Inga Beale News

Lloyd’s Returns to Pre-Tax Profits, Reporting £600M ($793.1M) During 1st Half

Lloyd’s reported a return to profits during the first half, in a welcome recovery after its big losses of 2017. Pre-tax profits during the half were £600 million ($793.1 million), compared to £1.2 billion ($1.6 billion) in the first six …

Lloyd’s Commercial Officer Vandendael to Exit Lloyd’s to Take Executive Role at Everest

Lloyd’s announced that its chief commercial officer, Vincent Vandendael, has decided to leave the corporation after almost six years. He will be moving to Everest Insurance as CEO of International Insurance in early 2019. A Lloyd’s representative explained that the …

Lloyd’s Conducts Business Review in Wake of 2017’s $2.6 Billion Loss: Sources

Lloyd’s of London is reviewing all aspects of its business, including its centuries-old structure, to ensure it is cost-competitive and responsive to both clients and members, especially after Britain leaves the EU, industry sources said. The review, coming after a …

UK Insurance Sector Launches ‘Inclusive Behaviours Pledge’ to Build Diversity

Insurers, industry bodies and brokers, together with other organizations across the insurance sector, have joined forces to launch a new industry-wide pledge, designed to change behaviors and create a more inclusive work environment across the sector. Spearheaded by Lloyd’s and …

Lloyd’s Lab Begins Global Search for Insurtech Talent

Lloyd’s Lab, the global insurance market’s new innovation sandbox, is launching a global search for tech talent to partner with the Lloyd’s market and develop solutions for its unique and rapidly changing needs. In order to support its digital evolution, …

London Market Single Claims Agreement Launched to Improve Claims Handling

The London market has launched a simplified system for claims handling in an effort to improve client service and streamline claims agreement across the London market. The Single Claims Agreement is designed “to enable quick and efficient authorization of claims …

London Financial Industry Welcomes Brexit Breakthrough but Won’t Alter EU Plans

London’s financial industry welcomed progress on a divorce deal with the European Union on Friday but said it saw little reason to alter preparations for when Britain leaves the EU. The agreement on Friday paves the way for arduous trade …

Lloyd’s Pays Claims of $1.7B for Hurricanes Harvey, Irma & Maria – So Far

The Lloyd’s market has paid claims worth US$1.7 billion, to date, in response to Hurricanes Harvey, Irma and Maria. Earlier this year Lloyd’s estimated a total commitment of US$4.8 billion for the three storms. Lloyd’s brokers are receiving money from …

Insurers, Tech Firms ‘Must Work Together’ to Tackle Emerging Technology Risks

The World Economic Forum is bringing insurers, tech firms and governments together to find ways to tackle risks from new technology such as drones and driverless cars, it said on Thursday. Tech firms have moved fast to develop new products, …

Update: Lloyd’s of London Reports 16% Drop in H1 2017 Profit to $1.6B

Lloyd’s of London expects net losses of $4.5 billion from hurricanes Harvey and Irma, which analysts said would eat into the insurer’s capital and hit its profitability. Although losses from natural catastrophes have been low in recent years, including in …