London Market

FCA outlines climate reporting measures for FTSE insurance giants

The Financial Conduct Authority (FCA) has outlined new requirements for premium-listed issuers – which includes Admiral, Aviva and Legal & General – to report climate related disclosures.

Admiral reduces UK motor XoL amid “significant” price rises

London market bans travel as coronavirus spread intensifies

London market heavyweights have told staff not to travel unless absolutely necessary to prevent further spread of the coronavirus.

Hamilton hires head of excess casualty for Lloyd’s business

Hamilton’s Syndicate 4000 has brought in Fergus Fergusson as divisional head of its excess casualty offering, with the new arrival joining the business after nine years with Aspen.

PRA warns market on board diversity

The Bank of England’s Prudential Regulation Authority (PRA) has issued a warning to UK regulated carriers and insurance intermediaries to ensure their boards are adequately diverse and comply with the regulator’s rules on board diversity.

BIBA urges UK chancellor to freeze IPT in 2020 budget

The British Insurance Brokers’ Association (BIBA) has called for the UK government to freeze the standard 12 percent insurance premium tax (IPT) when newly-appointed chancellor Rishi Sunak unveils the 2020 budget next week.

Hiscox margins to have ‘largely recovered’ by 2023: Jefferies

London-listed Hiscox should report an improved combined ratio of 96.5 percent in 2020, driven largely by reserve releases, with margins forecast to have “largely recovered” by 2022-2023, according to equity analyst Jefferies.

MS Amlin promotes Wood to head of casualty

MS Amlin has appointed Stuart Wood as head of casualty, confirming the fifth and final senior leader to be appointed under the previously announced specialty business restructure.

RSA operating profit increases by 15% as exit actions take effect

The UK’s RSA saw operating profits increase by 15 percent in 2019 to some £597mn as its group combined ratio improved and the impact of exiting unprofitable areas of business under current CEO Stephen Hester continues to be felt.

US retailer Heffernan close to acquiring London broker Prospect

A Lloyd’s intermediary backed by US retail broker Heffernan Group is closing in on a deal to acquire London market broker Prospect Insurance Brokers (PIB), The Insurer can reveal.

Lloyd’s to launch four new SIABs says Neal

Lloyd’s is set to welcome four new syndicate-in-a-box platforms drawn from smaller participants to the market in coming months, according to Lloyd’s CEO John Neal.

MS Amlin’s Taffs emerges as UIB deputy aviation and space MD

Broker UIB has appointed Miles Taffs as deputy managing director of its aviation and space team, effective 16 March.

TigerRisk appoints Cooper as London capital advisory head

TigerRisk Partners has appointed former Lloyds Bank insurance head Bill Cooper as managing director of capital advisory in the latest move by the US reinsurance intermediary to build out its London platform.

Willis exploring potential Miller sale

Willis Towers Watson has confirmed it is looking at options for London wholesale broker Miller Insurance Services, which it acquired in 2015.

Guy Carpenter remains an upbeat outlier on 1.1 rates as Swiss Re adds to caution

Guy Carpenter remains an outlier on its 1.1 renewals stance as Swiss Re became the latest firm to strike a more cautious note when it published its FY 2019 results today.

The FCA on the London market: a curious critique

Another year, another report from the UK regulator the Financial Conduct Authority (FCA) on the state of the country’s financial services sector, examining the ways in which the financial environment is changing and the impact of these changes on market effectiveness.

MGAA overhauls board as Earle and Birrell step down

The Managing General Agents’ Association (MGAA) has added Chris Harman of Resolution Underwriting and Lyndsey Thompson of Incorporated Insurance Group to its board.

UK watchdog warns on market misconduct, cost base and global position

Britain’s Financial Conduct Authority (FCA) warned on Tuesday that non-financial misconduct in the London market poses risks to market integrity and raises questions about its ability to tackle inappropriate financial conduct.

Pool Re relaunches VSAT; upgrades premium discount to 7.5%

Pool Re, the UK state-backed terrorism reinsurer, has relaunched and upgraded its landmark Vulnerability Self-Assessment Tool (VSAT), designed to help instil resilience for UK businesses and to cut the cost of terrorism premiums for qualifying insureds.