London market News

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 …

London Market Group Launches Team to Manage Market Services Modernization

The London Market Group (LMG) announced the launch of London Insurance Market Operations & Strategic Sourcing (LIMOSS) led by Patrick Molineux as managing director. LIMOSS has been established to source and manage the portfolio of market services which the London …

UK Regulators Seek to Reassure Insurers, Banks About Brexit Transition Period

U.K. financial regulators sought to reassure banks and insurers that they can rely on a transition period to ease their adjustment to Brexit, putting pressure on the European Union to do the same. The statements on Wednesday from the Bank …

Brexit Effect: Fewer UK Financial Services Jobs Expected to Shift to EU, Says Reuters

The number of finance jobs to be shifted out of Britain or created overseas by March 2019 due to Brexit has dropped by half compared to six months ago to 5,000 roles, firms employing the bulk of UK-based workers in …