London market News

UK Should Avoid Hasty Financial Services Reforms Following Brexit: Lawmakers

Britain should avoid hasty reforms to make its financial sector more globally competitive after the industry’s separation from the European Union by Brexit, a parliamentary report said on Thursday. The finance ministry has proposed scores of changes to rules governing …

UK Lawmakers Warn About Watering Down Post-Brexit Financial Regulation

Brexit is no reason to radically alter British financial regulation and regulators should not be forced to water down rules to boost London’s competitiveness, or stray from global standards, a UK parliamentary committee report said on Thursday. Britain’s departure from …

City of London Workers Still Haven’t Returned to Offices at Pre-Omicron Levels

City of London workers are yet to return to the financial heartland in numbers seen before the spread of the omicron variant. About 60% to 70% of City employees are back at their desks, according to data compiled by Google, …

Fidelis Insurance Moves to New London Office

Fidelis Insurance Holdings Ltd. and its wholly owned UK subsidiaries have moved to new offices in London on the 42nd Floor of 22 Bishopsgate, London, EC2N 4BQ. Fidelis said the building’s advanced environmental credentials align with its ESG goals and …

London Market Continues to Benefit From Rising Rates and Other Tailwinds: AM Best

Upward premium rate momentum is expected to continue support underlying performance for the London market, despite mounting challenges connected to climate modeling, claims inflation and the war in Ukraine, according to AM Best. “London market re/insurers have enjoyed several consecutive …

Claims Inflation, Weakening Price Momentum Could Hit Reinsurer, London Mkt Profits

The global reinsurance and London market sectors face increased risks from rising claims inflation, financial market volatility and weakening price momentum, according to a commentary published by Fitch Ratings. As a result, Fitch has revised its outlooks for these sectors …

Managers at UK Firms Expect to Dial Back Pandemic-Era Flexible Work Arrangements

Many managers at UK companies expect to dial back their pandemic-era embrace of remote work and flexible arrangements once COVID-19 recedes, dampening hopes among employees that many of the changes will endure. A survey of UK managers and human resources …

Sanctions Against Russia ‘Manageable’ for UK Insurers, Banks: Regulator

Sanctions against Russia in response to its invasion of Ukraine are “manageable” for Britain’s insurers and wider financial sector, Bank of England Deputy Governor Sam Woods said on Tuesday. Britain is banning Russian companies from the multi-billion-dollar aviation and space …

UK to Ban Russian Companies From London Aviation Insurance Market

LONDON — Britain will ban Russian companies from the multi-billion dollar aviation and space insurance market in London, the world’s largest commercial and speciality insurance center, the finance ministry said on Thursday. Russian companies in the aviation or space industry …

Flash Floods Threaten 126,000 Commercial Buildings in London, and Risk Will Worsen

More than 126,000 commercial buildings in London are at risk from flash flooding. Climate change will heighten that threat. Those are the findings of a new study by Zurich Insurance Group, which mapped every commercial and mixed use property in …