Lloyd’s of London News

Citgo Wins $54M from Lloyd’s Insurers After Oil Seized by Venezuela Government

(Bloomberg) — Citgo Petroleum Corp. was awarded an insurance payment of more than $54 million for almost 1 million barrels of crude seized by the Venezuelan government. A jury in federal court in Manhattan decided late Monday that insurers must …

University of California Files Lawsuit Against Lloyd’s of London Over Refusal to Reimburse Cyber Insurance Costs

The Regents of the University of California sued Lloyd’s of London, arguing the company refused to reimburse the university system for the costs of data breaches covered in a cyber insurance policy. The dispute is over a cyber attack from …

OSHA Says Fatal Florida Fireworks Fire Was Preventable, Fines Company $109,000

A December fire at a fireworks company warehouse, which killed four workers and gravely injured a fifth, was preventable, but the company will face just $109,375 in fines, the U.S. Occupational Safety and Health Administration announced. Magic in the Sky, …

Jury Should Say if Lack of Captain Raised Hazard for Yacht Lost in Dorian, Court Says

For hurricanes with erratic paths that prove difficult to predict, property insurers could soon find it trickier to justify some claims denials for boats, yachts and other movable marine structures, thanks to a recent appeals court decision. The 11th U.S. …

Lloyd’s Owes $3M in Prejudgment Interest for Late Payment of D&O Claim

Lloyd’s of London underwriters must pay more than $3 million in pre-judgment interest in addition to the $10 million the syndicate has already paid in damages for the wrongful acts of the former directors of a bank that was declared …

Lloyd’s Insurer Hiscox to Provide Insurance for Ukraine Grain Shipments

Hiscox is committed to a planned insurance consortium providing cover for ships traveling through a safe passage from Ukraine, its chief executive said on Wednesday, as the Lloyd’s of London insurer shares plunged on a first-half loss. The first grain-carrying …

Lloyd’s of London’s Ascot, Marsh Provide Insurance for Ukraine Sea Corridor

Lloyd’s of London insurer Ascot and broker Marsh on Friday launched marine cargo and war insurance for grain and food products moving from Ukrainian Black Sea ports, removing a hurdle to getting shipments underway. Russia and Ukraine signed a deal …

People Moves: Lloyd’s Europe Hires Heugues From Ageas as Chief Underwriter; Parsyl Staffs London Marine Cargo Office

Lloyd’s Europe reports the appointment of Bertrand Heugues as chief underwriting officer effective 14 July. He will be responsible for overseeing underwriting, delegated authority management, claims and the reinsurance business. Bertrand joins Lloyd’s Europe from Ageas in Brussels where he …

People Moves: Postlewhite Departs QBE Re; Lloyd’s Reappoints Chairman Carnegie-Brown; Liberty Specialty Appoints Pavie in France

QBE Re Reports Departure of Postlewhite QBE announced that Steve Postlewhite, managing director QBE Re, is leaving the company following a four-year tenure. QBE gave no reason for what it said was Postlewhite’s decision to leave. Peter Wilkins will assume …

Lloyd’s Ups Climate Pledge, Vows to Push Members on Net Zero: Reuters

Lloyd’s of London said on Thursday it would join peers in scaling up efforts to cut carbon emissions and push members of the commercial insurance market to do the same, days before international climate talks get underway in Scotland. Lloyd’s …