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A team within the Lloyd’s, DXC and IUA joint venture is working on the gateway – a pivotal element of the digital solutions for BP2. -
Business will be written directly into Syndicate 5623 from 1 January 2023.
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The loss portfolio transfer reinsures around $116mn of the group’s share of Syndicate 33 reserves from between 1993 and 2018.
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The new rules will apply from 31 March 2023, with LMA wordings permitted.
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The syndicate also posted an underwriting profit of £17.1mn.
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The Corporation has resequenced a key Blueprint workstream for delegated authority business, as it looks to create a data strategy for DA in Q4.
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The capital provider believes the time is ripe to take on increased underwriting risk.
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The first six months have been characterised by substantial double-digit growth and further improvement in underwriting performance.
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The move would enable the Lloyd’s ILS platform to access investors with lower risk-return appetites after launching with quota share options only.
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The increase comes amid improvements in the rating environment, a weaker sterling and the impact of inflation on insured values.
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Lloyd’s Syndicate 609 active underwriter Toby Drysdale will be replaced by Peter Laidlaw.
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The Lloyd's chairman made the comment during a break in a Marylebone Cricket Club meeting which was picked up by microphones broadcasting to members attending online.
