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2017: Lloyd’s annus horribilis

Lloyd’s 2017 headline result was the worst since 2001. But dig beyond the numbers and the picture is arguably even worse. As we demonstrate, Lloyd’s would have made an underlying loss with an attritional combined ratio of 102 percent even without a single catastrophe. This is a serious problem for a market already on a negative outlook. Re-Insurance.com provides a full analysis of the Lloyd’s numbers…

Wed 21 Mar 2018

Beale walks away with £1.3mn as Lloyd’s sinks to loss

News

Results

Beale walks away with £1.3mn as Lloyd’s sinks to loss

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.

Wed 21 Mar 2018

China puts former banking head in charge of new joint regulator

News

Legal/ Regulatory

China puts former banking head in charge of new joint regulator

Former head of the China Banking Regulatory Commission (CBRC) Guo Shuqing has been named the new chief of a joint insurance and banking regulator as the country looks to crackdown on risky financial practices.

Wed 21 Mar 2018

News

‘Strong interest’ for Lloyd’s ILS: Parry

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.

Wed 21 Mar 2018

Analysis

Results

Cat losses force Lloyd’s reckoning

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.

Wed 21 Mar 2018

News

Brexit

Brexit uncertainty drives AM Best negative outlook on UK insurance sector

On the day that Lloyd’s of London posted its worst result since 2001, AM Best went negative on the UK non-life sector citing a difficult operating environment caused by competitive market conditions and Brexit uncertainty.

Wed 21 Mar 2018

Lloyd’s attritional losses creep in 2017

News

Results

Lloyd’s attritional losses creep in 2017

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.

Wed 21 Mar 2018

Lloyd’s expense ratio barely changed despite modernisation agenda

News

Results

Lloyd’s expense ratio barely changed despite modernisation agenda

Lloyd’s continued to battle with an “unsustainable” expense ratio in 2017 despite numerous modernisation initiatives being pushed by those on the Corporation’s top floor.

Wed 21 Mar 2018

Lloyd’s market swings to heavy £2bn loss for 2017

News

Casualty Reinsurance

Lloyd’s market swings to heavy £2bn loss for 2017

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.

Wed 21 Mar 2018

Lloyd’s warns of financial penalties for failure to comply with PPL mandate

News

Market Modernisation

Lloyd’s warns of financial penalties for failure to comply with PPL mandate

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.

Tue 20 Mar 2018

Capsicum Re partners with Arch for US mortgage reinsurance pilot

News

Results

Capsicum Re partners with Arch for US mortgage reinsurance pilot

Reinsurance intermediary Capsicum Re is to act as broker to Arch’s new mortgage subsidiary, Arch MRT, on a credit risk programme.

Tue 20 Mar 2018

Aon Benfield hires Meyenhofer as Bermuda chief

News

People Moves

Aon Benfield hires Meyenhofer as Bermuda chief

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.

Tue 20 Mar 2018

Ping An’s P&C premiums surge over 12% to $32bn in 2017

News

Results

Ping An’s P&C premiums surge over 12% to $32bn in 2017

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.

Tue 20 Mar 2018

News

Legal/ Regulatory

UK Government tables Ogden rate reforms

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.

Tue 20 Mar 2018

Liberty expands terrorism business into Europe

News

People Moves

Liberty expands terrorism business into Europe

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.

Tue 20 Mar 2018

UPDATE: Aspen shares outperform market as M&A speculation mounts

News

Results

UPDATE: Aspen shares outperform market as M&A speculation mounts

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.

Mon 19 Mar 2018