London Market

Tomlin finally cleared in long-running Lloyd’s misconduct probe

Yesterday this publication revealed that Richard Tomlin – the former Atrium mariner identified as “Employee A” in a high-profile Lloyd’s misconduct probe – was cleared of all remaining charges and should finally be free to return to frontline underwriting after a drawn-out investigation by the Corporation.

Price Forbes retains London-based US casualty broking duo

Ardonagh Group-owned intermediary Price Forbes has taken back Elliott Williams after the London-based US casualty broker signalled his intent to depart for specialty carrier Argo Global, The Insurer can reveal.

Lloyd's Names provide £5mn of capacity to three syndicates

A small consortium of Lloyd’s Names, predominantly members of the High Premium Group, have clubbed together to provide Funds at Lloyd's to support approximately £5mn ($6.3mn) of underwriting capacity in three Lloyd's syndicates.

LSM aviation veteran Halligan departs for Convex

Liberty Specialty Markets’ aviation underwriting veteran Bill Halligan is set to join London-Bermuda specialty carrier Convex as a senior underwriter.

McKenzie gains PE backing from Maven Capital

Geospatial intelligence provider McKenzie Intelligence Services has secured a strategic investment from UK-focused private equity firm Maven Capital Partners.

Property MGA Ventis secures Accelerant capacity for 2024 launch

Incubator platform Mission Underwriters has agreed to provide support to real estate MGA Ventis, which is scheduled for launch in early 2024.

Hiscox and Google Cloud launch AI-enhanced lead model

Hiscox has collaborated with Google Cloud to launch the London market’s first AI-enhanced lead underwriting model.

Antares pulls ~£70mn SPA 6137 following LIU wind-down; ups 2024 stamp target

Antares has pulled plans to launch a new Lloyd’s special purpose arrangement in the wake of funding complications following the failure of London-listed SPAC London Innovation Underwriters, with the carrier instead looking to deploy further capacity through its existing Syndicate 1274, The Insurer can reveal.

Brit exits marine liability insurance

Fairfax Financial-owned Brit Insurance has exited the marine liability market, The Insurer understands.

Aon Client Treaty adds Allied World, Canopius for ’24 and boosts line size to 22.5%

Aon Client Treaty has expanded its line size to 22.5 percent for 2024 and added capacity from Allied World and Canopius, with the broking giant’s London facility expected to write upwards of $800mn in premium in the year ahead, The Insurer can reveal.

LSM promotes Bravery to oversee London construction book

Liberty Specialty Markets, part of Liberty Mutual Insurance Group, has promoted Patrick Bravery to head of construction for London markets.

LMG welcomes UK government’s regulatory performance metrics

The London Market Group has said the UK government's new performance metrics for the Financial Conduct Authority and Prudential Regulation Authority will ensure the recent Financial Services and Markets Act delivers.

GIC consolidates Miller holding with Cinven buyout

Singaporean sovereign wealth fund GIC has consolidated its shareholding in London wholesale broker Miller, buying out partner Cinven only three years after the private equity firm’s initial investment.

Helios reports 17% NAV increase following Lloyd’s auctions

Lloyd’s investment fund Helios says its net asset value has improved by 17 percent following the recent uptick in the value of capacity on Lloyd’s syndicates.

Panmure lifts BP Marsh on “excellent” CBC disposal

Panmure Gordon has raised its share price target for BP Marsh by more than 11 percent, with analysts highlighting the “huge investment opportunity” following the specialist UK insurance investor’s disposal of its stake in Paladin, the holding company of Lloyd’s broker CBC UK.

IUA names HDI Global’s McDonald as new chair

The International Underwriting Association has named Claire McDonald as chair, succeeding president and managing director of Liberty Specialty Markets, Phil Hobbs.

IUA: London insurers are still grappling with digital adoption challenge

Operational efficiency is the top business challenge for the London insurance market, a new report by the International Underwriting Association (IUA) has found, with (re)insurers urged to go beyond the “minimum requirements” of advanced data and analytics.

Liiba adds new board members for reinsurance and small broking firms

MS Amlin names Constable to new chief claims officer role

MS Amlin has appointed Clare Constable to the newly-created role of chief claims officer, as part of the Lloyd’s (re)insurer’s drive to consolidate its claims and underwriting proposition.

BP Marsh offloads CBC stake to HGGC-backed SRG for £41.8mn

Specialist UK insurance investor BP Marsh is to sell its 43.8 percent shareholding in Paladin, the parent company of London-based Lloyd’s intermediary CBC, to fast growing private equity backed Specialist Risk Group for £41.8mn.