Lloyd’s of London News

Brexit Cost Implications to Weigh on UK Re/Insurers: A.M. Best Report

The cost implications of the loss of passporting rights after the UK exits the European Union will weigh on re/insurers, as will any resultant economic downturn. However, A.M. Best does not anticipate taking any rating actions as a result of …

Lloyd’s to Open India Branch Ahead of April Renewals

Lloyd’s, the specialist insurance and reinsurance market, announced plans to open a reinsurance branch in India, in time for the April major reinsurance renewals, following final regulatory approval from the Insurance Regulatory Development Authority of India (IRDAI). This will enable …

Lloyd’s Moves Closer to Forming EU Subsidiary to Prepare for Brexit

Lloyd’s of London will make an announcement on its new European subsidiary by the middle of April at the latest, its Chairman John Nelson said on Tuesday, as it prepares for Britain’s exit from the European Union. The world’s largest …

ICAT Syndicate 4242 & Neon Partner to Underwrite Large U.S. Property

ICAT Syndicate 4242 at Lloyd’s, a U.S. catastrophe-exposed property underwriter, and Neon, a specialist Lloyd’s underwriter, have partnered in a reciprocal capacity arrangement to bring additional per risk capacity to the Bermuda property direct & facultative (D&F) market. This strategic …

QBE’s Pryce Appointed to Lloyd’s Franchise Board, Succeeding Furlonge

Lloyd’s announced that Richard Pryce, CEO for QBE European Operations, has been appointed by the Council of Lloyd’s as a non-executive director of the Franchise Board, the body which is responsible for the day-to-day running of the Lloyd’s market. Pryce …

Novae Taps Mitsui Sumitomo’s Steadman as Head of Cargo

Novae Group plc, the specialist listed Lloyd’s insurer, announced the appointment of Helen Steadman as head of cargo. She reports to Darren Carr, head of marine. Steadman brings nearly a decade of cargo underwriting experience to Novae. She joins from …

Lloyd’s Insurers Urged to Focus on U/W Discipline as 2016 Losses Loom

Underwriters at Lloyd’s of London lost money in 2016, driving the 90-plus syndicates in the insurance market to be more selective in the risks they take on and forcing Lloyd’s to cut its subscription rates. To tackle the downturn in premium rates, …

ArgoGlobal Taps Endurance’s Thompson as Hull Class Underwriter

ArgoGlobal, the Lloyd’s insurer and member of Argo Group, has announced the appointment of Michael Thompson as hull class underwriter. He takes up the role with immediate effect and will report to Steve O’Gorman, head of marine. Thompson brings nearly …

Lloyd’s Details Its New Corporate Operating Model to Help Deliver Vision 2025

Lloyd’s announced details of its new Corporation Operating Model (COM) that it said will enable it to deliver its Vision 2025* more effectively and efficiently. Effective Jan. 1, 2017, COM will enable Lloyd’s to keep “a sharper focus on its …

Talbot Underwriting Beefs Up Cyber Offering, Hiring ANV’s Mayes & Anderson

Talbot Underwriting Ltd., a wholly owned subsidiary of Validus Holdings Ltd., has appointed a dedicated team of cyber underwriters. Phil Mayes joins the team as senior class underwriter, and Gillian Anderson joins the team as class underwriter. Mayes has more than …