Lloyd’s of London News

A.M. Best Discusses What’s Ahead for UK Insurers as Brexit Deadline Looms

When the UK withdraws from the EU, and at the end of any transition period, passporting rights that currently exist between the UK and countries in the European Economic Area (EEA) are expected to cease, said A.M. Best in a …

London’s Electronic Placements Exceed Targets; Beazley Syndicate 3623 Ranks #1

The London market’s electronic placing platform, PPL Ltd., exceeded targets during the third quarter as more and more syndicates and companies accepted risks via the platform. Beazley Syndicate 3623 topped the league table of those Lloyd’s syndicates that have embraced …

Lloyd’s Officially Opens Its EU Headquarters, Lloyd’s Brussels

Lloyd’s, the insurance and reinsurance market, officially opened Lloyd’s Brussels, its post-Brexit headquarters in the European Union. Lloyd’s Brussels is Lloyd’s first Europe-wide operation and will bring Lloyd’s expertise closer to its customers and partners in Europe, Lloyd’s said in …

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 …