Lloyd’s News

When UK Insurers, Banks Emerge from Lockdown, Their Employees Face New Normal

Limits on elevators, thermal imaging and temperature checks will greet a first wave of traders and bankers in Britain preparing to return to offices under new norms to tackle the coronavirus. Britain’s financial sector is working to bring staff back …

Lloyd’s Expects US$4.3B in COVID-19 Claims – On Par with Costs of 9/11 Terror Attacks

Lloyd’s of London revealed it will pay claims in the range of $3 billion to $4.3 billion as a result of the COVID-19 pandemic. This payout is on a par with the Sept. 11 terrorist attacks, which cost the Lloyd’s …

UK Insurer Brit and Google Collaborate to Launch 1st Fully Digital Lloyd’s Syndicate

Brit Ltd. announced plans to launch Ki, the first fully digital and algorithmically driven Lloyd’s syndicate, in collaboration with Google Cloud. Launching in 2021, Ki will be a “follow-only” syndicate, aiming to significantly reduce the amount of time and effort …

Insurers Zurich and Chubb Raise Cover for Canada Oil Sands Pipeline: Filings

Major insurers Zurich and Chubb increased their insurance cover for a Canadian oil sands pipeline over the last year, Canadian regulatory filings show. The Trans Mountain pipeline, which ships types of crude oil and refined products to British Columbia from …

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 …

Neptune Doubles Lloyd’s Capacity to Expand Private, Commercial Flood Product

Neptune Flood, an online flood insurance company, has entered into strategic underwriting partnerships that double its capacity at Lloyd’s. Neptune, a Lloyd’s Coverholder since 2017, is now working with three Lloyd’s syndicates to provide capacity to the U.S. private flood …

Carbon Underwriting to Launch Syndicate-in-a-Box at Lloyd’s

Managing general underwriter Carbon Underwriting has received in-principle approval from Lloyd’s to launch a syndicate-in-a-box , Syndicate 4747. Carbon will start writing business, effective July 1, 2020, with stamp capacity of £15 million (US$18.4 million) in year one, estimated to …

UK Insurers Expected to Pay $1.5B in Coronavirus Claims: Association of British Insurers

British insurers are on the hook for more than 1.2 billion pounds ($1.5 billion) in claims from businesses and individuals hit by the coronavirus pandemic, according to the industry’s trade body. Initial estimates put payments for business interruption at 900 …

Aon’s Reinsurer Trading Portal, ABConnect, Receives Accreditation from Lloyd’s

Insurance and reinsurance broker Aon has received accreditation from Lloyd’s for its reinsurer trading portal, ABConnect Placements. Following the recent deployment of Aon’s binding function, the Lloyd’s Franchise Board provided “conditional recognition” of Aon’s ABConnect Placements platform so valid contracts …