Employment costs relating to Corporation of Lloyd’s staff – including CEO John Neal – reached £173mn in 2019, a jump of nearly 6 percent from the previous year as wages also continued to climb despite efforts to reduce overhead costs at One Lime Street.
Remember the days when insurance companies used to be described as a fund manager with a loss-making underwriting business alongside?
Acquisition costs at Lloyd’s inched up in 2019 despite the market’s focus on reducing them, which comes against a backdrop of observers complaining the current costs of placing business are unsustainable.
The former chief executive of Lloyd’s Inga Beale was paid £405,000 in 2019 by the Corporation despite walking away from the top role in October 2018.
London-listed Beazley and reinsurance giant Hannover Re are both trading at a significant premium to year-end book value following the rebound in global equities that swept European markets last week.
While the economy remains in a state of flux over the coronavirus, Pool Re CEO Julian Enoizi outlines the ways governments could emulate the HM Treasury’s unlimited support of the UK’s terrorism pool to create insurance markets for risks that are currently commercially unviable…
Lloyd’s will take a 40 percent stake in the London market’s electronic placing platform (PPL) as it commits to building a complex risk platform infrastructure as one of its key 2020 priorities in CEO John Neal’s “Future at Lloyd’s” transformation programme.
A Lloyd’s intermediary backed by US retail broker Heffernan Group is closing in on a deal to acquire London market broker Prospect Insurance Brokers (PIB), The Insurer can reveal.
Convex has provided £10mn ($12.9mn) of capacity to MGA and Lloyd’s coverholder Brockwell Capital’s transactional solutions book, taking total overall capacity for the portfolio to £46mn ($59.3mn).
Lloyd’s insurer Ark will shortly apply for a Lloyd’s pre-emption to accommodate a well-regarded D&F property team and give the managing agency headroom to absorb the continuing rate increases in the class.
Ascot has hired Antonio Bellanca and three of his former Neon underwriting colleagues to strengthen its capabilities in the non-US international professional indemnity market.
London & International Insurance Brokers’ Association (LIIBA) has named Richard Dudley, CEO of Aon’s UK Global Broking Centre, as its latest chair, succeeding Roy White of Marsh who served a two-year term.
Lloyd’s outgoing performance management director Jon Hancock is to extend his notice period by two months as the Corporation responds to the escalating coronavirus crisis.