London market welcomes BoE Brexit move; onus on EU to reciprocateThe UK insurance sector has welcomed the City regulators’ proposals that international (re)insurers will not be required to endure a prolonged regulatory process to set up subsidiaries to operate in the London market post-Brexit.
Ed hires Clarkson-led marine teamHeather Clarkson, a senior London market Aon marine executive, joins the private equity backed wholesaler Ed in early 2018 to become the managing director of the broker’s marine practice, Reinsurance can reveal.
JLT’s Chairman runs risk of falling foul to corporate governance reformJLT is at risk of falling foul of reforms aimed at improving accountability of the largest companies in the UK.
Price Forbes latest London broker to undertake job-cutting exercisePrice Forbes has made a number of people redundant as part of an efficiency drive to reduce costs and improve margins by its private equity owners, Reinsurance can reveal.
Enderby to leave Marsh in London efficiency driveDominic Enderby, Marsh’s Marine UK Placement Leader, is one of the most prominent market figures likely to leave the broking giant following a recent restructuring, Reinsurance understands.
Putting a price on Price ForbesRecent minority share sale - perhaps by departing founder Michael Donegan - implies valuation as high as £183mn
Lloyd’s needs to share data to improve market efficiencySenior industry executives gathered at Reinsurance’s ‘The Future of Cargo Insurance and Risk’ roundtable have called on Lloyd’s to do more to improve the distribution of data across the market.
Brit launches $100mn Bermuda collateralised reinsurer Sussex ReLeading Lloyd’s (re)insurer Brit Insurance is launching a $100mn capacity Bermuda-based collateralised reinsurance vehicle, Sussex Capital, that will write both third-party collateralised reinsurance and provide collateralised capacity to Brit’s Lloyd’s Syndicate 2987.
Fidelis adds surety capacity with MGA FirestoneFidelis, the Bermudian (re)insurer has taken an equity stake in a new MGA and will be providing underwriting capacity.
Tokio Millennium Re loses UK claims headEd Gooda, the head of claims at Tokio Millennium Re’s UK branch office, has resigned from the company, Reinsurance can reveal.
London brokers lobby FCA to relax "impossible" wholesale review deadlineThe largest London Market wholesale brokers are lobbying the U.K regulator to ease the deadline to respond to a detailed scrutiny of practices relating to market facilities, commission arrangements and relationships with (re)insurers.
London needs to be more ‘inventive’ to lure business away from local marketsThe London insurance market must innovate in order to win marine business over local markets, senior industry executives have said.
Lloyd’s insurer Neon files $60mn UK ILS application with PRAThe first application for a UK insurance linked securities (ILS) transaction has been filed with the Prudential Regulation Authority (PRA) on behalf of the Lloyd’s (re)insurance group Neon, Reinsurance can reveal.
R&Q completes exit from live Lloyd’s business with $22.6mn saleListed insurance group R&Q has now completed its exit from live underwriting at Lloyd’s following the completion of its $22.6mn managing agency sale to the US medical insurer, Coverys.
London market welcomes UK ILS legislation changeThe London (re)insurance market has welcomed the changes to the UK legislation that enable insurance linked securities (ILS) transactions to be constructed onshore in a tax-efficient manner.
D-day finally looms for London market ILS legislationAfter two long years of consultation with the regulators and the UK government, the London market will discover later today whether a parliamentary committee will agree to the legislation that will allow for a new tax-friendly regime for constructing insurance linked securities (ILS) business in the UK.
UK Parliament approves ILS legislationThe UK Parliament has unanimously agreed legislation change to enable a tax-friendly onshore regime for insurance-linked securities (ILS) business, after a prolonged 2+ years of consultation and negotiation with the London insurance market and UK regulators.
Brit launches MGA Scion Underwriting ManagersLloyd’s insurer Brit Insurance has launched a new MGA, Scion Underwriting Managers, that will be led by industry veteran Scott Brock.
Neon appoints MS Amlin’s Richard Heppell as CFOExpansive Lloyd’s insurer Neon has hired MS Amlin’s Richard Heppell as its new chief finance officer (CFO).
Barbican commissions “next ten years” London market studyLloyd’s insurer Barbican has celebrated its ten-year anniversary today (23 November) by commissioning a year-long study into how the London market may evolve over the next decade.