London Market

Extinction Rebellion targets the City and insurance buildings

Hundreds of City workers were barred from entering 20 Fenchurch Street – commonly known as the ‘Walkie Talkie’ – in London on Monday morning, as environmental protesters, Extinction Rebellion, stuck their hands to the revolving doors of the building.

London company market GWP swells to £28.4bn in 2018: IUA

Gross written premiums generated by the London company market – outside of Lloyd’s – reached £28.44bn ($34.78bn) in 2018, swelling by 16 percent year-on-year, the latest report from the International Underwriting Association (IUA) has revealed.

Lloyd’s fights back in high profile investor dispute; claims liability exemption

The Society of Lloyd’s has denied allegations that it misled a prominent Lime Street investor into believing he could temporarily switch his unlimited liability status, in a dispute which could test the exemptions of liability enjoyed by the market’s ruling body.

Leaders recognise need for technological change but pace still too slow: Market Minds founder

Leaders in the London insurance market are beginning to recognise the need for innovation but the pace of technological and cultural change remains too slow, the founder of Market Minds has said.

Lloyd’s to pilot 2020 ILS trade and may review three-year accounting

Lloyd’s has committed to executing at least one ILS transaction next year under its soon-to-be-developed capital solutions platform and may review the market’s three-year accounting cycle to enable investors to exit their investments earlier, CEO John Neal confirmed today in his widely-anticipated Blueprint One paper.

Aon seeks standardised commission rates on US commercial risk

Broking giant Aon is talking to insurers about fixing standard commission levels by line of business and placement geography for US commercial risk, The Insurer can reveal.

Beach & Associates looks to North American growth

London-headquartered Beach & Associates is considering further expansion opportunities in the North American market, including the opening of more regional offices to build on its existing network, The Insurer can reveal.

The London Market – Back on track

We are at a pivotal moment in Lloyd’s evolution – the ‘Future at Lloyd’s’ initiative launched by John Neal may result in the biggest changes in the market since the Reconstruction and Renewal process of the mid-1990s.

Beach hires JLT duo as it expands London wholesale

Broker Beach & Associates has hired Gavin Johns and Richard Emson from JLT Re to its London Wholesale division.

LMG appoints Brady as delegated authority platform sponsor

The London Market Group has announced that Lloyd’s head of policyholder and third-party oversight, Paul Brady, will assume the role of market sponsor for the delegated authority efficiency drive at Lloyd’s.

ArgoGlobal’s Harris to retire next year

ArgoGlobal’s head of group performance and interim chief human resource officer David Harris is set to retire from the Lloyd’s insurer in March 2020.

SSL Endeavour launches in Cyprus and Greece

Lloyd’s broker SSL Endeavour has snapped up SSL’s Greek office to launch SSL Endeavour Cyprus & Greece, pending regulatory approval.

Moffatt replaces Eccles as ArgoGlobal active underwriter

ArgoGlobal, the Lloyd’s arm of Argo Group, has named John Moffatt the active underwriter of Syndicate 1200 as predecessor Steve Eccles “will commence leave” with immediate effect, after a year and a half in the role.

ABI welcomes Johnson’s Cabinet reshuffle

The Association of British Insurers (ABI) has welcomed the sweeping cabinet reshuffle implemented by newly installed UK prime minister Boris Johnson and issued a call to government to ensure regulatory change and an orderly Brexit remain top of the agenda.

PSC to acquire London market broker Paragon for £42mn

Australian broking house PSC Insurance Group has announced the acquisition of its third Lloyd’s and London market broker with the purchase of Paragon International Holdings for a base consideration of £42.0mn, with the final consideration subject to adjustment based on 2019 and 2020 Ebitda.

ABI calls on MOJ’s Gauke to review ‘misleading’ Ogden assessment

The Association of British Insurers (ABI) has called on UK Justice Secretary David Gauke to rethink the “misleading and wholly disingenuous” impact assessment that underpinned his decision to lift the Ogden discount rate by less than expected.

Lloyd’s pays 20% premium for non-execs

Lloyd’s businesses pay nearly 20 percent more than their company market, or MGA counterparts, to their non-executive directors, according to the results of research released today by London-based insurance head-hunter Damhurst.

Third Point Re adds TransRe’s Sinclair

Bermudian reinsurer Third Point Re has appointed Transatlantic Reinsurance Company’s David Sinclair as a senior vice president, as it continues to build out its participation in the specialty reinsurance space, The Insurer can reveal.

Pool Re completes £40mn non-damage BI retro placement

UK government-backed terrorism reinsurer Pool Re has secured a £40mn ($50mn) limit from the private market to cover non-damage business interruption (NDBI) losses, on the back of the milestone Counter-Terrorism and Border Security Bill 2018 legislation signed earlier this year.

Lloyd’s will not cut coverholders out of the distribution chain: Neal

The chief executive of Lloyd’s has sought to quell uncertainty amongst the coverholder community that the Corporation’s ambitious digital transformation programme – the Future at Lloyd’s – will lead to coverholders being forced out of the market.

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