Lloyd’s proposes to insure NHS against unexpected costsLloyd’s CEO John Neal has proposed a first-of-its-kind deal with the UK government to help the NHS meet unexpected cost increases triggered by major events, such as another pandemic, and flood and droughts caused by the increasing impact of climate change.
Lloyd’s syndicates coy on their Russia reserves, Atrium and Lancs exceptionsThe majority of Lloyd’s syndicates are remaining publicly coy about the level of reserves they have established for potential losses from the morass of disputes relating to confiscated aircraft in Russia, according to analysis by this publication.
DTW Syndicate 1991 investors face ~70% cash call for 2018 YoAInvestors in the defunct DTW Syndicate 1991 now face a near 70 percent cash call for the balance of the 2018 year of account (YoA) loss, as well as the 9.5 percent balance of the 2019 YoA loss and the 25.5 percent balance with the 2020 YoA loss in full.
Lloyd’s launches £250mn climate-focused fund following Schroders tie-upLloyd’s has announced the launch of a Private Impact Fund with a £250mn ($311mn) initial allocation for sustainability-focused assets on its new Schroders-managed investment platform.
Parsyl launches $20mn Lloyd’s perishable cargo consortium with Scor and RenReParsyl has launched a new consortium at Lloyd’s, led by Syndicate 1796 to bring an initial $20mn in both traditional and ‘smart trackers’ capacity to the perishable cargo market.
Inigo 1301 targets GWP “in excess” of $1bn in 2023Inigo Syndicate 1301 has confirmed plans to write in excess of $1bn in gross written premium in 2023 after delivering a combined ratio of 92.1 percent for 2022, its second year of operation.
Lancashire 2010 driven to “disappointing” 114.7% CR by nat cats and Russia-UkraineBermuda-London carrier Lancashire bucked the trend of many of its Lloyd’s peers in 2022 as it posted an underwriting loss with a combined ratio of 114.7 percent at its flagship Syndicate 2010.
AIG’s $600mn+ HNW Lloyd’s unit posts $64.2mn loss despite remedial effortsAIG’s high net worth (HNW) Syndicate 2019 posted an underwriting loss of $64.2mn last year, despite attempts throughout 2022 to reduce the volatility of its portfolio through a number of re-underwriting initiatives.
Beat launches specialist energy underwriting agency led by CharltonBeat Capital Partners has launched specialist energy underwriter Horace Agency Limited, which will initially write non-US insurance business on behalf of Syndicates 4242 and 1416.
Volante 1699 bullish on 2023 opportunity following foundational debut yearClass of 2022 start-up syndicate Volante 1699 enters 2023 unencumbered by the “hurdles” of its debut year, CEO Talbir Bains has said, with the executive offering a bullish assessment on the carrier’s future expansion and underwriting performance.
$42bn Hurricane Ian loss implied by cedant loss picks, says MAP’s TrubshawMAP’s retiring underwriter Richard Trubshaw has compared current underwriting conditions to the “traumatic period immediately following Hurricane Andrew in 1992” as he signed off his last year as active underwriter of the consistently profitable Syndicate 2791.
Munich Re places SIAB 1840 into run-off at end of three-year termMunich Re has placed its Innovation Syndicate 1840 – the first Syndicate-in-a-Box (SIAB) launched under the Lloyd’s framework – into run-off with the business to be folded into the German reinsurer’s flagship Syndicate 457.
RenRe posts CR of 95.1% as UW profit climbs to $89mnBermudian reinsurer RenaissanceRe has posted a combined ratio of 95.1 percent for Syndicate 1458, indicating an improvement of 11.1 percentage points from 106.2 percent in 2021.
Aspen makes Lloyd’s its core London platform as Syndicate 4711 posts 75.4% CR in 2022Aspen 4711 has delivered a significant reduction in its combined ratio year on year, slashing 41.9 percentage points off its 2021 result of 117.3 percent as the syndicate moved from the bottom quartile of Lloyd’s performers in 2021 to the top quartile in 2022.
Meacock successor chides Lloyd’s over high costs in annual traditionMichael Meacock’s successor as active underwriter for Syndicate 727 has continued the specialist Lloyd’s insurer’s annual tradition of chiding the Corporation over the costs of doing business at the near 350-year old market.
Lloyd’s appoints Loynes as CEO of AsiaLloyd’s has appointed Emma Loynes as its country manager for Lloyd’s in Singapore and as CEO of Lloyd’s Asia.
Analysis: CFC 1988 outperforms fellow second-year syndicatesCFC Syndicate 1988 was the leading performer among the cohort of new businesses to enter Lloyd’s in 2021 for a second year running, with the syndicate posting a combined ratio of 83.5 percent in its sophomore year of operation.
TMK 510 posts 90.6% CR despite £44.5mn aviation UW lossTokio Marine Kiln Syndicate 510 delivered an underwriting profit of £95.4mn in 2022 despite a £44.5mn loss in its aviation division driven by Russia-Ukraine reserving.
Lloyd’s 2022 results: the best and worst performing syndicatesHiscox Syndicate 33 was the leading performer among Lloyd’s heavyweights during 2022 as it delivered a 77 percent combined ratio, an improvement of 6 percentage points on the previous year.
Former Argo Syndicate 1200 reports 88.6% CR for 2022Syndicate 1200, acquired by Westfield from Argo last month, has posted a combined ratio of 88.6 percent for 2022, a 5.8 percentage point improvement compared to 2021.