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ERS takes over backing of Arcus 1856 syndicate from Credit Suisse ILS

Lloyd's based specialist motor insurer ERS will now back the Arcus 1856 syndicate at Lloyd's, taking over the operation from the Credit Suisse Insurance-Linked Strategies (ILS) team. It's understood that Credit Suisse ILS had been looking for a buyer, or someone to step in and take over the Lloyd's syndicates backing, read the full article →

Lloyd’s expects rate to be primary driver of 2021 growth

The Lloyd's insurance and reinsurance market is expecting hardening market conditions to enable its syndicates to grow largely through achieving better rates, with many not expected to assume greater exposures according to plans, CEO John Neal said today. In a sign of the continued underwriters market, this suggests that prudent players read the full article →

Beazley to use reinsurance to manage 2021 mid-teens growth target

Beazley, the Lloyd’s market focused specialist insurance and reinsurance underwriter, has had its business plan approved for 2021 by Lloyd's and is targeting mid-teens growth. The company is planning to grow across much of its book, including more volatile lines of business, but noted today that it will user reinsurance to read the full article →

Lloyd’s expects ILS iSPV to be ready for use by year-end

The Lloyd’s insurance and reinsurance market hopes to have a new access point for third-party and alternative capital providers, including insurance-linked securities (ILS) investors, ready for the end of the year. In announcing the next phase of its market modernisation and reform plans, the Blueprint Two, Lloyd's revealed that it hopes read the full article →

Helios targets insurance specialist investors to back growth at Lloyd’s

Helios Underwriting is set to raise new capital to help it capitalise on firming insurance and reinsurance pricing in the Lloyd's marketplace, with insurance specialist institutional investors a key target for the company. Helios' CEO Nigel Hanbury told us recently that the time is right for growth at Lloyd's and that, read the full article →

Lloyd’s ILS offering “different to Bermuda but complimentary” – Neal

John Neal, CEO of Lloyd’s of London, explained that the insurance-linked securities (ILS) offering being developed for the market will be "different to Bermuda, but complimentary," as he acknowledged Lloyd's was slow to embrace the ILS opportunity. Speaking during a virtual fireside chat with Dominic Christian, Global Chairman, Reinsurance Solutions at read the full article →

Beazley should buy more reinsurance to protect its shareholders: Jefferies

Analysts from Jefferies said they would advise specialty insurance and reinsurance firm Beazley to look to securing additional reinsurance capital, over other funding sources such as another equity raise, after the firm reported escalating losses and given the active levels of catastrophe loss activity seen. Beazley recently reported a doubling of read the full article →

Beazley raises Covid-19 loss estimate to $340m on event cancellation

Beazley, the specialist Lloyd’s focused insurance and reinsurance underwriting business, has increased its estimate of the cost of Covid-19 claims for its first party business by 100% to $340 million, net of reinsurance, in light of the evolving status of the pandemic crisis. Back in April, Beazley revealed an expected Covid-19 read the full article →

Lloyd’s won’t be a capital free-for-all. iSPV plan approved at Council

The Lloyd's insurance and reinsurance market won't be a free-for-all for capital once new ILS plans are in place, rather it hopes to level the playing field for different types of investors to access returns from the market. Speaking just now during a media briefing, Lloyd's CEO John Neal said that read the full article →

Lloyd’s expects to pay $6.5bn of COVID-19 claims

Lloyd's of London expects that it and its members will pay around $6.5 billion of gross claims from the COVID-19 pandemic, with around 40% of the total expected to be covered by reinsurance. Lloyd's had previously forecast that it expected its own portion of the non-life insurance market claims is expected read the full article →