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...Names were the historical basis of the Lloyd’s market, but also at the centre of one of its biggest controversies....
...But at a private event last month, one executive at the corporation that oversees the market told underwriters that it has not yet seen clear evidence that a warming climate is a major driver in claims costs...
...Lloyd’s has also made progress in reviving face-to-face trading. The work-from-home trend made for a listless atmosphere at its City headquarters....
...The goal is to automate the collating of data from brokers, actuaries and other internal and external sources and use analytics to help the underwriter decide whether to offer insurance and at what price...
...Probitas’s Lloyd’s underwriting syndicate has increased its annual premiums by a fifth every year since 2019, taking in £288mn in 2023....
...Lloyd’s of London has agreed with its landlord Ping An to stay at its One Lime Street headquarters until at least 2035, in a mark of commitment to in-person trading at the heart of the City’s insurance district...
...In a statement, Lloyd’s welcomed the discussions, saying state-backed cyber attacks were at such a scale that “insurance and tech industries will need to work in partnership with governments to address these...
...At the time, a senior Lloyd’s executive said the move was “responsible” and preferable to waiting until “after everything has gone wrong.”...
...At the time, the company said this did not reflect investor sentiment but the difficulty of getting a significant amount of money into Lloyd’s syndicates in time for the next underwriting cycle....
...The underwriters will need to allocate €907mn of stock....
...As long as a reputable bank handles the formalities, they don’t care who the underwriters are....
...Automation has crept into the so-called “follow” market at Lloyd’s, which is when insurers take a later tranche of the risk on a particular policy....
...Research analysts at the syndicate banks had also published reports and met hundreds of investors before the IPO roadshow. So everyone had visibility on buyer interest....
...And the lower the price at which Goldman buys shares, the greater the stabilisation profit, because the syndicate had sold shares “short” at $46....
...Joshua Motta, chief executive at San Francisco-based cyber insurer Coalition, and a former CIA analyst, said the Lloyd’s scenario “doesn’t fully consider the intricacies of computer network operations and...
...The purchase of Five Churchill Place was initially financed with at least £196mn in debt, roughly 70 per cent of the value of the building at the time, with a tranche provided by Lloyds Banking Group....
...The price of oil could jump “at least” $10-$15 for Brent crude if all shipments from the Middle East to Europe avoided the Red Sea and travelled around Africa, said Henning Gloystein, a director at consultancy...
...The norm is for syndicate desks at the lead banks to brief the market orally that the transaction is “multiple times covered” or “oversubscribed”....
...Neil Roberts, head of marine & aviation at the Lloyd’s Market Association — a trade association which represents underwriters across the specialist market — highlighted a “growing grey fleet that operates...
...Craig Coben is a former global head of equity capital markets at Bank of America and now a managing director at Seda Experts, an expert witness firm specialising in financial services. Rejection!...
...insurance policies at the underwriter’s desk, or “boxes” as they are traditionally called....
...There were a “number of teams of underwriters” that were developing add-on policies that could cover state-backed attacks, it added....
...The syndicate also included UBS, Goldman Sachs, RBC and KKR’s own capital markets arm. Missing from the list: a number of the largest banks, including BofA, Citi and Barclays....
...The FCA has a fit-and-proper test for employees and senior managers at financial firms, but do they have one for underwriters and advisers?...
...The writer is a senior analyst at Lloyd’s List Intelligence The effectiveness of the G7 price cap on Russian oil stumbled at the first hurdle when prices rallied from July....
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