Independent Lloyd’s managing agency Apollo Syndicate Management Ltd (Apollo) has received “in principle” approval to launch a £130mn SPA Syndicate 1971 to operate alongside its existing Syndicate 1969.
The expectation is growing that Syndicates trading in 2019 will do so with higher capital requirements compared to this year and in many cases with reduced top-lines.
Despite the third quarter’s flurry of US and Asia cat events and the heavy Europeans storms earlier this year, cat reinsurers at Baden-Baden remain privately pessimistic about the prospect of 2019 seeing an uptick in rates.
Scandinavian marine insurer Skuld has had its Lloyd’s business plan approved for next year, Re-Insurance understands.
Top-ten Lloyd’s insurer Canopius will cut gross premiums by £80mn for its flagship Syndicate 4444 for 2019 as further evidence of the Corporation’s determination to de-leverage the market after the decline in overall performance levels in recent years.
Lloyd’s motor syndicate ERS has received a capital loading for next year in a further demonstration of the Corporation’s “get tough” approach after the recent decline in the market’s results.
Lloyd’s of London will continue to ‘honour’ its commitments to policyholders and has pledged to continue to pay claims as the prospect of a “no deal” Brexit becomes greater.
In her last week as CEO of Lloyd’s of London, Inga Beale has revealed the Corporation is “accelerating” its plans for its new Belgian European subsidiary as it fears the prospect of a “no deal” is becoming greater.
Lloyd’s has confirmed that former QBE boss John Neal will replace outgoing CEO Inga Beale, as first revealed by re-Insurance.com yesterday.
The former QBE CEO John Neal has formally begun his new role as the CEO of the Corporation of Lloyd’s today with a welcome from the man who ultimately selected him, chairman Bruce Carnegie-Brown.
Axis Re, the reinsurance arm of Axis Capital, has named Ann Haugh as president of its global markets division.
Lloyd’s insurer Antares has appointed the former CNA Hardy head of specialty John Taylor to lead its specialty business.
Broking house SSL Endeavour has made two appointments to its property team.