UK’s ABI and Bermuda’s ABIR sign cooperation pactThe Association of British Insurers and the Association of Bermuda Insurers and Reinsurers have penned an agreement to collaborate and work together to tackle six mutual challenges facing the industry, including climate change and cyber risks.
Lloyd’s broker AHJ sees operating profit jump 52% in 2022Lloyd’s (re)insurance broker Alwen Hough Johnson saw its operating profit increase more than 52 percent in the year ended 31 December 2022 thanks to continued organic growth, profit from underwriting facilities and a reduction in operating costs.
PPL confirms October switchover to Next Gen platformPlacing Platform Limited has confirmed that London market firms will have to switch over to its Next Gen platform by 1 October, with users encouraged to accelerate their transition to the updated platform.
Amwins: Rates on the rise for US energy insureds as claims costs increasePricing across the energy insurance market continues to tick up as underwriters place increased emphasis on valuations, and carriers battle the impact of rising claims counts and costs along with social inflation, according to Amwins.
Lloyd’s in dialogue with LMA ahead of three-year sustainability roadmap launchLloyd’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.
Lloyd’s reopens underwriting room following summer refurbishmentLloyd’s of London formally reopened its Underwriting Room on Monday for face-to-face trading after a 10-week closure for refurbishment.
LMG takes steps with UK govt to discuss captive regimeThe London Market Group (LMG) has today convened a roundtable with city minister Andrew Griffith to discuss the benefits of introducing a UK captive insurance regime, under the group’s updated five-point plan.
Private equity is behind one in four Lloyd’s (re)insurersAround 20 private equity houses provide direct or indirect support to insurers operating at Lloyd’s, with CVC’s recent investment in Dale Underwriting Partners marking the return of PE capital to a majority position after almost two years.
Lloyd’s turnkey start-up Lime Syndicate agrees deal with Risk Capital S.A.Lime Syndicate Management, the freshly minted Lloyd’s turnkey managing agency, is close to striking a deal with Luxembourg-based Risk Capital S.A., The Insurer can reveal.
CVC to acquire majority stake in Lloyd’s insurer Dale UnderwritingPrivate equity firm CVC Capital Partners has continued to build its insurance portfolio with a strategic investment in Dale Underwriting Partners, which operates through Lloyd’s Syndicate 1729.
BP Marsh targets 2023/24 specialty start-ups as new business enquiries jump 27%Specialist UK insurance investor BP Marsh continues to see a high number of potential new business opportunities, having received 42 new enquiries in the six month period ended 31 July 2023.
XS Global secures approval to begin underwriting through London platformXS Global’s nascent London operation has received approval to begin underwriting in the UK, in a move which hands the MGA a platform from which to target international expansion, The Insurer can reveal.
Trium Cyber adds Beazley’s Dumas as risk and analytics headLloyd’s cyber start-up Trium Cyber has hired Joseph Dumas from Beazley as head of risk and analytics at its US-based services company.
Lord Mayor renews City of London ties with (re)insurance marketLord Mayor Nicholas Lyons has called for closer ties between the London (re)insurance market and the City of London Corporation, with the veteran investment banker and insurance executive noting the centuries-old institution is perfectly placed to help the sector meet its growth and competitiveness objectives.
Former Canopius UK CEO Willmont to join Lockton ReSarah Willmont, the former UK CEO of Lloyd’s insurer Canopius, is set to join expansive reinsurance broker Lockton Re, The Insurer can reveal.
John Neal: Lloyd’s has earned the right to growLloyd’s CEO John Neal said the market had “earned the right to grow” after delivering “some of the best numbers seen in decades” during the first half of the year.
Lloyd’s CR improves to 85.2% as UW profit doubles in H1Lloyd’s has reported a combined ratio of 85.2 percent for the first six months of 2023, with an investment rebound helping the market deliver a pre-tax profit of £3.9bn.
Nick Frankland steps down as Aon’s STG chairman ahead of year-end exitNick Frankland has stepped down as chairman of Aon’s Strategy and Technology Group ahead of formally leaving the firm at the end of the year, The Insurer can reveal.
Price Forbes adds Miller’s Gavin-Powell to lead new private client teamArdonagh Specialty’s Price Forbes has appointed Nick Gavin-Powell to lead the London market broker’s new private client team.
Convex names Simons Bermuda CEO and Chandler group deputy CUO reinsuranceConvex has strengthened its reinsurance executive committee with the appointments of Paul Simons as Bermuda CEO and Christophe Chandler as group deputy CUO for reinsurance.