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Property lines suffered at Lloyd’s in 2020, but rate momentum expected to persist

Property insurance and reinsurance lines of business suffered at Lloyd's in 2020, with elevated combined ratios reported partly due to the frequency of attritional catastrophe losses, as well as business interruption impacts from COVID-19. While underlying performance appears improved in some areas, it's less clear in the property related lines. Lloyd's property read the full article →

Lloyd’s reports £2.6bn reinsurance recoveries against £6.2bn gross COVID loss

The Lloyd's of London insurance and reinsurance market reported a £0.9bn loss for 2020 after significant impacts from the COVID-19 pandemic dented performance, despite significant reinsurance recoveries. In total, Lloyd's reported an aggregated market loss of £0.9bn for 2020, down from a £2.5bn profit for 2019. Driving performance down was, of course, read the full article →

Lloyd’s ILS structure limited to quota shares, hopes for use by ‘coming into line’

Lloyd’s of London's recently established insurance-linked securities (ILS) structure, the multi Insurance Special Purpose Vehicle (mISPV) named London Bridge Risk PCC Ltd., is for now limited in its use to quota share reinsurance transactions with a Lloyd's member, we can report. The London Bridge Risk PCC Ltd. structure was approved by read the full article →

Helios raises £53.5m for hard market opportunities, majority from ILS investors

Helios Underwriting, the Lloyd’s of London focused investment and underwriting vehicle, secured £53.5 million of new capital through a share issuance, the majority of which has come from insurance-linked securities (ILS) market sources. As we explained yesterday, Helios was targeting a £60 million capital raise, with £40.8 million of the total read the full article →

Helios gets ILS Capital Management & Hudson Structured backing

Helios Underwriting, the Lloyd’s of London focused investment and underwriting vehicle, has secured backing from specialist insurance-linked securities (ILS) and reinsurance investment firms ILS Capital Management and Hudson Structured Capital Management. The two experienced ILS and reinsurance investment managers are between them subscribing for £40.8 million of an up to £60 read the full article →

Nephila delays launch of new specialty Lloyd’s syndicate 2358

Nephila Capital, the largest dedicated manager of insurance-linked securities (ILS) and reinsurance linked investment funds, told us it is delaying the launch of its new specialty line focused Lloyd's syndicate 2358. Sources had told us the launch was likely to slip, as Nephila Capital lined up all of the necessary capital read the full article →

Willis Re hires Michel Büker from PartnerRe as Head of Lloyd’s Capital

Reinsurance broker Willis Re, part of the Willis Towers Watson group, has hired Michel Büker from reinsurer PartnerRe to the newly created role of Head of Lloyd’s Capital, Willis Re Specialty. Büker has been given dual roles at the reinsurance broker, also taking on the position of Head of Production, Customised read the full article →

Beazley targets more third-party capital, as renewal rates rise 15%

Beazley, the Lloyd’s market focused specialist insurance and reinsurance underwriter, fell to a $50.4 million loss for 2020, with a combined ratio of 109%, but targets a more profitable year in 2021 with no additions to its COVID-19 pandemic claims in the fourth-quarter. The company is bullish on the forward-potential for read the full article →

Lloyd’s ILS platform to reduce frictional cost of investor access: Clifford Chance

London Bridge Risk PCC Limited, the newly established insurance-linked securities (ILS) vehicle sponsored by Lloyd's, will "reduce the frictional costs and time" required for ILS investors to access the returns of the insurance and reinsurance market, law firm Clifford Chance has said. London Bridge Risk PCC Limited, is a newly established read the full article →

Lloyd’s must “learn how to walk” before expanding ILS activities: CFO Keese

For Lloyd's, it's important to "learn how to walk" first, as it gets up to speed with the new route for channelling investor funds to members of the market through its now approved multi-arrangement UK Insurance Special Purpose Vehicle (iSPV) before thinking about expanding the structures remit, according to CFO read the full article →