London market News

US Excess & Surplus Lines Boost London Market Re/Insurers’ Topline Growth

The U.S. excess and surplus (E&S) lines market continues to offer profitable growth opportunities for insurers and reinsurers in the London market – which could help counteract some possible headwinds, according to a report from AM Best. “Excess and surplus …

City of London Hit Harder Than Rest of Economy Since Brexit Vote

The City of London, once considered the crown jewel of Britain’s dominant services sector, has performed even worse than the rest of the economy in the years following the Brexit referendum. Financial and insurance output has grown just 2.8% since …

City of London’s Tallest Tower Fully Leased With RiverStone International Deal

The tallest skyscraper in the City of London financial district has reached full occupancy just over four years after it was completed. RiverStone International, a holding company that acquires insurance businesses, has leased the final remaining floor at 22 Bishopsgate, …

Reeves’ Pressure on UK Watchdogs Spooks Financial Crisis Veterans

The UK’s push to deregulate its way to growth has got veterans of the last financial crisis worried that it’s sowing the seeds for another crash. Labour, for decades the political party that favored taming the City of London, now …

City of London Chief Says Brexit ‘Disaster’ Cost 40,000 Finance Jobs

Britain’s departure from the European Union cost London’s financial center about 40,000 jobs, the Lord Mayor of the City of London told Reuters, a far deeper impact from Brexit than previous estimates. Michael Mainelli said Dublin had gained most, attracting …

Intersys Expands in UK Insurance Market With Launch of London Office

Intersys, the UK-based provider of cyber risk management solutions, announced its expansion in the UK insurance market with the opening of an office in Leadenhall Market in London. Intersys’ London office will serve as a hub for delivering cutting-edge cyber …

Treaty Reinsurance Premiums in London Company Market Grew by 32% in 2023: IUA

Treaty reinsurance written in the London company market grew by almost one-third in 2023, with the sector generating premiums of £10.889 billion (US$14.2 billion), up from £8.248 billion ($10.8 billion) in 2022, according to the International Underwriting Association (IUA). The …

UK Insurers Call for Rule Change to Establish Captive Insurance Regime

Senior figures in the insurance industry are calling on the UK to restart work on a potential new market worth billions of pounds as part of a drive to boost competitiveness. Executives have written to Chancellor Rachel Reeves calling for …

Labour Win Brings Few Hopes or Fears to London’s Financial District

Labour’s landslide election win shows few signs of unsettling London’s financial heartland after the party’s lengthy pro-business overtures, though many in finance remain wary they could be targeted to prop up Britain’s stretched public finances further down the line. Under …

London Defers Tallest Tower Decision Amid Neighbors’ Objections, Including Lloyd’s

The City of London Corporation deferred a vote on plans for a new 73-story office tower next to the Gherkin that’s set to become the tallest building in the historic financial district. The City Corporation’s planning committee voted Tuesday to …