London Market

Integro seals Tysers deal in £110mn sale

The protracted sale of Tysers has finally reached a conclusion after the London-market broking house reached a £110mn deal with acquisitive US intermediary Integro, re-Insurance.com understands.

Bank of England and FCA back passporting into UK during Brexit transition

The Bank of England has said it expects EU firms to be able to continue doing business in the UK under the current passporting regime during the Brexit transition period up to 2020.

Ed shakes up management team amid culture shift

London-headquartered broker Ed has shaken up the roles of some of its most senior management in a move that is designed to de-layer reporting lines and put greater emphasis on executives being market-facing, re-Insurance.com understands.

Fidelity refuses to back down over Fidelis trademark claim

Investment powerhouse Fidelity appears intent on pursuing its copyright infringement claim against Richard Brindle’s Fidelis to the bitter end as the case came back into the London courts yesterday (26 March).

Ed adds Herman from JLT’s Lloyd and Partners

Broker Ed has hired Dean Herman from rival JLT-owned Lloyd and Partners to join its risk solutions team.

UK government touts ILS credentials at Downing Street bash

The Chancellor of the UK government, Philip Hammond, and the London Market Group (LMG) last night (26 March) hosted a reception at 11 Downing Street to promote the UK’s recently launched ILS legislation.

Marsh drafts in BCG to cut headcount in fresh savings drive

Broking giant Marsh has appointed Boston Consulting Group (BCG) to lead a fresh efficiency drive designed to cut staff numbers, strip costs out of the business and improve margins, re-Insurance.com understands.

Aon Benfield’s marine director Connolly retires

John Connolly the long-serving managing director of Aon Benfield’s marine practice, is to retire, re-Insurance.com can reveal.

UK solicitors’ body proposes slashing mandatory PI limit

The UK Solicitors’ Regulation Authority (SRA) has launched a consultation to look into whether law firms should be required to purchase lower limits of professional indemnity (PI) liability cover and remove the current ‘one-size-fits-all’ rules.

MS Amlin parts ways with marine underwriters

MS Amlin has let go its long standing senior hull underwriter Richard Lurcott, re-Insurance.com can reveal.

Aon UK names chief operating officer as Ledger retires

Nathan Shanaghy has been appointed chief operating officer (COO) of Aon UK.

Marsh’s White appointed Liiba chair

Roy White, chairman of UK specialties at Marsh, has been named the new chair of broker association Liiba.

Beazley CUO Maidment to step down at end of 2018

Long-serving Beazley chief underwriting officer (CUO) Neil Maidment is set to retire at the end of the year after nearly three decades with the company.

2017: Lloyd’s annus horribilis

Lloyd’s 2017 headline result was the worst since 2001. But dig beyond the numbers and the picture is arguably even worse. As we demonstrate, Lloyd’s would have made an underlying loss with an attritional combined ratio of 102 percent even without a single catastrophe. This is a serious problem for a market already on a negative outlook. Re-Insurance.com provides a full analysis of the Lloyd’s numbers…

Cat losses force Lloyd’s reckoning

Lloyd’s has managed to keep itself profitable over the last few years despite the toughest market many can remember- but now that its run of benign luck has come to an end the market needs to come up with longer term solutions.

Brexit uncertainty drives AM Best negative outlook on UK insurance sector

On the day that Lloyd’s of London posted its worst result since 2001, AM Best went negative on the UK non-life sector citing a difficult operating environment caused by competitive market conditions and Brexit uncertainty.

XL Catlin introduces Brexit continuity clause to policies

XL Catlin’s London operation has introduced a clause to bridge the potential gap in policy coverage following Britain’s exit from the EU.

Goldstein’s surprise Integro exit delays Tysers deal

News that Integro CEO Bill Goldstein has left the US firm has yet further delayed the expansive broking house’s acquisition of London market intermediary Tysers, re-insurance.com has learned.