Lloyd’s of London News

Hiscox CEO Supports Industry-Wide Stress Test for 9/11-Scale Event

UK regulators need to widen stress tests for insurers to show how the whole industry, including themselves, would respond to an event on the scale of the 9/11 attacks, Hiscox Ltd. said. Unless the Prudential Regulation Authority, or PRA, can …

Foreign Insurers Take Cautious Look at Iran Business in Wake of Nuclear Deal

Western and Middle East insurance specialists see Iran as an appealing $8 billion market in the wake of its nuclear deal with world powers, though uncertainty over when sanctions on Tehran will be lifted means they are treating the country …

Beazley CEO Calls on Lloyd’s to Overhaul Data Systems

Beazley Plc CEO Andrew Horton called on Lloyd’s of London to overhaul the way it manages trade information to make the world’s oldest insurance market more efficient and globally competitive. “The transfer of data in the market has got to …

Beazley First-Half Profit Rises 16%, Led by U.S. Premium Growth

Beazley plc, the first Lloyd’s of London insurer to report earnings, had a 16 percent increase in first-half profit, helped by growth in its U.S. business. Pretax profit rose to $154.5 million from $132.9 million a year earlier, the Dublin-based insurer said Friday. Gross …

Report Sees Major Food Shortage as Climate Change Danger

Climate change reports and studies abound lately – as you will note from a previous column – but one recent report gives potentially the starkest prediction yet of what impacts climate change could have. The report from Lloyd’s of London, “Food …

U.S. Power Grid Attack Could Cause $70 Billion Insurance Losses: Lloyd’s Report

A cyber attack on the U.S. power grid in the Northeast would have far-reaching implications including the loss of lives, economic losses of as much as a trillion dollars, the disruption of water supplies and transportation, and potentially more than …

Spate of Climate Change Reports Ahead of Global Summit

Ahead of December’s big and much-talked about United Nations Climate Change Conference, COP21 or CMP11, it seems there’s been an information ramp up of sorts. I’m not just talking about Pope Francis’ crusade to call attention to climate change – he most recently said …

Lloyd’s Report Highlights Vulnerability of Global Food System

Lloyd’s has published the results of a study that examines the “vulnerability of the overstretched global food system to sudden shocks, and the wide repercussions for communities, businesses and governments.” Lloyd’s said the scenario, produced in conjunction with UK and …

EU Mounts Fresh Bid to End U.S. Reinsurance Collateral Rule

The European Union will mount a fresh bid to persuade the United States to free up the billions of euros in collateral it requires foreign reinsurers to set aside against policies. EU states agreed on Tuesday to give the bloc’s …

Lloyd’s Names Magrath Western Regional Director

Lloyd’s of London has named Richard Magrath regional director for its Western U.S. region. Magrath will be based in Los Angeles, Calif. with responsibility for market development activities in California, Oregon, Washington, Arizona, New Mexico, Nevada, Colorado, Idaho, Utah, Wyoming, Montana, …