Lloyd’s of London News

ArgoGlobal Launches Cyber Division; Heaton Named Cyber Class Underwriter

ArgoGlobal, the Lloyd’s insurer and member of Argo Group, announced the launch of its Cyber division with the appointment of Russell Heaton as cyber class underwriter. He takes up his role with immediate effect and reports to Ryan Barnes, head …

Brit Receives Preliminary Approval from Lloyd’s to Launch Syndicate 2988

Brit Ltd., the London-based specialty insurer, has received in principle approval* from the Lloyd’s Franchise Board to launch a new syndicate, Syndicate 2988. The syndicate plans to begin underwriting business attaching on or after January 2017, subject to completion of …

More than 3/4s of UK CEOs Mull Moving Headquarters as Result of Brexit: KPMG

The U.K.’s vote to leave the European Union has left more than three-quarters of chief executive officers saying they would consider moving their headquarters or operations outside Britain, according to a survey of 100 business leaders by the accountancy firm …

Asta Gets Preliminary Lloyd’s Approval to Manage Blenheim Syndicate 5886

Asta, the Lloyd’s third party managing agent, announced it has received “in principle” approval* from the Lloyd’s Franchise Board to establish and manage Blenheim Syndicate 5886. Asta expects to commence underwriting policies incepting on or after Jan. 1, 2017. Nick …

Lloyd’s to Move Some Business to EU if UK Loses Post-Brexit Passporting

The Lloyd’s of London insurance market is already working on plans to move some business to the European Union, aiming to be ready for the shift as soon as Britain starts divorce proceedings from the bloc, its chairman said on …

3rd Party Managing Agent Asta Invests in Specialist MGA OverArk

Asta, the London-based third party managing agent and specialist MGA investor, has concluded a transaction to finance the development of OverArk Ltd. Asta will take a minority equity stake in OverArk and will also support the company’s infrastructure, including finance …

Prospect General in California Tribunalized by Lloyd’s

La Jolla, Calif.-based program administrator Prospect General Insurance Agency announced its tribunalization by Lloyd’s of London. Being named a coverholder allows Prospect General access to the Lloyd’s marketplace. Prospect General intends to initially utilize the available capacity to roll out …

Lloyd’s Wins Right to Keep Oklahoma Quake Damage Lawsuit in New York

Lloyd’s of London has kept its lawsuit against New Dominion LLC over fracking out of the state where the ground is shaking. A federal judge in New York agreed Wednesday to decide the lawsuit by Lloyd’s seeking to be released …

Europe’s Top Cedents Saw Cessions Jump by Double Digits in 2015: A.M. Best

Europe’s top cedents reported a double-digit hike in cessions for 2015 compared to the previous year. The trend stems from their taking advantage of cheap and bountiful reinsurance capacity, A.M. Best said in a new report. The continent’s 20 largest …

UK Chancellor of Exchequer to Discuss Brexit Plans with Insurers & Bankers

Chancellor of the Exchequer Philip Hammond will meet senior bankers in London on Wednesday to set out the government’s plans to support the economy and sound out their views for a post-Brexit Britain. Hammond will host several members of the …