Lloyd’s News

Lancashire’s CEO Maloney Dismisses Value of Merger with Larger Rival

Lancashire Holdings Ltd. Chief Executive Officer Alex Maloney dismissed suggestions the insurer would be better off combining with a larger competitor. “I don’t really buy the bigger is better thing,” Maloney said on a conference call with analysts Wednesday. “I see …

Lancashire 1st Half Profit Drops 10% Amid ‘Pricing Pressures’ at Lloyd’s

Lancashire Holdings Ltd. reported a 10 percent fall in first-half profit amid “pricing pressure” in the Lloyd’s of London insurance market. The company said pretax profit decreased to $88.6 million in the six months through June, while gross written premiums fell …

Hamilton Underwriting Limited Hires Carvey as Head of Treaty

Hamilton Underwriting Limited, the Lloyd’s managing agency of Bermuda-based holding company Hamilton Insurance Group, announced that Trevor Carvey has been hired as head of treaty. Carvey will report to Dermot O’Donohoe, chief executive officer of Hamilton Underwriting Limited. He will …

Aspen Reports Q2 Net Income of $49M, Operating Income of $72.2M

Aspen Insurance Holdings Limited, headquartered in Bermuda, reported net income after tax of $49.0 million for the second quarter ended June 30, or $0.62 per diluted share, compared to net income after tax of $130.8 million reported during the same …

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 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 …

U.S. Power Grid Attack Could Cause $70 Billion in 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 …

Willis Appoints Aubert to Executive Committee of London & Int’l Brokers’ Assn.

Willis Group Holdings has appointed Nicolas Aubert, CEO of Willis GB, to the executive committee and board of the London & International Insurance Brokers’ Association (LIIBA)*. In addition, Aubert was named LIIBA representative to the London Market Group (LMG), a …

UK Insurers to Stress Test Capital Reserves Against Synchronized Terrorist Attack

UK regulators have asked property and casualty insurers to stress test their capital reserves against catastrophes, including a synchronized terrorist attack in London, New York and one other major city. The Prudential Regulation Authority (PRA) published the exercises last week …