London Market

Beazley leads gains as Euro stocks seesaw on Brexit deadlock

Shares in London-listed Beazley gained over 2 percent in trading on Friday as UK stocks outperformed their European peers in a mixed morning session driven by continued uncertainty over Brexit talks.

Whitespace targets e-trading boost with advisory forum

Electronic trading platform Whitespace has formed an advisory forum of senior industry executives, including Axa XL COO Chris Read and THB COO Nate Mathis, to help the London market overcome challenges in implementing e-trading.

Lockton Re names Aon’s Foreman head of retro and property specialty

Expansive reinsurance intermediary Lockton Re has named Aon’s Matt Foreman as head of its non-marine retrocession and property specialty division in London.

Victor appoints RSA veteran Turner as international marine head

Victor Insurance has appointed Richard Turner as international head of marine.

Inigo given final greenlight for 1.1 Lloyd’s launch

Inigo Syndicate 1301 – the Lloyd’s platform of the Richard Watson-led specialty (re)insurance start-up – has been approved by Lloyd’s to begin writing business from 1 January, The Insurer can reveal.

K2-backed Ballantyne Brokers launches with SME focus

Ballantyne Brokers, the independent London broker founded by Ross Ballantyne and Richard Spragg, has launched with a focus on SME programme business.

BHSI hires AIG’s Macfarlane for European downstream energy push

Berkshire Hathaway Specialty Insurance (BHSI) has hired market veteran Tom Macfarlane from AIG to lead its downstream energy property offering in Europe at a time when the sector is seeing rates rise in response to losses and reduced capacity.

UK Supreme Court rules in favour of Chubb in Halliburton dispute

The UK Supreme Court has ruled in favour of insurer Chubb in the dispute with Halliburton Company in relation to alleged apparent bias of an arbitrator in multiple appointments.

Charles Taylor names Gracey global head of fraud

Charles Taylor has appointed Bobby Gracey, the chairman of the Chartered Institute of Loss Adjusters’ anti-fraud committee, as global head of fraud.

UK insurers welcome Sunak’s spending review

UK insurers have urged the government to proceed with its “vital” review of capital requirements as the sector backed the government’s spending review unveiled earlier this week by Chancellor Rishi Sunak.

Arag names Markel’s Barrett as CFO

Legal expenses insurer Arag has named former Markel finance director Simon Barrett as chief financial officer, replacing longstanding CFO Bob Moreton who is to retire next year.

FCA warns Lloyd’s/London market execs over potential Covid claims failings

The UK’s financial services watchdog has warned it will hold executives of Lloyd’s insurers to account if it finds evidence that customers with claims from the coronavirus pandemic have been treated unfairly.

Greenlight Re hires former Canopius marine treaty head to lead new UK unit

Cayman Islands-headquartered reinsurer Greenlight Re has established a UK marketing company – Greenlight Re UK – to increase its presence in the London market, hiring Andrew Gladwin to lead the venture.

PIB continues European expansion with WDB acquisition

Private equity-backed PIB Group has continued its run of acquisitions with a deal to buy WDB, an independent insurance broker in Poland.

LMA looks to shake up delegated authority model

The Lloyd’s Market Association (LMA) has launched a project designed to overhaul the existing business and distribution model for delegated authority (DA).

Insurers and FCA clash in final Supreme Court hearing

Insurer defendants and the Financial Conduct Authority (FCA) clashed over key arguments in the final day of the business interruption test case hearing at the UK’s Supreme Court with the Court unable to provide any concrete guidance as to whether a judgment will be delivered before Christmas.

FCA urges Supreme Court to rethink insurers’ reliance on Orient Express

The Financial Conduct Authority (FCA) has accused insurers of seeking to retrospectively choose what cover they provide in order to limit their exposure to Covid-19 related business interruption claims and once again criticised the controversial pro-insurer Orient Express ruling.

Appeal: What to expect as the FCA test case heads to the Supreme Court

The September ruling in the Financial Conduct Authority (FCA)’s landmark test case will be examined in the UK’s highest court this week in a hearing set to have far-reaching consequences for both carriers and policyholders. With so much at stake and to make sense of the issues at hand, we speak to Bryan Cave Leighton Paisner LLP’s Jonathan Sacher and Richard Jennings about what the industry can expect from the Supreme Court…

PRA warns market on “weakening” reserves

The Bank of England’s Prudential Regulation Authority (PRA) has urged insurers to rethink reserving practices and warned assumptions may have weakened over time, particularly in the wake of the Covid-19 pandemic.

Intact secures funding for potential RSA deal

Canadian insurer Intact Financial Corporation has issued two rounds of subscription receipts to secure funding ahead of its potential acquisition of UK insurer RSA.

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