London Market

Scor Syndicate posts 90.1% CR in 2022 as underwriting profit jumps 48%

Scor delivered a combined ratio of 90.1 percent in 2022 at its Lloyd’s platform – marking a 1.4 percentage point improvement on the prior year – as Syndicate 2015 saw its underwriting profit increase to £20.4mn for the calendar year.

Tokio Marine HCC International bolsters UK trade credit division

Tokio Marine HCC International (TMHCCI), part of the Tokio Marine Group, has expanded its UK trade credit division with the appointment of Karen Crowley and Arwel Roberts as senior risk underwriters.

Liberty Mutual defends BI stance in hotel operator’s £21mn claim

Liberty Mutual has hit back at a UK hotel operator’s £21mn ($22mn) claim for Covid-19 related business interruption coverage, arguing the chain’s pandemic losses were not under the terms of its policy wording.

Mosaic’s Wheeler calls for focus on rate adequacy as inflation bites

Mosaic’s co-CEO and co-founder Mark Wheeler has called on the industry to continue to push for rate adequacy amid client demand that is “higher than it's ever been before”.

Zurich extends climate resilience services to UK customers

Zurich has expanded its group-level climate change resilience services to the UK with the launch of a new dedicated team to provide the offering to UK customers operating locally and internationally.

Aon’s Schultz: 2023 will see cat bond issuances return to “record levels” at $11bn+

Cat bond issuance levels are expected to reach record levels in 2023 with Aon Securities CEO Paul Schultz predicting north of $11bn as a “reasonable outcome” following a muted end to 2022 as a result of investor uncertainty and frustrations.

Aviva shares gain 2.5% on consensus beat and investor returns

Aviva shares closed more than 2.5 percent higher in trading on Thursday to become one the best blue-chip performers in London after the carrier posted consensus-beating financial results and vowed to buy back another £300mn of its own shares from investors.

MGA Nirvana completes management buyout from Castel

London MGA Nirvana Risk Partners has completed a management buyout from the club-style MGA formation platform Castel Underwriting Agencies.

Tiernan: Cyber still Lloyd’s fastest growing class despite “difficult” talks on exclusions

Lloyd’s expects to write up to roughly £2.8bn of cyber premium in 2023 as the class remains on course to be the fastest growing line of business at One Lime Street despite the disruption caused by the new wording exclusions.

Lockton places first risk on PPL Next Gen platform

Lockton has placed the first risk on the newly launched Placing Platform Limited (PPL) Next Gen platform.

Mosaic’s DeLong calls for governments to assess cyber attribution and help bring clarity to market

Mosaic’s global head of cyber Yosha DeLong has given her backing to the “strong intent” behind Lloyd’s new war exclusion on cyber policies, highlighting the increased clarity this brings for buyers.

Optio names Munich Re Syndicate’s Kennett as UK PVT head

Specialty MGA Optio Group has appointed Tom Kennett as UK head of political violence and terrorism.

Jefferies lifts Beazley target price; says share price reaction “overdone”

Jefferies has raised its price target for London-listed Beazley by more than 12 percent, with analysts expressing surprise at the “overdone” negative reaction in the firm’s share price despite reporting a consensus-beating performance in its full-year trading update on Thursday.

Allianz bolsters London market underwriting team with Pickersgill promotion

Allianz Commercial has promoted Karen Pickersgill to regional underwriting manager for London as part of the carrier’s focus on exploring London market opportunities.

Arch International CEO bullish carrier can “outpace pedestrian growth” amid dislocation opportunities

Arch Insurance International CEO Hugh Sturgess is confident in the group’s ability to “outpace pedestrian growth” as he looks at opportunities presented by market dislocation including contingency, terrorism and casualty lines.