers into the market.
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The syndicate will be targeting approximately $50mn of GWP in its first year.
-
Apollo most recently received in-principle approval for Syndicate 1972.
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The insurer’s plans for the syndicate were revealed by this publication earlier this year.
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The reinsurer is moving all its non-cat business to the new syndicate, leaving 1910 focussed on peak cat.
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Ryan Alternative Capital Re was launched in partnership with Axis Capital.
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Mark ‘Ollie’ Hollingworth has held his current role at Atrium since 2017.
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Paul Sandi, head of reinsurance, will serve as active underwriter for the new syndicate.
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Maintaining underwriting discipline was central to the Corporation's messaging.
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It was announced this week that the business had agreed to be acquired by Skyward Specialty.
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Skyward’s acquisition of Apollo will provide access to the London Bridge framework.
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Rachel Turk said product-line facilities had been “under-scrutinised”.
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Rönesans covers lines including aviation, energy, engineering and liability.
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The carrier said the decision reflected its commitment to portfolio discipline.
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Lloyd’s reported reinsurance GWP increased 10.6% to £13.2mn.
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The cycle-turn M&A story continues with strategic buyers to the fore.
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Lloyd’s will keep heritage systems operationally resilient until at least 2030.
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Syndicate 1440 was approved to assume business incepting January 2026.
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Apollo executives David Ibeson and James Slaughter are committed to the future as a combined entity.
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The LPPC will offer limits of $127.5mn EAR and DSU coverage in the US and Canada.
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In June, this publication revealed that Apollo had appointed Evercore and Howden to run a process.
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A notable uptick in attendance underpins the value still placed on the iconic trading centre.
-
What happens when a global broker network decides to fill a gap in the London market itself?
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The news comes after the announcement of CEO Graham Evans’ departure.
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The carbon-credit insurer has appointed James Morrell head of credit underwriting.
-
Plus, the latest people moves and all the top news of the week.
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As rate reductions present headwinds, firms are expected to moderate expansion.
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Simon Clegg will leave Syndicate 609 after 25 years.
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The London carrier missed consensus on gross and net premiums for H1.
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Part of the syndicate’s premium for clinical-trial-funding cover will move to Syndicate 1902.
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The company has recently made several senior changes to its UK and Lloyd’s leadership.
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The syndicate now predicts a return on capacity for 2021 of between -5% and 5%.
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Market leaders Atradius and Coface have both received in-principle approvals for a Lloyd’s syndicate.
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The Lloyd’s carrier is expected to try to claim multiple times under the policy.
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The family-owned group is embarking on a major international expansion.
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What does it take to turn a family-run insurance group into a global powerhouse?
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The carrier reported an increase of 82% in pre-tax income.
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Duc Tu and Lucy Howard have resigned from Atrium.
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The carrier also announced an increased share-buyback programme.
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A limited number of broking staff are also leaving the business, including downstream head Dan Nicholls.
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Stephane Flaquet replaces George Marcotte, who has been interim COO since September 2024.
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The LMA head also praised Velonetic for transparency on Blueprint 2.
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The leadership transition at the syndicate was announced earlier this year.
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The underwriter was head of financial institutions at LSM for six years.
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Sources have identified facilities as a different source of rising commissions.
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The search for a successor to lead Syndicate 1200 is underway.
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Demian Smith joins from Guy Carpenter.
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Surveys show diversity and inclusivity foster a sense of belonging and increase productivity.
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Group CEO Tavaziva Madzinga said it might explore Lloyd’s Names backing in the future.
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Some 185 credit claims were reported in the market, totalling over $400mn.
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The Asta-managed syndicate aims to commence underwriting later this year.
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The exit is by mutual agreement, according to the association.
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The former Lloyd’s CEO is also eligible for a target $5mn annual equity award.
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Atradius Syndicate 1864 is expected to begin underwriting next year.
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Lloyd’s has confirmed the departure of two senior leaders.
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Plus, the latest people moves and all the top news of the week.
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Coface Lloyd’s Syndicate 2546 is expected to commence underwriting in 2025.
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The former Lloyd’s CEO will not make his planned move to Aon.
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The strategy is a 10-year plan to drive growth in UK financial services.
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The MGA has secured Lloyd’s paper to write crypto theft insurance.
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A second syndicate is being explored for “big and bold” new lines
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Claims chiefs are caught between technological advancement and waiting for phase two
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Plus, the latest people moves and all the top news of the week.
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The executive said there was an ‘active cross-sell culture’ across The Fidelis Partnership.
-
How is The Fidelis Partnership choosing to launch into new insurance classes as it rapidly expands?
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Syndicate 1947 is gearing up to expand its marine reinsurance portfolio.
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The Cathal Carr-led carrier has been building its team since launching this year.
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The new roles will oversee property, specialty and credit.
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The business is one of the first to sell in this round of Lloyd’s M&A.
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It was announced earlier today that the US wholesaler had agreed to acquire Atrium.
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Sixth Street and Cornell also bid for the wholesaler.
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The PRA, FCA and Society of Lloyd’s have agreed to the changes.
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The deal comes amidst an expected spell of M&A on Lime Street.
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Plus the latest people moves and all the top news of the week.
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The Lloyd’s syndicate was one of just a couple of reinsurance start-ups in the current hard market.
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Gallagher, Marsh and Aon also faced sizeable outstanding premium payments as at Q4 2024.
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The new chair said the market must adapt for 2030 and beyond.
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The FCA is reviewing how it can simplify regulation for commercial insurers.
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Lloyd’s executives have suggested ceded reinsurance syndicates could help London compete in treaty.
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The managing agency is offering 62p per £1 for 2026 YoA capacity.
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The international casualty director has worked at Axa XL, Ive and Ardonagh.
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The business currently works with Hamilton Managing Agency.
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It has been a volatile week for the marine war market in a period of geopolitical turmoil.
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Insight into the state of the insurance M&A market, powered by this publication's deal database.
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Lloyd’s chair said attractive returns were the “essential bedrock” of performance.
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The investment comes amid expectations of a new cycle of deals.
-
The start-up has hired four people to join the division.
-
Some segments are moving faster than anticipated, but overall, it remains a mixed bag.
-
The Lloyd’s business secured a $90mn investment from Alchemy in 2021.
-
The managing agent for Syndicate 609 has been involved in an M&A process this year.
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Peter Montanaro retired from his role as market oversight director at Lloyd’s in May.
-
Is the huge growth experienced by the MGA sector run out of steam?
-
The former Volante chief is in initial talks with several parties.
-
Who will buy the swathe of PE-backed Lloyd’s firms coming to market over 2025-26?
-
The firm's near-term global strategy includes operations in the UK, US, parts of Europe and Asia.
-
The LMA urges use of AI for enhanced decision making but concerns remain.
-
Plus, the latest people moves and all the top news of the week.
-
The new Lloyd’s chief of market performance also outlined target growth areas.
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The modeller said the insurance market could be exposed to unexpected aggregations.
-
Jim Meakins is the latest in a slew of talent to exit from the syndicate.
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Robert Vetch joined the Lloyd’s business as CFO in 2019.
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Corporates buying Lloyd’s syndicates face the culture/integration trade-off.
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The campaign will run throughout June.
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Analysts were interested in the potential for fee income from the retail division.
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Tiernan’s former role of chief of markets will be split into two new exec team positions.
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The driver of growth has shifted from rate to volume, as pricing increases tail off.
-
The executive set out his vision for the Corporation after assuming leadership.
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The outgoing CEO said the market had been restored as a leader during his tenure.
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Frustration is growing around a promised independent operating model and staff reward.
-
Plus, the latest people moves and all the top news of the week.
-
Lloyd’s maverick syndicate produces impressive results, but questions remain over succession.
-
The investment vehicle will publish its full results on 2 June.
-
The changes are aimed at improving underwriting and operational performance.
-
The Corporation is poised to accelerate its investments in start-ups.
-
LA wildfire losses are impacting the 2024 years of account, Argenta noted.
-
Cincinnati Global entered the cargo market this year.
-
Plus, the latest people moves and all the top news of the week.
-
Trade credit rivals Coface and Awbury are also entering the market.
-
The majority of the savings are expected to be realised in the retail division.
-
Alex Cullen left Atrium last month.
-
The Lord Mayor told the CRO Summit to stop treating risk as a dirty word.
-
Broker facilities and increased US domestic appetite are accelerating the softening.
-
The executive will be global reinsurance CEO and climate solutions chair.
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The syndicate-in-a-box is the first Lloyd’s syndicate to operate outside London.
-
The CEO transition is already visible in messaging on growth as rate change picks up.
-
Lloyd’s CUO said established broker facilities were “big enough”.
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The platform could help reduce claims-cash holding times by 10 weeks.
-
The CUO noted that market-wide rate change in Q1 was down 3.3%, coming in below plan.
-
The executive has spent 10 years in a range of roles at the Corporation.
-
Plus, the latest people moves and all the top news of the week.
-
Pushing through technological change and maintaining underwriting results are top of agenda.
-
Patrick Tiernan was announced as the new Lloyd’s CEO earlier today.
-
The underwriter was part of Probitas’ founding team.
-
The CEO-designate will commence his tenure on 1 June.
-
Jacqui Ferrier speaks with Insurance Insider in her first interview since taking the reins.
-
Chance Gilliland spent a decade at Chubb underwriting property binders.
-
Plus, the latest people moves and all the top news of the week.
-
What does it take to stay profitable as the insurance cycle shifts — and why is leadership diversity still lagging in the London market?
-
The new Lloyd’s chair has issued a commencement letter on his first day.
-
Lloyd’s chair Bruce Carnegie-Brown officially hands over to Charles Roxburgh today.
-
The underwriter is taking on a role with Cipriani and Werner.
-
Full Vanguard testing is expected to compete by the end of the year.
-
Co-founder and CUO Jacqui Ferrier has been appointed his successor.
-
As the next generation of Names comes to the fore, advisers urge simplification.
-
Managing director Nick Bacon will also exit this summer.
-
The underwriter is to run a new fine art and specie operation.
-
Fridays in the office will be the toughest nut to crack.
-
Why have reinsurance start-ups remained so rare in recent years, even as underwriting conditions have improved?
-
Delaney has spent the last 14 years at TMK.
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Trevor Oates will be responsible for ceded reinsurance purchasing.
-
Plus, the latest people moves and all the top news of the week.
-
TMK is the largest insurer of aviation risks at Lloyd’s by gross written premium.
-
The carrier launched with the aim of writing $300mn of business this year.
-
Aegis 1225 jumped from fifth place last year to become the most profitable syndicate of the last decade.
-
ASR launched Syndicate 2454 at Lloyd’s last year.
-
Trade credit and marine are among the lines facing direct impacts amid a broader inflationary challenge.
-
The ratings agency said underwriting-cycle management would be key going forward.
-
Modified freehold gives syndicates and investors clarity around exit plans.
-
Elizabeth Wooliston said the immediate concern would be managing ‘value at risk’.
-
Plus, the latest people moves and all the top news of the week.
-
Growth was driven by Lloyd’s Syndicate 1274 and Antares Re.
-
Lloyd’s has been likened to a “toothless tiger” in its crackdown efforts.
-
Ex-Hannover CEO Jean-Jacques Henchoz exited from the reinsurer at the end of March.
-
Recent transactions on the platform include cat bonds from Flood Re and Brit.
-
Plus, the latest people moves and all the top news of the week.
-
The first quartile contracted on the back of Beazley 2623’s GWP reduction.
-
Technological delays erode credibility, but the market remains strong.
-
Alexandra Cliff will take a base pay of £425,000 per annum, compared with Keese’s £550,000.
-
Last year, nearly two-thirds of Lloyd’s syndicates reported a deterioration in combined ratio.
-
The announcement comes after similar launches with Inigo and Atrium.
-
CEOs have been told to stand down resources as wider testing won’t start until October.
-
Insurer appetite for facilities is not just about top line, it is also a hedge against disruption.
-
GWP increased 24% year on year at the Asta-managed syndicate.
-
The combined ratio improved by 3.2 points, from 80.9% in 2023 to 77.7% in 2024.
-
In the first part of this series, we explore how smart-followers are mixing up their strategies.
-
The company booked profit for the year of £247mn, up 20% on the prior year.
-
The syndicate’s claims ratio worsened due to an “exceptionally active” hurricane season.
-
The syndicate expects £5.8mn-£8.6mn in California wildfire claims.
-
Reinsurance made up 12% of the syndicate’s 2024 GWP.
-
Cat losses from Helene, Milton and the Oklahoma tornadoes will fall within expectations.
-
The market took a higher share of hurricane losses and couldn’t cut its acquisition costs.
-
Standfirst: The syndicate reported a strong turnaround despite exposure to major claims.
-
Plus, the latest people moves and all the top news of the week.
-
The syndicate achieved a profit despite a “relatively heavy” catastrophe year.
-
Ki cut its top line by 8.7%, while Beazley’s smart-tracker expanded to $481mn.
-
Results were impacted by prior year reserving and an unwind of intragroup reinsurance recoveries.
-
Most of the market’s largest syndicates kept their CoRs below 90% as prices remained adequate.
-
The executive said the market would be updated on progress in late April.
-
MAP’s Christopher Smelt said impact on nationwide programmes will cause risk aversion.
-
Reinsurance and property remained the primary drivers of premium growth.
-
The MGA’s GWP hit $4.6bn as the CEO labelled aviation all-risks rates “woefully inadequate”.
-
The Corporation’s CFO hailed profitable growth but warned syndicates to maintain discipline.
-
Syndicate 1984 is set to begin underwriting next month.
-
Stuart Cheers-Berry was delegated underwriting authority controller at PoloWorks.
-
The binder will provide capacity for international fac property, power and onshore energy.
-
The proportion of women in lead underwriting roles still trails other leadership positions.
-
Syndicate 1984 will be backed by Names under a modified freehold arrangement.
-
Plus, the latest people moves and all the top news of the week.
-
Lloyd’s hopes to protect healthy pricing, but focus is on broader structural market shifts.
-
The Corporation said pricing within aviation was “almost certainly inadequate”.
-
CUO Rachel Turk said some syndicates were showing a “mismatch” in ambition and strategy.
-
The syndicate reported an undiscounted net combined operating ratio of 77.9%.
-
The Corporation saw improvements across all three leadership levels.
-
Opportunities for insurance in transition-related activity “incredible”.
-
The market improved on attritional losses in 2024 – but slowing rate growth raises queries over top-line momentum.
-
While market underwriting profit slipped 10%, the underlying combined ratio was under 80%.
-
-
Followers will automatically support primary or excess Inigo quotes.
-
The executive spent a brief period at Wakam in a capital and reinsurance role.
-
The executive said the firm had to focus time and investment on the most meaningful projects.
-
The transition will take place immediately, with Anthony Baldwin set to leave next month.
-
North America is likely to be the most financially impacted by the scenario, Lloyd’s said.
-
Ascot Underwriting CEO Ian Thompson, who took the helm last summer, discussed emerging headwinds.
-
The result is 1.1 points ahead of the midrange of a 6.4%-16.4% forecast.
-
Returns on capacity reduced, forecast at 4.4%-14.4%, have settled at 4.6%.
-
The insurer has participated on McGill and Price Forbes facilities, as well as Amwins.
-
Plus, the latest people moves and all the top news of the week.
-
The niche auto underwriting cell was the first to launch on the MGA platform.
-
Lloyd’s CEO pay is lowest compared to major LSE-traded specialty insurers by a considerable margin.
-
Montanaro will remain at Lloyd’s as an adviser until the end of May.
-
Lloyd’s entry is a modest start for the London heavyweight but could be the beginning of something bigger.
-
Hickman has previously held roles at RSA, LV and Axa.
-
Last year, Patrick Tiernan issued a warning to syndicates to properly manage their DA portfolios.
