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...He hailed a recovery in the unit, which posted an underwriting profit in 2022 for the first time since its takeover of the group....
...The new syndicate was announced on the day of its full-year results, which confirmed its best underwriting performance since 2007....
...A listing by Aspen in New York, rather than on the London Stock Exchange alongside competitors such as Beazley, would be a fresh blow to the UK market....
...Lloyd’s of London insurer Beazley has launched the first cyber catastrophe bond, opening up one of the fastest-growing areas of the underwriting industry to investors as companies and governments seek to...
...The move has already caused ructions among direct insurers, contributing to the decisions of insurers such as State Farm to stop underwriting new home cover in California....
...The banks underwriting Arm’s $50bn listing will close orders for shares a day earlier than planned due to strong demand for the biggest initial public offering in nearly two years....
...Its underwriting profit reached £5.9bn, up from £2.6bn....
...“Models aren’t perfect,” said Troy Dehmann, chief operating officer of Lloyd’s insurer Beazley, which has a partnership with Cytora to automate key tasks....
...Hiscox has created an artificial intelligence model in collaboration with Google that can automate the core underwriting process for specialist risks, hailing it as a first for London’s insurance market....
...Probitas’s Lloyd’s underwriting syndicate has increased its annual premiums by a fifth every year since 2019, taking in £288mn in 2023....
...The rating agency recently upgraded its credit rating on an improved underwriting performance and a stronger balance sheet. Lloyd’s has also made progress in reviving face-to-face trading....
...Beazley, the Lloyd’s of London specialist insurer, is also unwilling to provide any cover. The banks and Beazley declined to comment....
...IAG was one of the main insurers behind $10bn of cover arranged for Greensill through Bond & Credit Co, an underwriting agency the Australian insurer owned a 50 per cent stake in before selling it to Tokio...
...Many in the industry speculated about a contraction of underwriting capacity. Already several insurance providers have quit the market....
...Lloyd’s chair Bruce Carnegie-Brown said the deal underlined the importance of face-to-face trading to the market, saying the underwriting room — a web of underwriters’ desks around the famous Lutine Bell...
...Alibaba, which raised $25bn in the largest-ever US listing in 2014, spent just over half as much as Arm, with $46mn in non-underwriting fees....
...This documents underwriting details relating to over 60 voyages, including the direction and fate of the ships....
...This is driving up insurers’ underwriting risks, lowering returns on equity....
...It said its initial estimate for losses from Hurricane Ian, which hit Florida in late September, was $120mn net of reinsurance, but reiterated its underwriting profit guidance for the full year....
...Greensill had arranged trade credit insurance through Bond & Credit Co — the underwriting agency in which IAG formerly had a 50 per cent stake — to cover contracts in case of default....
...Chief executive Aki Hussain pointed to “disciplined underwriting and favourable market conditions” as the reasons behind the company’s performance....
...Underwriting profits more than doubled from £1.2bn to £2.5bn as insurance and reinsurance prices rose by 9 per cent across the market and customers bought more cover....
...The banks underwriting the listing closed orders for shares on Tuesday, a day earlier than planned. Goldman Sachs, JPMorgan and BofA Securities are among a 28-strong army of banks selling the Arm IPO....
...The bank has taken lead underwriting roles in recent listings including Arm, Instacart, Klaviyo and Birkenstock (though the latter showed us the IPO market still isn’t fully back in fashion) as Solomon looks...
...It was backed by a handful of insurers including Lloyd’s of London firms Beazley and Hiscox....
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