The Lloyd’s market has posted a £2bn ($2.8bn) pre-tax loss for 2017, a severe deterioration from the £2.1bn profit it reported this time last year as the venerable institution’s combined ratio swelled to a hefty 114 percent.
Lloyd’s CEO Inga Beale took home £1.3mn ($1.8mn) in 2017 despite missing out on a potential £200,000 bonus related to the market’s overall profitability.
Lloyd’s is moving forward with its plans of a market catastrophe bond that would add an extra layer of capital security to policyholders, the Corporation’s CFO John Parry has said, confirming previous reports by re-Insurance.com.
The Lloyd’s market was already under strain from attritional losses in 2017 even before the catastrophes of the second half of the year took hold, the market revealed in its annual report.
Aon Benfield has named Matthias Meyenhofer, formerly head of EMEA global clients at its rival Guy Carpenter, as its new CEO of its Bermuda business.
Syndicates that do not meet the usage targets of the Lloyd’s electronic placement platform - PPL - will pay additional fees and may be subject to capital loading.
Reinsurance intermediary Capsicum Re is to act as broker to Arch’s new mortgage subsidiary, Arch MRT, on a credit risk programme.
Chinese insurance giant Ping An saw its property and casualty premiums surge by more than over 12 percent in 2017 as it wrote more than RMB200bn ($31.58bn) of business.
Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance, has expanded the footprint of its terrorism business beyond London by creating a role for a Paris-based terrorism underwriter.
UK Justice Secretary David Gauke is today (20 March) set to introduce the Civil Liability Bill into the House of Lords which features changes to how the Ogden rate is set as well as reforms to whiplash claims.
Shares in Aspen jumped over 4 percent by market close yesterday, drastically outperforming a Facebook-led broad equities sell-off in the latest sign investors are marking the carrier as a favoured acquisition target.
After five years in the hands of private equity house Aquiline, re-insurance.com revealed that Lloyd’s largest motor insurer ERS may shortly be back on the market. But while Lloyd’s insurers remain desirable, it’s sole focus on motor may narrow the list of potential buyers. Who could they be?
The received wisdom on mutuals is that they are sleepy and slow to innovate. Not so at the UK terror pool, where a landmark announcement on providing cover for cyber-terrorism is being followed by what would be a pioneering venture into the ILS market and a proposal for how to ...
Much like in an acrimonious divorce, M&A can often see company bosses lose their baby - the business they’ve built - to a new suitor. But what becomes of those execs after the custody battle?
Lloyd’s has managed to keep itself profitable over the last few years despite the toughest market many can remember- but now that its run of benign luck has come to an end the market needs to come up with longer term solutions.
As interest rates continue to nudge upwards, (re)insurers including Axis, Maiden Holdings, Travelers and XL Capital will be likely long-term beneficiaries, according to research by JMP Securities analyst Matt Carletti.