Beazley’s head of reinsurance Patrick Hartigan said the Lloyd’s blue-chip was looking to take advantage of positive rate momentum to “outperform” the wider market at 1.1 following years of “indifferent returns” from treaty reinsurance.
The Lloyd’s Market Association (LMA) has announced phase II of London’s Expert Management & Settlement Platform, Gemini, to allow the automated payment of fees in a move that could save Lloyd’s £4mn ($5.2mn) a year.
Lloyd’s has granted in-principle approval for the launch of Picnic Syndicate 2460, a syndicate in a box (SIAB) which will commence underwriting on 1 January 2021.
The London and International Insurance Brokers’ Association (LIIBA) has added Heather Clarkson to its board.
Lloyd’s CEO John Neal is not optimistic that any of the proposed government-backed pandemic reinsurance proposals that are in the works will get off the ground, although the executive said the industry must keep “pushing the envelope” to keep the discussion alive.
There is a continued flight to quality in the MGA space as carriers focus on optimising their in-house portfolios and only delegate underwriting authority to those that can demonstrate a track record of high performance, according to Nick Frankland, UK CEO of Aon’s Reinsurance Solutions.
Lloyd’s expects the approval process for signing off syndicates’ 2021 business plans will be completed in the next ten days, with the Corporation set to greenlight 13 percent capacity growth for next year, equal to some $15bn of new business, according to the market’s CEO John Neal.
Axa XL will no longer write London Market management liability (ML) and financial institutions (FI) business over profitability concerns, but has reaffirmed its commitment to cyber, professional indemnity and M&A insurance business in EC3.
UK MGA Manchester Underwriting Management Limited (MUM) has acquired the portfolio renewal rights of Pinpoint Underwriting.
White Mountains is to acquire a majority interest in Ark Insurance Holdings and invest additional capital to facilitate the Lloyd’s insurer’s expansion plans.
Marsh JLT Specialty has brought in Rob Hale from Aon to lead its London Market power and renewable energy practice, The Insurer can reveal.
Apollo Syndicate Management has confirmed the arrival of Axa XL’s Richard Panter as head of specie and cargo at Apollo Syndicate 1969, a move first revealed by this publication in July.
Gallagher has continued the build out of its newly consolidated reinsurance arm with the hire of Guy Carpenter’s UK P&C head Ian Kerton to its motor and casualty division, The Insurer can reveal.
QBE International’s chief underwriting officer Colin O’Farrell will retire at the end of this year after 34 years at the insurer, with deputy CUO Nick Hankin taking on the role on an interim basis.