London Market

MGA Nirvana partners with Pro Global to fuel growth

Pro MGA Global Solutions, the MGA incubation division of Pro Global, has partnered with newly-independent specialty MGA Nirvana.

Lloyd’s proposes to insure NHS against unexpected costs

Lloyd’s CEO John Neal has proposed a first-of-its-kind deal with the UK government to help the NHS meet unexpected cost increases triggered by major events, such as another pandemic, and flood and droughts caused by the increasing impact of climate change.

Sedgwick strengthens UK environmental team with Mockridge

Carlyle Group-backed Sedgwick has appointed Jonathan Mockridge as head of its UK environmental adjusting practice.

Expansive Nexus secures foothold in Middle East with Spectrum acquisition

Specialist MGA Nexus Underwriting has completed its expansion in the Middle East with the acquisition of a majority stake in Spectrum Risk Management, a Dubai-headquartered underwriter focused on marine and property (re)insurance.

Global Aerospace adds Piiq’s Porges as aerospace client executive

Aviation-focussed MGA Global Aerospace has appointed Sarah Porges as vice president, aerospace client executive.

ABI promotes Skeet to director of general insurance policy

The Association of British Insurers (ABI) has named Mervyn Skeet as its new director of general insurance policy.

Jefferies: UK motor premiums must rise 6% to restore margins to pre-pandemic levels

Price increases in excess of 6 percent are required across the UK personal lines insurance market to restore margins to pre-pandemic levels, according to Jefferies, with analysts pointing to a widening deficit in motor insurance pricing despite hardening rates.

Kentro bidders narrow to 3-4 in $400mn+ Morgan Stanley process

The Morgan Stanley-run auction to raise next-stage growth capital for the London MGA group Kentro has now narrowed to 3-4 potential investors in a second round, accelerated process that might even see exclusivity later this month, The Insurer can reveal.

WTW’s Swift: “Unpalatable” rates and conditions forcing some business out of the market

Buyers are expressing increasing irritation and frustration at the current state of the insurance market as rate hikes and tightened terms and conditions risk becoming “unpalatable”, WTW’s Alastair Swift has warned.

Inigo 1301 targets GWP “in excess” of $1bn in 2023

Inigo Syndicate 1301 has confirmed plans to write in excess of $1bn in gross written premium in 2023 after delivering a combined ratio of 92.1 percent for 2022, its second year of operation.

Lancashire 2010 driven to “disappointing” 114.7% CR by nat cats and Russia-Ukraine

Bermuda-London carrier Lancashire bucked the trend of many of its Lloyd’s peers in 2022 as it posted an underwriting loss with a combined ratio of 114.7 percent at its flagship Syndicate 2010.

Helios names Ascot founder Martin Reith as CEO

Listed Lloyd’s investment vehicle Helios has named well-known industry executive and Ascot founder Martin Reith as CEO with immediate effect.

Volante 1699 bullish on 2023 opportunity following foundational debut year

Class of 2022 start-up syndicate Volante 1699 enters 2023 unencumbered by the “hurdles” of its debut year, CEO Talbir Bains has said, with the executive offering a bullish assessment on the carrier’s future expansion and underwriting performance.

Aspen makes Lloyd’s its core London platform as Syndicate 4711 posts 75.4% CR in 2022

Aspen 4711 has delivered a significant reduction in its combined ratio year on year, slashing 41.9 percentage points off its 2021 result of 117.3 percent as the syndicate moved from the bottom quartile of Lloyd’s performers in 2021 to the top quartile in 2022.

Meacock successor chides Lloyd’s over high costs in annual tradition

Michael Meacock’s successor as active underwriter for Syndicate 727 has continued the specialist Lloyd’s insurer’s annual tradition of chiding the Corporation over the costs of doing business at the near 350-year old market.

UK blue-chip firms falling short on emissions management and air pollution: Chaucer

Emissions management and air pollution have been highlighted as the ESG risk factors to which the largest UK listed companies consistently perform poorest, according to the ESG Balanced scorecard by Chaucer and Moody’s.

AM Best maintains negative outlook on UK non-life sector

Rating agency AM Best has maintained its negative outlook on the UK’s non-life insurance sector, citing challenges on underwriting performance driven by inflationary pressures, as well as the impact of increased cost of living on demand in the personal lines market.

Analysis: CFC 1988 outperforms fellow second-year syndicates

CFC Syndicate 1988 was the leading performer among the cohort of new businesses to enter Lloyd’s in 2021 for a second year running, with the syndicate posting a combined ratio of 83.5 percent in its sophomore year of operation.

Lloyd’s 2022 results: the best and worst performing syndicates

Hiscox Syndicate 33 was the leading performer among Lloyd’s heavyweights during 2022 as it delivered a 77 percent combined ratio, an improvement of 6 percentage points on the previous year.

PIB settles long-running poaching dispute with former director

PIB Group has reached an out-of-court settlement with a former director of its Lincoln office to end a bitter legal dispute in which the broker consolidator alleged breach of contract from the defendant soliciting clients before he left to join a rival.

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