London market News

London Market Group to Offer Faster Solution for Coverholder Approval

The London Market Group (LMG) announced that a contract has been signed with Sequel to deliver a faster and more efficient solution for approving and registering coverholders, and a new integrated tool for generating delegated authority binder contracts. This is …

London Attracts Financial Services Investments Despite Cloud of Brexit: Report

Britain’s financial sector brushed off Brexit uncertainty in 2017 to attract more inward investment than eight rival centers vying for its business, the City of London Corp. said on Wednesday. The body that governs the capital’s historic “Square Mile” financial …

London Market’s Placing Platform Completes Product Roll-Out with Treaty Reinsurance

The London market’s electronic placing platform, PPL Ltd., announced that the treaty reinsurance class of business went live on the platform today, completing its roll out of products. PPL said its focus will now be on continuous improvement of the …

London Market Insurers’ Profits Remain Under Pressure with Excess Capacity: Fitch

The profitability of London market and Lloyd’s insurers is expected to remain under pressure in 2018, despite the fact that rates improved slightly following the catastrophe losses in the second quarter of 2017, according to Fitch Ratings in a new …

AGCS Taps Brewer from AIG, Promotes Tiplady, for UK Broker Relationship Team

Allianz Global Corporate & Specialty SE (AGCS), Allianz Group’s specialist carrier for corporate insurance business, announced the appointments of Lee Brewer as senior broker relationship manager and Harriet Tiplady as broker relationship manager. Based in London within the Market Management …

UK Expects 5,000 Financial Services Jobs to Move to Europe by Brexit Day

Despite thousands of jobs set to move to the continent due to Brexit, Britain’s financial services minister said on Wednesday he would do all he can to ensure the City of London remains a major financial center. John Glen told …

Driverless Ships Could Offer Significant Growth Area for London Market: IUA Survey

Autonomous ships could offer significant growth potential for the London market, according to the findings of a survey conducted by the International Underwriting Association (IUA). Indeed, 25 percent of IUA members who responded to the survey stated they are considering …

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 …