Lloyd’s News

A.M. Best: Germanwings Crash May Put More Pressure on Aviation War Sector

A.M. Best said the total insurance loss of Germanwings Flight 4U9525, which crashed in the French Alps on March 24, 2015 killing 150 people, may put further pressure on the beleaguered aviation war sector. The total insurance loss for the …

Allianz Estimates $300 Million in Claims for Germanwings Crash, Sources Say

Germany’s Allianz has estimated insurers will pay $300 million in claims and costs stemming from the crash of a Germanwings plane in the French Alps last week, insurance industry sources said on Monday. The figure gives a preliminary orientation to …

Lloyd’s Reports US$4.9 Billion (£3.2 Billion) Profit for 2014, Level With 2013

Lloyd’s announced a pre-tax profit of US$4.9 billion (£3.2 billion) for 2014, which is unchanged from the profit figure reported in 2013. The 2014 profit was driven by a relatively benign year for major natural catastrophes, favorable prior year development, and …

China’s Fosun and Ping An Insurance Vying to Buy $1.6 Billion Berlin Complex

Fosun International Ltd., backed by Chinese billionaire Guo Guangchang, is vying with Ping An Insurance (Group) Co. to acquire 18 buildings on Berlin’s Potsdamer Platz square, people with knowledge of the matter said. Fosun and Ping An, China’s second-largest insurer, have been …

Lloyd’s Opens Branch Office in Beijing to Access New Chinese Business

Lloyd’s opened a branch office in Beijing to access new business and forge closer links with business partners in China’s capital. Lloyd’s also appointed Songlin Chen, as general manager of the Beijing branch. In this role he will be responsible …

ACE Bermuda Expands D&O Cover for Non-North American Multinationals

ACE Bermuda International announced the launch of an additional D&O liability insurance capability for multinational companies based outside of North America. The new capability allows ACE to issue CODA Premier® policies directly through ACE’s Syndicate 2488 at Lloyd’s and offer …

Lloyd’s Opens Specialist Underwriting Platform in Dubai

Lloyd’s has opened a new specialist underwriting platform in Dubai to provide tailored risk solutions across the Middle East. This brings the number of Lloyd’s businesses trading in the Dubai International Financial Centre to nine – Amlin, Argo Re, Beazley, …

MSIG at Lloyd’s Launches Bloodstock Account With 2 Appointments

MSIG at Lloyd’s has moved into the bloodstock market with the appointment of specialist underwriters Rebecca Attridge and Phil Needham. Attridge and Needham both report to Caroline Koczerzat, underwriting manager, marine. The appointments mean the Syndicate 3210 now offers a …

Fairfax Financial to Benefit From its Acquisition of Brit plc: Moody’s Report

The proposed acquisition of Brit plc by Fairfax Financial Holdings is “credit positive” for Fairfax, according to Moody’s, which noted that the deal will significantly boost Fairfax’s underwriting capacity at Lloyd’s in a recently published report. Also citing the benefits …

Brit Chief Says Excess Capital Will Spark More Mergers & Acquisitions

Brit plc Chief Executive Officer Mark Cloutier said an excess of insurance industry capital will force more executives to sell or merge their companies. Cloutier said Brit’s planned $1.88 billion sale to Prem Watsa’s Fairfax Financial Holdings Ltd., which was …