Lloyd's

Apollo Syndicate 1969 confirms approval for 15.1% pre-emption for 2024

Apollo Syndicate 1969 will operate with a stamp capacity of £610mn for 2024 after having its request for a 15.1 percent pre-emption approved by Lloyd’s.

Lloyd’s “low-likelihood” systemic risk scenario pegs global extreme weather losses at $5trn over five years

The global economic impact of extreme weather events leading to food and water shocks is estimated at $5trn over a five-year period, according to a new systemic risk scenario launched by Lloyd’s.

Sustainability’s growing importance at Lloyd’s

Markus Gesmann and Quentin Moore examine the growing activity around ESG in the Lloyd’s market.

Helios authorises £1.5mn share buyback programme

Listed Lloyd’s investment vehicle Helios Underwriting has authorised a share repurchase programme to return up to £1.5mn ($1.8mn) to shareholders.

LMA updates sanctions clauses for use in civil law jurisdictions

The Lloyd’s Market Association has updated its sanctions clauses with the introduction of LMA3100A and LMA3200 to clarify the intent of suspension clauses and to make it easier to use the clauses in civil law jurisdictions.

Jensten adds three heads of broking to London market business

Up-for-sale UK broker consolidator Jensten Group has bolstered its Lloyd’s broking division, Jensten London Markets, with three senior hires.

LMA updates Blueprint Two playbook ahead of July 2024 deadline

The Lloyd’s Market Association has updated its playbook for managing agents to provide the tools and knowledge needed to implement the Blueprint Two modernisation programme.

Lloyd’s clarifies rules over limits of Tier 2 capital in economic capital assessments

Lloyd’s has issued a market bulletin updating requirements around the provision of Tier 2 capital to support members’ economic capital assessments to accommodate the time and cost associated with changing letters of credit, as well as to eliminate existing ambiguity and confusion.

Westfield Specialty to expand into PL and D&F at Lloyd’s and target other opportunities

Westfield Specialty is looking to expand into international professional lines business as well as direct and facultative property at its Lloyd’s platform, while its US operation will add several business lines over the next 12 to 18 months, according to president Jack Kuhn.

Polo assumes management of Coverys Syndicate 1975

Polo Managing Agency has assumed management of specialist medical professional lines syndicate, Coverys Syndicate 1975.

Hard market is prompting a revival in Lloyd’s unaligned pooled investment vehicles

The steady improvement in market conditions at Lloyd’s is both strengthening existing vehicles and opening new avenues for third-party capital investing.

Beazley backed by Names for transfer of Syndicate 623 business to US E&S carrier

Beazley has received overwhelming support from Names on Syndicate 623 for the planned transfer of business out of the Lloyd’s platform and into a new US E&S carrier, in a show of support for the London-listed carrier’s strategy.

Dive In Panel: AI can help build a more diverse workforce

Artificial intelligence can play a critical role in helping identify talent to create a more diverse workforce, according to Lloyd’s senior diversity, inclusion and wellbeing manager Monica Stancu.

Helios reports H1 CR of 88% across capacity portfolio as GWP rises 28%

Listed Lloyd’s investment vehicle Helios Underwriting posted strong growth in its portfolio for the first half of 2023 as it capitalised on the continued improvement in market conditions at One Lime Street.

Ariel Re unveils rebranded clean energy division Ariel Green

Bermuda-Lloyd’s carrier Ariel Re has relaunched its clean energy division under the brand of Ariel Green, designed to highlight the increasingly important role of technology performance insurance in accelerating solar, hydrogen, bioenergy, and energy storage projects.

Flux Syndicate 1985 replaces Vesttoo capacity as Beazley, Chaucer remain silent

Lloyd’s start-up syndicate Flux has cancelled and replaced its Vesttoo capacity with that from at least one A rated traditional carrier, but fellow Lime Street (re)insurers Beazley and Chaucer are remaining silent on whether they have done the same, The Insurer can reveal.

Lloyd’s in dialogue with LMA ahead of three-year sustainability roadmap launch

Lloyd’s is expected to publish a three-year sustainability roadmap next month, with the Corporation currently in discussions with the Lloyd’s Market Association over the plans, ESG Insurer can reveal.

Tiernan: Cyber “pre-mortem” exercise reassures on non-state cat disaster scenarios

Lloyd’s is “comfortable” that its current book is able to withstand disaster scenarios relating to a criminal cyber catastrophe event following the Corporation’s “pre-mortem” exercise

Lloyd’s considers adding new perils to LCM5 framework

Lloyd’s may expand its LCM5 framework to incorporate additional perils which better reflect the loss experience of the market, chief of markets Patrick Tiernan has suggested in the Corporation’s latest market message.

Lloyd’s reopens underwriting room following summer refurbishment

Lloyd’s of London formally reopened its Underwriting Room on Monday for face-to-face trading after a 10-week closure for refurbishment.

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