Lloyd’s of London News

London Market Group to Offer Faster Solution for Coverholder Approval

The London Market Group (LMG) announced that a contract has been signed with Sequel to deliver a faster and more efficient solution for approving and registering coverholders, and a new integrated tool for generating delegated authority binder contracts. This is …

Lloyd’s New CEO Neal Takes the Helm

Lloyd’s, the specialist insurance and reinsurance market, today welcomes John Neal as its new chief executive officer. Neal brings more than 30 years’ experience in the insurance industry, most recently as group CEO of QBE Insurance Group. He succeeds Inga …

London Market’s Placing Platform Completes Product Roll-Out with Treaty Reinsurance

The London market’s electronic placing platform, PPL Ltd., announced that the treaty reinsurance class of business went live on the platform today, completing its roll out of products. PPL said its focus will now be on continuous improvement of the …

London Market Insurers’ Profits Remain Under Pressure with Excess Capacity: Fitch

The profitability of London market and Lloyd’s insurers is expected to remain under pressure in 2018, despite the fact that rates improved slightly following the catastrophe losses in the second quarter of 2017, according to Fitch Ratings in a new …

In Event of Hard Brexit, Lloyd’s Commits to Pay All Valid Claims

Lloyd’s said it is working on transferring all European Economic Area (EEA) business to its EU headquarters, Lloyd’s Brussels, before the end of 2020 via a Part VII transfer. (Part VII transfers, in part, enable a UK insurer to transfer …

Iran Eyes Introduction of Insurance-Linked Securities as Alternative to Reinsurance

Iran is developing a range of new financial products, from Islamic bonds to warrants and insurance-linked securities, in an effort to give local firms more funding options as sanctions put pressure on the economy. The Iranian rial has plunged 70 …

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 …

Expect a Very Different Looking Lloyd’s Workspace In a Few Years: Beale

Lloyd’s of London’s historic base on Lime Street is heading for a radical makeover, with more focus on shared, collaborative spaces along the lines of a WeWork Cos. office, according to its outgoing chief. “Over the years to come, that …

Former QBE Group CEO Neal Appointed as Lloyd’s CEO, Succeeding Beale

John Neal has been appointed as the chief executive officer of Lloyd’s following a meeting of the Council of Lloyd’s, where his appointment as successor to Inga Beale was approved unanimously. Neal will take up his position at Lloyd’s on …

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 …