Lloyd's
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The syndicate snatched the number one spot from Chaucer’s Syndicate 1176.
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The platform distributed ~$50mn to investors for 2023.
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ILS platform London Bridge II has had a good year as volumes reached $750mn, the CFO said.
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The pension fund was one of the first investors to use London Bridge.
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Envelop SPA 1925 was launched at the start of the year with Chris Baddeley as active underwriter, based in London.
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Roughly $750mn of securities across 13 cells are available to institutional investors via London Bridge vehicles.
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With plans to support three different types of Lloyd’s syndicates, the vehicle intends to trade under the new name London Innovation Underwriters by 15 November.
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Lloyd’s CFO Burkhard Keese, speaking at Guy Carpenter’s Baden-Baden Symposium, said there are $500mn-$1bn of London Bridge deals in the pipeline.
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The US could be exposed to economic losses of $1.1tn in the event of a cyberattack, the highest of any country.
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The company said Ki is the first algorithmic underwriter to offer capacity from multiple syndicates.
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The Corporation’s chairman said that Names and other third-party capital are essential to maintaining the market’s unique nature.
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SCS accounted for nearly two-thirds of global first-half catastrophe losses.
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The new SPA will write cyber reinsurance initially and could progress to writing insurance.
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Financials Acquisitions Corp is looking to extend its merger deadline and raise “substantial” extra funds.
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Howden Tiger worked on the structure of the deal with the unnamed syndicate.
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Nephila Syndicate CEO Adam Beatty said that the firm hopes to grow its new specialty syndicate to $500mn of premium within the next few years.
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At Trading Risk’s annual ILS conference, Lloyd’s CFO Burkhard Keese explained how the Corporation is working with the market to attract investors to participate in risk transfer across the Lloyd’s market.
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Lloyd’s has launched a fund on its new investment platform to enable the market to invest globally in assets themed around climate adaptation, mitigation and social inclusion.
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The syndicate had the second-lowest combined ratio for 2022.
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The £50mn syndicate made most of its profits in aviation.
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Reserve releases connected to 2017 events helped the segment deliver a 95.6% combined ratio.
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The sub-syndicate will complement Hiscox’s existing portfolio, offering additional capacity to qualifying clients.
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A canvass of Lloyd’s market executives generated an expected combined ratio of 92%-93% for 2022.
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The deal provides collateralised backing for Riverstone’s mammoth £1.2bn reinsurance-to-close deal struck for MS Amlin and other transactions.
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Will Roscoe, who has managed the Smart Tracker since 2019, has been named active underwriter.
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Announcements and interviews at the UN conference have shed light on the tools emerging to help carriers decarbonise their underwriting portfolios.
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The market share for the storm of 3%-5% is below syndicates’ historical average for US wind events.
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The Gulf Coast state is keen to distance itself from Florida’s insurance woes but is resistant to some underlying changes.
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New flexibility will enable top-performing syndicates to raise cat exposures under the Lloyd’s LCM 5 framework, without a penal increase in the required capital.
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The Lloyds-centric reinsurer has become a signatory member of the Standards Board for Alternative Investments.
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The loss portfolio transfer reinsures around $116mn of the group’s share of Syndicate 33 reserves from between 1993 and 2018.
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Business will be written directly into Syndicate 5623 from 1 January 2023.
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The move would enable the Lloyd’s ILS platform to access investors with lower risk-return appetites after launching with quota share options only.
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Lloyd’s said it did not expect the majority of syndicates to be impacted by the change
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Ahead of a market message on 2023 business plans, Lloyd’s has set out early expectations on inflation, ESG and management of cat volatility.
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Lloyds and London "a little bit missing" in enabling creative dialogue'
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Lloyd’s CFO and COO Burkhard Keese told delegates at the London ILS 2022 Conference that the platform’s scope will widen beyond quota share structures.
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The follow-only vehicle initially launched in January with a more limited set of permissions.
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The firm’s Syndicate 2357 had halved losses to $41.5mn during the year.
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The broker said there was still a “big unknown” around the potential global economic impact of the conflict.
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The syndicate won new backers after Credit Suisse ILS significantly scaled down support.
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The ILS manager’s Lloyd’s business delivered a $55.5mn profit, on an 86.5% combined ratio.
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Having set up its London Bridge ILS platform, Lloyd’s believes it can leverage its reinsurance-to-close (RITC) mechanism to develop an ILS market for casualty, CFO Burkhard Keese said on a results call yesterday.
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The corporation’s major losses tallied £3bn, half the level of 2020, with Hurricane Ida driving half these claims.
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Acrisure Re brokered the deal.
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The Corporation signalled a focus on controlling volatility.
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The former head of GC Securities will be tasked with easing investment in Lloyd’s underwriting.
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The supply-chain InsurTech is also broadening the scope of its Lloyd’s syndicate.
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The firm said its preference for single class exposures had constrained growth in specialty lines as brokers sought to push different classes together in combined programmes.
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The change in plan comes as Lloyd’s restricts cyber growth.
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The transaction provides reinsurance capital from four pension funds and marks the second use of the Lloyd’s ILS transformer vehicle.
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Ariel Re previously sought $150mn worth of cover from the aggregate retro deal.
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The Lloyd’s chief of markets also highlighted inflationary risks as a trend of which to be aware for syndicates.
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Business plans submitted for 2022 have set the market on track to generate a sub-95% combined ratio next year.
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The Redicova product is led by Beazley with initial reinsurance from Axa XL, Hiscox and RenaissanceRe – all members of the Disaster Risk Facility at Lloyd’s
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The cross-industry Insurance Task Force (ITF) working with Lloyd’s has launched a Disaster Resilience Framework for Climate-Vulnerable Countries, as part of its activities for the Prince of Wales’ Sustainable Markets Initiative (SMI).
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The new London Bridge framework is less useful to the bulk of specialist ILS asset managers than it is end investors.
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The Corporation’s CEO also warned that the increasing use of captives was “dangerous” for clients.
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Stamp capacity for the “beta” syndicate is set to climb by 42% to £204mn.
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The carrier will continue to write the business from Bermuda and the US.
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The Corporation has given in-principle approval for the syndicate, which will have initial stamp capacity of £130mn.
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Technology-enabled platforms could create a cost-effective, dynamic following market, panellists said.
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Lloyd’s chief of markets Patrick Tiernan ruled out completely cutting out sources of energy relied on by certain communities.
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The Zurich-based ILS manager expects to be underwriting some specialty business from 2022.
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From ESG to social inflation, systemic risk to cat risk, we highlight some of the top discussions from this year’s four-day virtual conference.
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Natural catastrophe losses were up year-on-year, but without fresh Covid losses the London market returned to profit.
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Experts fear for survivors, who now face an intense heatwave and up to a month without electricity.
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Edwards will begin his new role in October and comes as TigerRisk looks to expand its P&C team.
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Lloyd’s report details how the Corporation will support carriers and their clients across the main themes of greener energy, industry and transport.
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The Canadian pension fund and the ILS fund provide Funds at Lloyd’s capital alongside traditional reinsurers.
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Executives including AIG CEO Peter Zaffino, Aon CEO Greg Case and Munich Re CEO Joachim Wenning have joined the task force, chaired by Lloyd’s.
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Reinsurers from Bermuda, the Cayman Islands and Japan have also provided capital to the syndicate for its 1 July launch.
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JP Morgan took 75% of the £650mn reinsurance deal, which reduced credit risk and showed that the insurance market has regained the trust of the financial services industry, Lloyd’s CFO said.
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Constellation Re, a Guernsey-based cell backed by the investment bank, joins eight reinsurers in providing the cover.
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The covered agreement provisions will ease the flow of US business into London.
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he consortium and follow-only SIAB a targeted for a 1 January 2022 launch.
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The Reinsurance Specialty Equity Index will serve as an equity proxy to compare against the aggregate results of the Lloyd’s market as a whole.
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The world’s largest specialty insurance market must minimise its use of jargon and make processes easier for capital investors to understand, panellists at Trading Risk’s ILS Week said.
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The former Aviva executive joins the Corporation with the new position.
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Lloyd’s hopes to give institutional investors greater access to non-catastrophe risk.
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Lloyd’s has completed its initial consultation with brokers and underwriters about the future of the room following the end of lockdown.
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Underwriting profits in future must be able to counteract reduced investment income due to ultra-low interest rates, the CFO said.
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Property reinsurance losses were up by 70% year on year, but property insurance business reported a steeper loss.
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Covid-19 losses accounted for 60% of the major claims, with the rest attributable to catastrophe events.
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Covid-19 claims are expected to reach £6.2bn on a gross basis as major claims added 23 points to the 2020 combined ratio.
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The product leverages real-time GeoNet data to automatically pay customers within five days following a strong earthquake.
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Trapped capital subdued the firm's overall fund return to a 1.6% gain, as primary insurance gains outweighed reinsurance losses.
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The new capacity for the sidecar first launched in 2019 will be invested solely in EBRD bonds.
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The start-up's reinsurance division will target cat and retro business as well as a selection of specialty lines.
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The Lloyd’s CEO said it was not for business to set the tone on climate, as the Corporation laid out its first ESG report.
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The deal will help the Aquiline-owned syndicate diversify away from motor insurance.
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Could a back-to-basics approach see ILS firms shun Lloyd's advantages for lower-cost alternatives?
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The Corporation has focused on its plans to create a digital marketplace in Blueprint Two, its latest strategy document.
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Lloyd’s CEO points to the likelihood of a drawn-out dispute in comments on an Airmic panel.
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Investors will be able to see their capital instruments in real time, CEO John Neal said during Insurance Insider’s virtual (Re)Connect event.
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The newly created role will focus on broker relationships in the E&S markets.
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Lloyd's is conscious of the need to balance attracting ILS capital with controlling catastrophe exposures, the Corporation's CFO Burkhard Keese told this publication.
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The underwriting room is operating at 45% capacity, with the working week split by line of business.
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Helios provides capacity to syndicates such as Tokio Marine Kiln 510, Beazley Furlonge 623 and Hiscox 33.
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Proposed plans could open up new routes to Lloyd's for investors, but will there be space for them?
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New rules also aim to prevent an overreliance on reinsurance and to encourage cedants to use multiple risk partners.
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Lloyd’s plans to launch the protected cell company later this year.
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Syndicate 2358 may target lines such as cyber or terrorism.
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As many parts of the world start to emerge from lockdown, potential Covid-19 BI claims are yet to be tested.
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It is understood the new syndicate would write following lines via quota shares or consortia.
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Lloyd's expects property losses will make up 29 percent of the corporation's $3bn-$4bn share of claims, with overall industry losses at $107bn.
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John Neal said losses would be significant, but not unmanageable.
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Bar claims its Lloyd’s policy covers BI losses from state-ordered shutdown.
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The Corporation has agreed an asset de-risking plan for the central fund to ensure its stability.
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Cat losses were £1.1bn lower year on year at £1.8bn.
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Lloyd's outgoing performance management director Jon Hancock will take up the role in spring.
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The Corporation is also working to help a global ILS manager access non-catastrophe risk via the Corporation.
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The Corporation is prioritising work on its claims systems, a complex risk platform and its delegated authority framework.
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Dominic Christian takes over from former MS Amlin CEO Simon Beale.
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The longevity swap is the second-largest transaction ever completed in the UK after the £16bn BT Pension Scheme deal in 2014.
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The departure will be perceived as a loss to Lloyd’s as it enters a critical period of execution for its transformation work in 2020.
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Nephila’s Syndicate 2357 can write up to £420mn in 2020, with Arcus receiving an £89mn stamp.
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The discussions are very much at the early stage with any developments likely to be in “phase two or three”, according to Lloyd’s regional director for the APAC region.
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Lloyd's syndicates are hugely reliant on reinsurance and retrocession to manage their catastrophe exposures – so the Corporation's plans to help make it easier for players to source ILS capacity couldn't come soon enough.
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The transaction makes Canopius a top-five insurer in the Lloyd’s marketplace.
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