Managing general underwriter (MGU) Victor Insurance Holdings has received approval from Lloyd’s to establish Victor Syndicate 2288 and commence underwriting from January 1, 2020. Victor Syndicate 2288 will launch at Lloyd’s with a stamp capacity of £57 million, supporting a business plan of US $100 million. Jill Frances has been named as Active Underwriter for… Continue reading Victor Sets Up Lloyd’s Syndicate 2288, Names Active Underwriter
Tag: Lloyds of London
Lloyd’s Launches New Space Risk Product and New Analysis of the Space Sector
Lloyd’s has, today, launched a new multi-million-pound space insurance policy for the emerging private spaceflight industry. The product is designed to cater to the distinct needs of a rapidly growing new space sector, which, according to Lloyd’s, could be the driving force behind a tripling in size of the global space market by 2040. The… Continue reading Lloyd’s Launches New Space Risk Product and New Analysis of the Space Sector
Fitch Revises London Market Outlook to Stable, Cites Pricing & Lloyd’s
Fitch Ratings has revised its 2020 outlook for the London market to stable from negative amid the improved pricing landscape and the market-wide profitability review initiated by Lloyd’s of London. Overall, there is an improved pricing environment in the London marketplace, which Fitch expects to result in better underwriting results going forward. The improved price… Continue reading Fitch Revises London Market Outlook to Stable, Cites Pricing & Lloyd’s
Lloyd’s Campaign Urges Market to Speak Up Against Unacceptable Behavior
Today Lloyd’s launched a campaign to encourage more people to speak up against unacceptable behavior as part of a programme of measures put in place to address the findings of Lloyd’s Annual Cultural Survey (published 24 September 2019) and accelerate progress towards a culture of integrity, respect and inclusion across the Lloyd’s market. The campaign… Continue reading Lloyd’s Campaign Urges Market to Speak Up Against Unacceptable Behavior
Lloyd’s of London Shakes Up Governance with Single Board
Lloyd’s of London will simplify its governance structure by merging its two existing boards into one, it said on Friday, as the 330-year old insurance market attempts to modernise in order to fend off competition from cheaper rivals. Lloyd’s, which has 99 syndicate members offering insurance in specialist areas from ships to sculptures and conducts… Continue reading Lloyd’s of London Shakes Up Governance with Single Board
Lloyd’s Announces Signature Actions to Drive Cultural Change
Lloyd’s today announced a series of signature actions designed to make the Lloyd’s market a place where everyone can feel safe, valued and respected. These actions are Lloyd’s response to the findings* of the largest culture survey ever conducted in the insurance sector. The survey was commissioned by Lloyd’s in the wake of reports of… Continue reading Lloyd’s Announces Signature Actions to Drive Cultural Change
Lloyd’s Expects ‘Sobering’ Culture Assessment
Lloyd’s of London expects “sobering” results from a survey of the workplace culture at its member firms, the insurance market’s chairman said on Wednesday as a rise in investment income drove a four-fold profit rise. In May the 330-year old market asked the Banking Standards Board to survey its 45,000 participants on issues such as… Continue reading Lloyd’s Expects ‘Sobering’ Culture Assessment
Moody’s See Positives in Lloyd’s of London Turnaround But Wary of Risk
Moody’s Investor Service said Tuesday that Lloyd’s of London’s turnaround plans are credit positive but carry risk. Lloyd’s is looking to return to profit following two consecutive years of market losses of GBP1.00 billion in 2018 and GBP2.00 billion in 2017. The insurance market is looking to cut costs and modernise its processes. Moody’s said… Continue reading Moody’s See Positives in Lloyd’s of London Turnaround But Wary of Risk
Great Brexit Insurance Migration Shifts $75 Billion from London
London’s outsized role in the global insurance industry is being whittled down by Brexit. As much as 61 billion pounds ($75 billion) of business is shifting to rival financial centers in the European Union as a consequence of Britain’s vote to leave the bloc. And it’s happening regardless of the divorce terms. The EU’s insurance… Continue reading Great Brexit Insurance Migration Shifts $75 Billion from London
Lloyd’s of London Meets Second-Quarter Electronic Trading Target
Lloyd’s of London met a second-quarter target to complete at least half of its insurance under-writing deals electronically, as part of efforts to modernize operations and save costs. The specialist Lloyd’s market insures everything from hurricane damage to soccer stars’ legs, but has been buffeted by two years of steep losses due to natural catastrophes.… Continue reading Lloyd’s of London Meets Second-Quarter Electronic Trading Target