Lloyd's 2019 results index

Lloyd’s employment costs jump again in 2019

Employment costs relating to Corporation of Lloyd’s staff – including CEO John Neal – reached £173mn in 2019, a jump of nearly 6 percent from the previous year as wages also continued to climb despite efforts to reduce overhead costs at One Lime Street.

Dow Jones – coronavirus

Value stocks in the P&C sector emerge from equity markets carnage

Equity analysts suggest US-listed insurance stocks could already be near trough valuations and the recovery will be quicker than during the financial crisis, with defensive stocks such as brokers among the companies tipped as presenting the best opportunities.

Performance of cat bonds vs equityand high yield bond markets 2020 YTD i

Diversifying cat bond market outperforms despite recent sell-off: Twelve Capital

The recent sell-off by some cat bond investors in the secondary market does not reflect the fundamentals of the asset class, which has positively outperformed while demonstrating a low correlation to broader financial markets, according to Twelve Capital.

ILS Arcus Syndicate makes uw loss four years in a row i

Lloyd’s worst 2019 performers highlights the Aspen turnaround challenge

Aspen Syndicate 4711 has posted the worst 2019 underwriting result for a still-trading Lime Street carrier and exemplifies the challenge facing its group CEO, turnaround expert Mark Cloutier.

MAP combined ratio 2014-19

MAP Underwriting: best performing multi-line Lloyd’s syndicate in 2019

On the eve of its twentieth anniversary, Lloyd’s insurer MAP Underwriting has won the accolade of best performing multi-line syndicate with a combined ratio of 75 percent in 2019, analysis by The Insurer shows.

Swiss Re

Swiss Re cat bond index up in Q1 as ILS weathers Covid-19 storm

In contrast to the red ink poured across insurance credit and equities, the ILS sector is up marginally in the first quarter to the relief of sector supporters who have long-trumpeted its non-correlating characteristics.

Lloyd's

The best and worst syndicates at Lloyd's in 2019

While 2019 has marked a return to the black for Lloyd’s of London – with the market producing a profit of £2.53bn – syndicates once again produced an underwriting loss despite a below average cat year as investment income propped up the FY result.

Gross-loss-to-limit-and-net-loss to-capital-and-surplus-(C&S) i

Bermuda paid $19bn of wildfire and typhoon losses in last 3 years

Bermuda’s (re)insurance industry paid out $9.2bn in gross California wildfire losses in the last three years and $9.6bn in gross Japanese typhoon losses over the past two years, new data from the island’s financial regulator shows.

Rate change 2012-2019

Aviation and property D&F rates soar at Lloyd’s

Lloyd’s confirmed today that all ten major risk classes saw rates climb in 2019 much stronger than anticipated despite another underwriting loss year.

Loss ratio improvement i

US casualty and aviation reserve boosts dent Lloyd’s 2019 return

Despite a below average cat year, Lloyd’s posted a combined ratio of 102.1 percent in 2019 as underwriters bolstered prior year casualty and aviation reserves while experiencing loss creep from 2018 Typhoon Jebi, analysis by The Insurer shows.

Upwards-pricing-pressures

Will (re)insurance rate trump global recession?

Underwriters hoping for sustained pricing momentum in 2020 face conflicting dynamics as the fallout from Covid-19 hits clients’ exposure bases and budgets at the same time as mounting pressure on both sides of insurer balance sheets makes the push for rate even more of an imperative.

European-carriers’-valuation-multiples-squeezed-i

Covid-19 sell-off squeezes European multiples despite yesterday bounce

Despite yesterday being the best day for European equities markets since 2008, the coronavirus-inspired March rout in global equities means three out of four of the Continent’s largest P&C carriers still trade at a discount to book, based on year-end values.

Lloyd's-building

Late syndicate movements hint at negative impact on Lloyd’s 2019 results

On the eve of Lloyd’s 2019 results, The Insurer’s analysis of the latest movements in syndicates’ open years suggests prior year casualty reserve movements will influence negatively the market’s final results.

US Bermuda valuation multiples squeezed

RenRe now only US-listed reinsurer trading at premium to book

The March market bloodbath means RenaissanceRe is the only US-listed carrier with a significant reinsurance book that is trading at a premium to its year-end book value. 

1.4-Japan-renewal

Japanese 1.4 renewals remain on course as major cat reinsurers reposition

Japanese 1 April renewals are set to complete on time despite the complications of the Covid-19 crisis as reinsurers react to what some see as disappointing pricing by repositioning on programmes.

Estimated change in Solvency II ratio from mark to market

European carriers’ Solvency II buffers shrink amidst market carnage

The large Solvency II buffers enjoyed by most European (re)insurers have shrunk following the ferocious market turmoil this month with Zurich and Munich Re two of the most affected.

Demotech, Inc

Demotech set to reveal downgrades as full-year results show Florida pain

Demotech has affirmed the majority of the 46 Florida homeowners specialists it rates with the remaining carriers awaiting their fate as the agency completes its review of 2019 financials that reveal widespread operating losses and actions to shore up balance sheets, The Insurer can reveal.

US coronavirus

Stock falls highlight fears over pressure on exclusion clauses

US exposed insurers say their exclusion clauses will protect them from the imminent tsunami of coronavirus-related claims. But their stock prices suggest the markets don’t share their confidence as the lawsuits start and the political pressure on insurers grows….

The biggest losers from turbulent period for global (re)insurance equities

50% club membership grows in harrowing week for P&C stocks

The market caps of Axa, Ageas and Prudential have joined AIG and Scor in plunging by more than 50 percent in the year-to-date as the Covid-19 driven rout in global equities continues to cause turmoil for P&C (re)insurance stocks.

Aon-and-WTW-share-price

Aon-Willis deal now worth only $20.6bn amid equity market turmoil

The aggregate value of Aon stock offered to Willis Towers Watson shareholders under the agreed takeover deal announced only nine days ago has plunged 31 percent from $29.9bn to $20.6bn.