London Market

LMA clashes with Lloyd’s CEO over Blueprint Two but vows to remain a “critical friend”

The Lloyd’s Market Association has vowed to remain a “critical friend” of Lloyd’s in its drive to implement Blueprint Two after relations became strained following a disagreement between the influential trade body and market CEO John Neal.

MS Amlin names Lucas chief actuary

MS Amlin has appointed Westfield International’s Paul Lucas as chief actuary.

Winners of Parametric Insurer Awards 2024 revealed

The winners of the inaugural Parametric Insurer Awards were announced during a packed black tie dinner event in London on Wednesday evening.

LPR deal hands Clear Group additional £150mn in GWP

Clear Group’s “transformational” deal for Lloyd’s broker Lilley Plummer Risks will add £150mn ($194.6mn) in handled gross written premium to the Goldman Sachs-backed consolidator’s burgeoning wholesale platform.

Lancashire names Sabbarton as UK CUO, Flude continues as group CUO, insurance

London-listed Lancashire has appointed Rachel Sabbarton as chief underwriting officer for Lancashire Insurance Company UK.

Insurers broadly welcome UK budget despite disappointment at lack of captive consultation

Insurers welcomed the government's focus on stability, predictability, and investment in its Autumn budget despite disappointment at the lack of a UK captive regime consultation.

UK chancellor Reeves raises employers’ NI and capital gains tax in first budget

In her first budget since the July general election, UK chancellor Rachel Reeves has raised national insurance contributions for employers and capital gains tax in a bid to “restore stability”.

Student activists aim for Aspen and QBE in third day of city protests

Aspen and QBE are the latest (re)insurers to be targeted in the week of action against London market carriers as part of Extinction Rebellion’s Insure Our Survival campaign.

BP Marsh builds stake in Dowman’s Pantheon to 37%

BP Marsh and Partners Plc, the specialist insurance-focused early-stage investor, has acquired a further 5 percent shareholding in Pantheon Specialty, the ambitious London wholesaler formed last year by ex-Besso joint CEO Rob Dowman.

Swiss Re and Chubb targeted in second day of climate protests

Members of Extinction Rebellion’s Insure Our Survival campaign have blockaded 30 St Mary Axe – also known as the Gherkin – in the second day of targeted action against the UK insurance sector’s alleged involvement in new fossil fuel infrastructure.

LPR acquired by Goldman-backed Clear Group; BPM sells stake for £21.65mn

Goldman Sachs-backed UK broker consolidator Clear Group has obtained a London market/Lloyd’s platform through a deal to buy Lilley Plummer Risks, with investor BP Marsh receiving almost £22mn for its minority stake in the firm.

Lloyd’s of London consultation seeks to significantly extend its regulatory powers

Lloyd’s of London has published a consultation in which it proposes wide-ranging changes to its regulatory powers. The proposals represent potentially the most significant increase to the regulator’s powers for many years.

BP Marsh doubles down on MGA opportunity despite rate moderation

Specialist UK insurance investor BP Marsh remains bullish on the opportunity afforded by start-up underwriting agencies with the London-listed firm dismissing concerns over the impact of moderating rates on its portfolio.

London Phoenix Orchestra returns for Autumn Concert

The London Phoenix Orchestra will perform its Autumn Concert at Smith Square Hall on 29 October.

CII elects Chaucer’s Stacey as 2025 president

The Chartered Insurance Institute has named Chaucer’s Nicola Stacey as president, effective 1 January 2025.

The London market must seize the opportunity for change

The London market has long been a jewel in the crown of the capital’s thriving financial sector, but despite the industry's best efforts, not everyone sees it as a viable career path, writes Wiser Academy managing director and CEO Crescens George.

FCA misconduct survey makes for “uncomfortable reading” but industry hails progress

Industry bodies have generally welcomed the Financial Conduct Authority’s survey of reported incidents of non-financial misconduct – with the report described as a “valuable addition” and “uncomfortable reading” – in the effort to crackdown on inappropriate behaviour across the London market and wider UK financial services sector.

Oka adds Apollo and Hiscox to lineslip for compliance carbon market risks

Apollo and Hiscox are among the Lloyd’s carriers providing capacity for a new lineslip offered by carbon credit insurer Oka.

FCA survey reveals non-financial misconduct increase among London market insurers

The number of reported non-financial misconduct incidents among London market insurers increased to 239 in 2023, up from 177 in the prior year, the Financial Conduct Authority has found in its probe into cultural issues within the UK financial services sector.

Volante in 2025 reinsurance push with Westfield hires while OTPP retrenchment continues

Lloyd’s syndicate Volante 1699 is set to expand into casualty and marine treaty reinsurance classes in 2025 despite the retrenchment of capital backer Ontario Teachers’ Pension Plan (OTPP), The Insurer can reveal.

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