Hints and tips:
...The new syndicate was announced on the day of its full-year results, which confirmed its best underwriting performance since 2007....
...This month’s £242mn purchase of the Probitas syndicate will allow it to tap into what it said were the many brokers that prefer to place business via the Lloyd’s 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 deal with Ping An, struck on Friday, gives Lloyd’s — an insurance marketplace where brokers come to find coverage for a variety of commercial risks from individual syndicates — the further option to...
...The Australian insurer QBE said on Friday it had also left the climate club, after joining in February 2022....
...Hiscox chair takes plunge on results day Lloyds syndicate insurer Hiscox is benefiting from a grisly but favourable commercial environment....
...That structure, managed by specialist fund administrator Horseshoe, promises investors exposure to a syndicate’s investment and underwriting returns, or losses, but exempts them from corporation tax and...
...Filings show that syndicates within the market insured the pipeline as recently as 2020....
...Emma Woolley, chief executive of insurer Lancashire’s business in Lloyd’s, is among those warning against the dangers of losing the value that the underwriting room holds....
...Lloyd’s ultimately has the power to kick out syndicates, but describes this as a last resort. Neal said he expected a new business plan will be agreed in all but a “handful” of cases....
...In June, CFC launched a new insurance syndicate backed by its capital and that of third-party investors, a large part of which is going towards insuring cyber risks....
...Insurers listed on an unredacted 2020 certificate include familiar names, such as AIG, Chubb, and syndicates from the Lloyd’s of London specialist market....
...Masks are required in all public areas except at the underwriting boxes, the desks where syndicates cut deals face to face, which have been wrapped in Perspex screens....
...The syndicates that make up the Lloyd’s market have faced mounting payouts for business interruption, event cancellation and other claims arising from the coronavirus crisis....
...Then came the pandemic-driven closure of the underwriting room. Now there is Ki, the first fully digital Lloyd’s syndicate, which has raised $500m from investors including Blackstone....
...Its existing Lloyd’s syndicate, run by its Talbot Underwriting unit, generated $950m of premiums last year....
...Lloyd’s autonomy gives it scope to reshape global insurance. More immediately, its bosses are pushing syndicates to drop unprofitable business, which could eventually boost reported figures....
...He was chief executive of QBE between 2012 and 2017, following stints as chief underwriting officer and chief operating officer of the company’s European business....
...Mr Neal, who used to run Australia-based insurer QBE, sympathises with their view. “The reality is you can’t have a client spending £100 on a policy and have £40 of that being absorbed in cost.”...
...Mr Neal, an avid rugby fan, according to people who know him, said he would lead Lloyd’s “with the same excitement I felt when I first stepped into the underwriting room back in 1985”....
...One route is to permit more Lloyd’s insurance to be funded with insurance-linked securities and catastrophe bonds, rather than all of it being held by syndicates....
...Compounding the competitive threat is the fact that it is the big insurers themselves that now control Lloyd’s underwriting syndicates, now that institutional capital has replaced the traditional “Names”...
...Mr Carnegie-Brown said that Lloyd’s was taking action to improve underwriting at the insurance syndicates that operate in the market....
...The Lloyd’s ban was driven by the NYDFS investigation into Carry Guard, rather than by any wider move to apply ethical principles to its syndicates’ underwriting....
...of the syndicates....
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