London market News

UK Insurers Push Ahead with Brexit Plans in Absence of Trade Deal: A.M. Best Report

In the absence of a Brexit trade deal between the United Kingdom and the European Union, insurers in the UK have accelerated their plans to establish new EU subsidiaries and ensure business continuity after Brexit, according to a report published …

ACORD Launches Data Toolkit for London Market Reinsurance, Big Commercial Risks

ACORD, the global standards body for the insurance industry, has launched an Adoption Toolkit to support the application of data standards for global reinsurance and large commercial risks in the London market. “The benefits of implementing data standards are being …

International Underwriting Association Issues 2nd Brexit Contract Continuity Clause

A second Brexit contract continuity clause has been published by the International Underwriting Association (IUA). The association in June issued a policy clause to help companies manage insurance contracts as the UK leaves the European Union and this has now …

EU Dismisses UK Concerns About Post-Brexit Continuity of Insurance Contracts

The Bank of England’s warning that Brexit threatens trillions of pounds of financial contracts is falling on deaf ears in Brussels. Valdis Dombrovskis, the European Union’s head of financial-services policy, dismissed an alert issued by BOE Governor Mark Carney, who …

Subrogation Management Firm SubroSmart Opens London Operations

SubroSmart*, a subrogation management firm, has announced the launch of its London operations, which will be led by George Gager and Chris Lally. The SubroSmart London team brings more than four decades’ combined experience in the global insurance market, said …

International Underwriting Association Publishes Brexit Contract Continuity Clause

A Brexit clause has been published by the International Underwriting Association (IUA) to help companies manage insurance contracts as the UK leaves the European Union. The Brexit Contract Continuation Clause aims to clarify how firms will continue to pay claims …

Modernization, Underwriting Systems & Brexit Top COO Priorities: Lloyd’s Market Assn.

Market modernization, underwriting systems upgrades and Brexit preparations are the top three 2018 priorities of Lloyd’s market chief operating officers (COOs), a survey commissioned by the Lloyd’s Market Association revealed. The survey’s research findings include: Within market modernization initiatives, delegated …

London Market’s Electronic Placing Platform, PPL, Now Trades Aviation Risks

The London market’s electronic placing platform, PPL Ltd., announced that aviation classes of business went live on the platform on June 11. “With only reinsurance and verticalized placements left to go, this latest release means that underwriters and brokers are …

Chubb CEO Greenberg Is Patient Over M&A But Not With London Market ‘Drunks’

Don’t expect Chubb to pursue an acquisition anytime soon. Chairman and CEO Evan Greenberg repeatedly downplayed the possibility of one in what he referred to as an “overpriced” market. “The prices paid for recent transactions may make sense to others, …

London’s Status as Global Finance Center at Risk from Brexit, Warn Leading Bankers

Leading bankers warned on Thursday that Britain is yet to feel the real impact of Brexit which will undermine its status as a global finance center as companies prepare to shift jobs out of London to preserve access to Europe’s …