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Tag: Lloyd’s


Regulatory / Legal

Host of re/insurers seek reimbursement after paying out $1bn for Lahaina wildfires

January 25, 2024

Via: Reinsurance News

More than 140 insurance industry plaintiffs, including State Farm, Swiss Re and Lloyd’s, have reportedly joined lawsuits filed against utilities and landowners related to the Maui, Hawaii wildfires, which destroyed much of Lahaina and killed 100 people back in August […]


Geo-Political, Risk Management

Lloyd’s Adds Guyana to Risky Shipping List Amid Escalating Dispute With Venezuela

December 19, 2023

Via: Insurance Journal

One of the world’s most-influential insurance markets added Guyana to its list of the riskiest shipping zones amid an escalating territorial dispute with neighboring Venezuela. The decision announced by Lloyd’s Market Association’s Joint War Committee on Monday applies only to […]


Financial, Risk Management, Trends

Global Fears Are Feeding Demand for Lloyd’s of London Insurance, CEO Says

September 7, 2023

Via: Insurance Journal

Growing fears about the state of the world are pushing more people to take out insurance even as prices rise, Lloyd’s of London Chief Executive Officer John Neal said. Rising inflation, recession worries, climate threats and geopolitical tensions are making […]


News

Munich Re Again Tops List of 50 Largest Reinsurers With Swiss Re at No. 2: AM Best

August 23, 2023

Via: Insurance Journal

Munich Re holds onto the top spot in AM Best’s annual ranking of the top 50 global reinsurance groups in 2022, with Swiss Re coming in as the second-largest reinsurer — for the third year in a row. These two […]


Regulatory / Legal

Britain to Create New Regime to Deal With Big Insurance Company Failures

August 7, 2023

Via: Insurance Journal

Britain said on Wednesday [Aug. 2] it would start work on setting up new rules specially designed to prevent a big insurance company collapse from crashing the financial system. Regulators have already introduced rules to deal with ailing banks after […]


Geo-Political, Risk Management

Airlines Face Doubling in War Insurance Premiums After Sudan Losses: Sources

July 26, 2023

Via: Insurance Journal

Airlines could end up paying twice as much for insurance they need to protect themselves against losses triggered by war after a bruising year wiped out aviation war insurers’ revenue for 2023, industry sources say. Aircraft were destroyed at Khartoum […]


Geo-Political, Risk Management

Aon, Lloyd’s and Vienna Insurance Group to Provide Re/Insurance for Ukraine Recovery

June 21, 2023

Via: Insurance Journal

Aon, Lloyd’s and Vienna Insurance Group (VIG) announced they are collaborating to provide foreign re/insurance capacity to support Ukraine’s recovery and reconstruction. As part of the UK-Ukraine Private Finance Partnership, Lloyd’s and Aon have committed to deliver fast-track access to […]


Financial, Risk Management

Vesttoo completes $120m casualty quota share renewal for leading Lloyd’s syndicate

June 5, 2023

Via: Reinsurance News

Vesttoo, an insurance risk transfer and investment platform, has announced the completion of a successful $120 million renewal of quota share reinsurance cover for a leading London Lloyd’s syndicate. The transaction, which was brokered by Howden Tiger, demonstrates continued global […]


Cyber Risks, Risk Management

Lloyd’s of London Requires Insurers to Add Exclusions to Limit Coverage for State-Backed Cyberattacks

May 9, 2023

Via: JD Supra

As discussed in a previous post, cyber insurance demand and premiums have significantly increased in recent years. Fitch Ratings forecasts that cyber-related premiums could balloon to $22.5 billion by 2025. Those increases presumably reflect considerable claims activity, including in connection […]


Cyber Risks, Risk Management

Lloyd’s cyberattack exclusion gets Bank of America worried – reports

April 21, 2023

Via: Insurance Business

Bank of America (BofA) is concerned about the state-backed cyberattack exclusion being implemented by Lloyd’s and has expressed its apprehension with the insurance marketplace, according to the Financial Times. Citing people familiar with recent discussions between Lloyd’s and major clients, […]


Geo-Political, Risk Management

Insurers Try to Merge Lawsuits Brought by Lessors for Jets Confiscated in Russia

March 13, 2023

Via: Insurance Journal

Insurers led by AIG are asking London’s High Court to merge various lawsuits brought by aircraft lessors against insurance companies refusing to pay out claims for jets effectively confiscated in Russia. AerCap Holdings NV, the world’s biggest jet lessor, is […]


Geo-Political, Risk Management

Ship Insurers to Cancel War Risk Cover for Russia, Ukraine Following Reinsurer Exit

December 28, 2022

Via: Insurance Journal

Ship insurers said they are canceling war risk cover across Russia, Ukraine and Belarus, following an exit from the region by reinsurers in the face of steep losses. Reinsurers, who insure the insurers, typically renew their 12-month contracts with insurance […]


InsurTech

Parametrix strengthens US operations with additional reinsurance capacity

December 15, 2022

Via: Reinsurance News

Provider of downtime insurance, Parametrix, is strengthening and expanding its operations in the United States with additional reinsurance capacity. The firm has announced that partners Hannover Re and certain underwriters from Lloyd’s, which includes Tokio Marine Kiln, RenaissanceRe, and Apollo […]


Financial, Risk Management

Lloyd’s of London Estimates Claims From Hurricane Ian of US$2.3B-US$3B

November 21, 2022

Via: Insurance Journal

Lloyd’s announced that the market’s claims from Hurricane Ian are estimated to be in the range of US$2.3 billion – US$3 billion, net of reinsurance, based on Q3 data provided by Lloyd’s syndicates. Lloyd’s estimates its net market share of […]


Risk Management, Trends

Lloyd’s leader John Neal on putting culture at the heart of insurance

November 2, 2022

Via: Insurance Business

As with any journey worth taking, the road to comprehensive diversity, equity and inclusion (DE&I) begins with a single step – and is made possible by individuals and businesses being willing to take those incremental steps as many times as […]


Cyber Risks, Risk Management

Lloyd’s Probes Possible Cyber Attack

October 6, 2022

Via: Insurance Journal

Lloyd’s of London is investigating a possible cyber attack and has taken initial precautions in response, the re/insurance market has confirmed. “Lloyd’s has detected unusual activity on its network, and we are investigating the issue. As a precautionary measure, we […]


InsurTech

Insurtech weekly news roundup: Sept. 30

September 30, 2022

Via: Insurance Business

This week, nine new insurtechs have joined the annual cohort program for Lloyd’s Lab. COVU hired a number of new executives. Cover Whale unveiled two new technology platforms. Stere raised a seed financing round. Marsh McLennan’s Guy Carpenter arm will […]


Geo-Political, Risk Management

Lloyd’s Insurer Ascot, Marsh Provide Coverage for Grain Ship Sailing From Ukraine

August 23, 2022

Via: Insurance Journal

Broker Marsh and Lloyd’s of London insurer Ascot said on Tuesday they have provided coverage for a vessel carrying grain and food products from Ukraine’s Black Sea ports under its new marine cargo and war insurance facility. Launched last month, […]


News

One-Quarter of Firms Operating at Lloyd’s Reach 35% Target for Women Leaders

July 26, 2022

Via: Insurance Journal

A quarter of firms operating at Lloyd’s of London have reached the commercial insurance market’s target for 35% of leaders to be women, though progress on diversity was “incremental,” Lloyd’s said in a report on Monday. Lloyd’s has been trying […]


Brokers

Lloyd’s Broker Servca Launches Malta Office to Spearhead European Expansion

June 16, 2022

Via: Insurance Journal

Servca, the independent Lloyd’s broker that specializes in non-standard medical, financial and professional lines insurance, announced the opening of an office in Malta to spearhead the expansion of its European business. With passporting rights to all 28 EU countries, complete […]