LMG and Liiba to open Lords’ London market inquiryThe House of Lords Industry and Regulators Committee inquiry into the regulation of the London market will open tomorrow with evidence from the London & International Insurance Brokers’ Association and London Market Group.
Lloyd’s: Use it or lose it…This week will represent a potentially significant milestone in the return to office working following the lifting of the official work-from-home guidance put in place by the UK government last year in a bid to reduce the spread of the Omicron Covid-19 variant.
Berenberg bullish on London market with cyber hardening making Beazley top pickBerenberg has said it is bullish in its outlook for the London market in 2022 with Lloyd’s underlying combined ratio likely to continue its rapid improvement.
LMG: Parliament inquiry an opportunity for market to prove its worthThe London Market Group has welcomed news that Parliament is launching an inquiry into the regulation of the London insurance market, calling the move an important opportunity for the sector to highlight its value to the economy.
Parliament launches inquiry into London market regulationParliament has launched an inquiry into commercial insurance and reinsurance regulation in order to assess whether the current UK supervisory regime impacts the competitiveness of the London market.
IUA makes climate change, BI and regulatory changes 2022 business prioritiesThe International Underwriting Association has highlighted climate risk, business interruption, regulatory changes and pandemic response as key focus areas within its 2022 business plan.
Lloyd’s and IUA agree new joint venture with DXC to rebuild London’s “digital engine room”Lloyd’s has signed a contract with DXC Technology and the International Underwriting Association for a new joint venture to rebuild the market’s “digital engine room”, in what the Corporation described as a “pivotal moment” in fulfilling the ambitions set out in Blueprint Two.
Sompo International takes Axa XL’s Corbett to lead global A&H offeringSompo International Holdings has appointed Patrick Corbett to build out its global accident and health offering.
Willkie builds out London insurance unit with DLA Piper’s Baumgartner and JamesLaw firm Willkie Farr & Gallagher LLP has named Melanie James and Tim Baumgartner as partners, with the pair joining its insurance transactional and regulatory practice.
UK MPs back legislation to exempt ILS from stamp duty taxesA committee of UK MPs has approved draft legislation which seeks to eliminate the need to pay any stamp duty-related taxes for ILS transactions or on reinsurance transformers established in the country, in a move designed to help encourage ILS activity in the UK.
London market extends remote-working guidance as Omicron cases surgeLiberty Specialty Markets, Axa XL and QBE are among the London market firms that have told all UK staff to work from home, joining competitors which have issued similar instructions as Covid-19 cases continue to surge.
Hiscox pays tribute to divisional director SouthgateHiscox has announced that Mike Southgate, the company’s divisional director for marine, energy and specialty, has passed away.
KPMG UK promotes Jones to head of insurance practiceKPMG has appointed Trevor Jones as the new head of its insurance practice in the UK.
FCA watching UK insurers on consumer pricing reforms as it estimates £4.2bn savingThe UK’s City watchdog has vowed to keep a close watch on how insurers respond to a shake-up of industry pricing practices and said it expects to see firms pass on any savings to policyholders.
Howden: London casualty re RoLs moderate as competition nudges up cedes at 1.1High levels of competition for profitable proportional business – combined with cedants’ willingness to retain more net exposure – pushed up ceding commissions across multiple accounts by 2 to 3 points at the 1 January London market casualty renewals, according to Howden.
Conduit makes debut share repurchase for its incentive schemeThe “class of 2020” reinsurer Conduit Re has purchased 32,823 of its shares as the London-listed firm embarks on a buyback programme to repurchase up to $10mn of its common shares in order to meet future obligations under its variable incentive schemes.
Blueprint II: Legacy non-compete clause draws Lloyd’s and DXC together for 2022 build-outOutsourcing company DXC Technology benefits from an inviolable contract which prevents Lloyd’s CEO John Neal from pushing ahead with his Future at Lloyd’s transformation plans without the US firm’s consent, The Insurer can reveal.
LMG creates new Data Council to drive London market digitisationThe London Market Group has created a new Data Council to drive the digitisation across the London market.
Scor appoints Mumme-Young as global line head of political and credit riskScor Specialty Insurance has appointed Henry Mumme-Young as global line head of political and credit risk.
Ebix launches new placing platform to rival PPLLondon market technology provider Ebix Europe is developing a new electronic trading platform that will offer an alternative to the recently announced PPL NextGen platform.