Lloyd’s News

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 …

Randall & Quilter Sells R&Q Managing Agency to U.S. MedMal Insurer Coverys

Randall & Quilter Investment Holdings Ltd. announced it has completed the sale of its Lloyd’s managing agency, R&Q Managing Agency Ltd. (RQMA), to Coverys, a provider of medical professional liability insurance based in Boston, Mass. The agreement between R&Q and …

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 …

UK Regulator’s Broker Probe May Make London Market More Competitive: Fitch

The UK Financial Conduct Authority’s review of the wholesale insurance broker market could help counter the trend of rising expenses for London market insurers, according to a Fitch Ratings briefing. This could make London more competitive with smaller hubs in …

Europe’s Re/Insurers Cut Coal Investments by $20B; U.S. Firms Fail to Act: Report

Insurers have pulled $20 billion out of coal investments, but most are European and none of the top nine U.S. insurers has taken “meaningful action,” campaign group Unfriend Coal said on Wednesday. Government representatives and officials at this week’s U.N. …

Lloyd’s Approves Dale Underwriting Partners’ Special Purpose Arrangement

Dale Underwriting Partners, managed by Lloyd’s third party managing agency Asta, announced that its special purpose arrangement (SPA) has received approval from Lloyd’s. The SPA will reinsure a portfolio of contingency and specialty property business, underwritten into Dale Syndicate 1729 …

London Market’s Placing Platform, PPL, Adds P/C Lines to Growing Roster of Risks

PPL, the London market’s electronic placing platform, announced that property/casualty risks now can be bound on the platform. The PPL platform first began trading in July 2016 with stand-alone terrorism risks. It now also writes political violence, financial and professional …

Q3 Catastrophe Losses Will Bring Rate Hikes by London Market Insurers: Fitch

Catastrophe losses from the recent U.S. hurricanes and Mexican earthquakes will lead to price rises on London market insurers’ loss-affected lines and could also affect wider market pricing trends, according to Fitch Ratings in a new report. The total industry …

Lloyd’s Outlook Is Negative on Hurricane Losses; Ratings Affirmed: S&P

S&P Global Ratings has revised its outlook on the Society of Lloyd’s to negative from stable, while reaffirming the market’s ‘A+’ insurer financial strength and long-term counterparty credit ratings on Lloyd’s. With estimated net losses of £3.3 billion ($4.4 billion) …

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, …