The Future at Lloyd’s News

Lloyd’s Drops Plan to Form Electronic Exchanges, Opting to Work with Existing Platforms

Lloyd’s of London has dropped ambitious plans to set up its own electronic exchanges and will work with other existing platforms to speed up the underwriting process and cut costs, the commercial insurance market said on Thursday. Lloyd’s said last …

Blackstone Joins Brit’s Parent Fairfax in Investing in Lloyd’s Digital Venture Ki

Digital Lloyd’s syndicate Ki reported that it has raised US$500 million from funds managed by Blackstone Tactical Opportunities and Fairfax Financial Holdings, parent of specialty insurer Brit that is behind Ki. Ki said the capital commitment will fund its expansion …

New Lloyd’s Syndicate-in-a-Box Created to Insure Transport of Future COVID-19 Vaccine

Lloyd’s, the specialist insurance and reinsurance market, announced the creation and in principle approval of its newest “syndicate-in-a-box,” Syndicate 1796,* set up to insure the storage and transportation of a COVID-19 vaccine – once its developed – to emerging economies. …

Lloyd’s Launches Application Program Interface (API) to Enhance Electronic Placements

Lloyd’s announced the launch of an application program interface (API), which is designed to help London market brokers and underwriters place business electronically. The new API is part of the market’s modernization project, called the Future at Lloyd’s, and its …

UK Insurer Brit and Google Collaborate to Launch 1st Fully Digital Lloyd’s Syndicate

Brit Ltd. announced plans to launch Ki, the first fully digital and algorithmically driven Lloyd’s syndicate, in collaboration with Google Cloud. Launching in 2021, Ki will be a “follow-only” syndicate, aiming to significantly reduce the amount of time and effort …

Lloyd’s Picks 12 Insurtech Startups for Next Cohort of Its Innovation Lab

Lloyd’s has selected 12 insurtech startups to participate in its innovation accelerator, Lloyd’s Lab. The 12 teams were chosen out of more than 190 applications, received from across the world, for the fourth cohort of the Lloyd’s Lab, which starts …

Aon Enhances Reinsurer E-Trading Portal to Support Remote Working During Pandemic

Aon plc, the global re/insurance broker, has enhanced its reinsurer trading portal, ABConnect Placements, to electronically bind treaty placements with Lloyd’s of London and International Underwriting Association (IUA) insurers. The new bind feature enables Lloyd’s and the London company markets …

Lloyd’s Launches Cryptocurrency Wallet Insurance Policy

Lloyd’s has launched a insurance policy to protect cryptocurrency held in online wallets against theft or other malicious hacks. The first of its kind liability policy, with flexible limits from as little as £1,000 (US$1,281), was created by Lloyd’s syndicate …

Future-at-Lloyd’s Modernization Project Moves from Blueprint to Construction

Since Lloyd’s first announced the blueprint for its Future at Lloyd’s project on Sept. 30, it has been busy working to get the ideas off the page and convert them into a set of actions that can be implemented during …

Members of Lloyd’s New Cultural Advisory Group Include Mental Health Specialists

Lloyd’s has announced the membership of its new, independent Culture Advisory Group, which has been set up as part of its action plan to drive long-term cultural changes in the market. Lloyd’s started its cultural transformation program in March 2019 …