Lloyd's

Hannover Re forms Lloyd’s SPA 6134

German reinsurer Hannover Re has created the fifth new Lloyd’s Special Purpose Arrangement (SPA) Syndicate 6134, managed by the Lloyd’s managing agency Argenta which it acquired last year.

GIC Re becomes fifth new 2018 Lloyd’s syndicate start-up

Indian reinsurance powerhouse GIC Re has finally realised its ambition of owning a Lloyd’s platform and become the fifth full Lloyd’s syndicate start-up for 2018 after its Syndicate 1947 began incepting risks at 1.4.

The Hanover appoints Goldmans to explore Chaucer sale

US carrier and Chaucer owner The Hanover today (28 March) announced that it has appointed investment bank Goldman Sachs to explore a sale of the Lloyd’s syndicate.

Lloyd’s acts to assuage rating agency concerns over peak exposures

On the eve of Lloyd’s publishing its worst results since 2001, representatives from the Corporation’s Performance directorate met with senior executives from a number of Lloyd’s insurers to score-card how they are managing their aggregate cat exposures.

Ed jumps in as Lloyd’s pushes market to electronic placement

Broker Ed has put down a marker in efforts to to switch the Lloyd’s market towards an electronic placement system by being the first to apply to the Corporation for recognition of its data and analytics platform, TradEd, re-Insurance.com can reveal.

Lloyd’s non-exec salaries up despite £2bn loss

Lloyd’s annual results last week revealed that salaries across the Corporation climbed to £89mn ($126mn) last year, up from £84mn in 2016, analysis by re-Insurance.com shows.

Lloyd’s managing agents struggling with delegated resources: Mazars

Over half of Lloyd’s managing agents are facing a resources crunch in their delegated authorities teams, with most expecting the situation to get worse this year, according to a new survey by accountancy firm Mazars.

Hiscox’s Bronek Masojada appointed PPL chair

Bronek Masojada, CEO of Hiscox, has been appointed chair of the PPL board.

2017: Lloyd’s annus horribilis

Lloyd’s 2017 headline result was the worst since 2001. But dig beyond the numbers and the picture is arguably even worse. As we demonstrate, Lloyd’s would have made an underlying loss with an attritional combined ratio of 102 percent even without a single catastrophe. This is a serious problem for a market already on a negative outlook. Re-Insurance.com provides a full analysis of the Lloyd’s numbers…

Beale walks away with £1.3mn as Lloyd’s sinks to loss

Lloyd’s CEO Inga Beale took home £1.3mn ($1.8mn) in 2017 despite missing out on a potential £200,000 bonus related to the market’s overall profitability.

‘Strong interest’ for Lloyd’s ILS: Parry

Lloyd’s is moving forward with its plans of a market catastrophe bond that would add an extra layer of capital security to policyholders, the Corporation’s CFO John Parry has said, confirming previous reports by re-Insurance.com.

Cat losses force Lloyd’s reckoning

Lloyd’s has managed to keep itself profitable over the last few years despite the toughest market many can remember- but now that its run of benign luck has come to an end the market needs to come up with longer term solutions.

Brexit uncertainty drives AM Best negative outlook on UK insurance sector

On the day that Lloyd’s of London posted its worst result since 2001, AM Best went negative on the UK non-life sector citing a difficult operating environment caused by competitive market conditions and Brexit uncertainty.

Lloyd’s attritional losses creep in 2017

The Lloyd’s market was already under strain from attritional losses in 2017 even before the catastrophes of the second half of the year took hold, the market revealed in its annual report.

Lloyd’s expense ratio barely changed despite modernisation agenda

Lloyd’s continued to battle with an “unsustainable” expense ratio in 2017 despite numerous modernisation initiatives being pushed by those on the Corporation’s top floor.

Lloyd’s market swings to heavy £2bn loss for 2017

The Lloyd’s market has posted a £2bn ($2.8bn) pre-tax loss for 2017, a severe deterioration from the £2.1bn profit it reported this time last year as the venerable institution’s combined ratio swelled to a hefty 114 percent.

Lloyd’s warns of financial penalties for failure to comply with PPL mandate

Syndicates that do not meet the usage targets of the Lloyd’s electronic placement platform - PPL - will pay additional fees and may be subject to capital loading.

Who will buy ERS?

After five years in the hands of private equity house Aquiline, re-insurance.com revealed that Lloyd’s largest motor insurer ERS may shortly be back on the market. But while Lloyd’s insurers remain desirable, it’s sole focus on motor may narrow the list of potential buyers. Who could they be?

GIC Re’s Lloyd’s syndicate to launch on 1 April

Indian reinsurer GIC Re has been given the go ahead for its Lloyd’s syndicate — GIC Syndicate 1947 – to begin writing business in Lloyd’s from 1st April, according to local media reports.

Aquiline mulls sale of Lloyd’s insurer ERS

After more than five years of ownership, private equity firm Aquiline Capital Partners is contemplating the sale of its Lloyd’s motor specialist ERS and its advisers have already made soft approaches to potential buyers to gauge interest, re-Insurance.com understands.

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