Bruce Carnegie-Brown News

Global COVID-19 Insurance Losses to Be Higher than Early Estimates: Lloyd’s Chairman

Global insurance losses from the COVID-19 pandemic will be higher this year than the $107 billion Lloyd’s of London had previously estimated, its Chairman Bruce Carnegie-Brown said on Wednesday. Carnegie-Brown told the Reuters Events Future of Insurance USA conference that …

Lloyd’s Drops Plan to Form Electronic Exchanges, Opting to Work with Existing Platforms

Lloyd’s of London has dropped ambitious plans to set up its own electronic exchanges and will work with other existing platforms to speed up the underwriting process and cut costs, the commercial insurance market said on Thursday. Lloyd’s said last …

Biggest Uncertainty for UK Insurers Remains Around Business Interruption Claims: BoE

The biggest uncertainty now facing insurers is whether they will have to pay for a raft of business interruption claims, the Bank of England said, as a court prepares to rule on whether existing policies cover big losses caused by …

Lloyd’s Creates Single Body for Governance to Improve Speed, Efficiency of Decisions

Lloyd’s announced it has merged the Council of Lloyd’s with the Franchise Board, creating one body to govern the marketplace. The decision to merge the two entities was first announced in November 2019. ‘The combination of board and council will …

UK Financial Services Firms Weigh Options for Post-Coronavirus Work Arrangements

Many of the City of London’s bankers and traders will be working from their kitchens or bedrooms for at least a year under some scenarios being planned by finance companies in Britain. Banks, insurance companies and asset managers have had …

UK Regulator Seeks Court Review in July to Resolve COVID-19 Insurance Dispute

Britain’s Financial Conduct Authority (FCA) aims to get business interruption insurance policies examined by a court as soon as July, a member of a policyholder action group said on Thursday. The Hiscox Action Group, which is seeking to sue Hiscox …

Lloyd’s to Create Single Governing Body, Merging Council and Franchise Board

Re/insurance market Lloyd’s announced its decision to merge the Council of Lloyd’s and the Franchise Board, effective from June 1, 2020, after receiving widespread support from across the market. The news follows five months of consultation across the Lloyd’s market, …

Lloyd’s Selects 11 Insurtechs to Support Its Future-at-Lloyd’s Project

Lloyd’s welcomed 11 new teams of insurtech disruptors to join the re/insurance market’s innovation accelerator. More than 130 applications were received from across the world for the third cohort of the Lloyd’s Lab. The 11 teams were selected as part …

Pushing and Pulling Lloyd’s Into the 21st Century

Twenty-five years ago, the Lloyd’s of London marketplace was teetering on the brink of insolvency, reeling from billions of dollars of asbestos and pollution liabilities. Many of the best brains in the market worked day and night to find a …

Lloyd’s Gathers Group of Industry Heavy-Hitters as Advisers for Its Future Strategy

Lloyd’s has gathered a group of industry heavy-hitters — such as Evan Greenberg at Chubb, Dan Glaser at Marsh & McLennan, and John Haley at Willis Towers Watson — to sit on advisory committees that will help support and develop …