Warren to represent Liberty on Lloyd’s CouncilThe Lloyd’s Council has elected Liberty Corporate Capital as a corporate external member, with Jane Warren appointed as representative.
Lloyd’s geopolitical scenario finds global economy exposed to $14.5trn lossLloyd’s research suggests the global economy could be exposed to average losses of $14.5trn over a five-year period as a result of geopolitical conflict causing widespread disruption to global trade patterns and supply chains.
Majority of Lloyd’s market yet to refuse new coal projects as activists set 1.1 deadlineMore than half of the Lloyd’s market by premium share (51.2 percent) is yet to publicly adopt underwriting restrictions for new coal projects, with activist group Reclaim Finance calling on all managing agents to adopt guidelines on new fossil fuel infrastructure by 1 January 2025.
Latest Blueprint Two delay follows audit that revealed only 70% of coding is completeAlmost a third of the initial coding has yet to be delivered for phase one of the repeatedly delayed Blueprint Two Lloyd’s modernisation programme, The Insurer understands.
Blueprint Two phase one tech build completion pushed back to Q1Completion of the crucial technology build for phase one of Lloyd’s ambitious Blueprint Two modernisation programme has been pushed back to an unspecified date in the first quarter of next year.
NormanMax Syndicate adds Munich Re’s Coyne as executive underwriterNormanMax Syndicate 3939, the parametric natural catastrophe-focused syndicate launched earlier this year, has hired Dominic Coyne from Munich Re as executive underwriter.
ASR bolsters Lloyd’s access with service company statusAfrica Specialty Risks Ltd (ASR) is now operating as a Lloyd’s service company and can underwrite on behalf of ASR Syndicate 2454.
LMA adds Duncan Dale and Sarah Stanford to boardThe Lloyd’s Market Association has added Sarah Stanford, CEO of Aspen UK, and Duncan Dale, CEO of Dale Underwriting Partners, to its board.
New entrants hold key to Lloyd’s reaching $100bn GWP targetThis morning The Insurer has revealed Santam as the latest in a series of international carriers to be linked with a move into the Lloyd’s market amid a drive by the Corporation’s CEO John Neal to attract big names from across the insurance world to One Lime Street.
Canopius puts space portfolio into run-offCanopius has ceased writing new space business and has placed the portfolio into run-off.
FCA warns on lingering cultural issues ahead of publishing misconduct probeThe UK Financial Conduct Authority is set to imminently publish the results of its probe into non-financial misconduct within the London market and wider financial services sector, with warnings that some areas continue to face cultural issues.
Helios posts £10.8mn underwriting result for H1 2024Helios Underwriting has revealed it plans to strategically reduce new syndicate participations for 2025 to better navigate the underwriting cycle.
Investor experience does not match expectation at Lloyd’s: LMA-Aon reportInvestors have called on Lloyd’s to improve the onboarding process and increase transparency around access to data, according to a report by the Lloyd’s Market Association and broker Aon.
Lloyd’s supports changes to PRA managing agency oversightLloyd’s has welcomed the support and challenge it receives from the Prudential Regulation Authority after the regulatory body issued proposals to modify categorisation of managing agents and “enhance” cooperation with the Corporation.
Dale Underwriting names Daniel as global property reinsurance headDale Underwriting Partners – the trading name for Syndicate 1729 – has appointed Paul Daniel as head of global property reinsurance.
Lloyd’s partners with World Bank agency to reinsure private capital guaranteesLloyd’s has penned a formal partnership with the Multilateral Investment Guarantee Agency of the World Bank Group to boost guarantees to $20bn by 2030.
Neal warns consequences for managing agents that fail to address cultureThose that fail to view culture and inclusion as a core business principle will have to face consequences, Lloyd’s CEO John Neal has warned.
Lloyd’s hails “strong interest” in transition risk for 2025 syndicate business planningLloyd’s has seen “strong interest” in the new transition risk class among syndicate business forecasts for 2025, although chief underwriting officer Rachel Turk underlined that the Corporation is being careful not to get ahead of sustainability-related regulation.
Lloyd’s Turk urges “no room for complacency” in US general liability booksLloyd’s underwriters should not infer forward-looking trends from casualty years during Covid as this does not accurately reflect loss developments related to social inflation, the Corporation’s chief underwriting officer Rachel Turk has warned.
Lloyd’s confirms Charles Roxburgh to replace Carnegie-Brown as chairmanLloyd’s has named former senior British civil servant and McKinsey alumnus Sir Charles Roxburgh as its next chairman, succeeding Bruce Carnegie-Brown.