Lloyd’s of London news

A number of syndicates operating at Lloyd’s have stepped up at the renewals of Florida catastrophe reinsurance to increase their share of program layers and ramp up line sizes, all at a time when the Corporation itself is maintaining a focus on minimising or moderating cat exposure across its marketplace members.

You wouldn’t try to revolutionise an industry, a business model, or dramatically change its strategy, without including an element, participant, or driver that is one of the fastest growing parts of that industry, model or strategy. Would you?

The Lloyd’s of London market needs to “reset the way in which insurance and reinsurance is transacted globally” according to its Chief Executive John Neal, who suggested yesterday that the way Lloyd’s has engaged with new capital is just one of its failings.

Arcus Syndicate 1856 at Lloyd’s, which is backed by third-party funds under the management of the Credit Suisse insurance and reinsurance linked investment strategies team, has hired Nick James from Markel to become its underwriting manager for North America property treaty reinsurance.

Lloyd’s of London has published a vision of insurance-linked securities (ILS) investments being made available through a digital system where investors can specify their own risk, return and other requirements.

Lloyd’s of London, the world’s oldest and most traditional marketplace for insurance and reinsurance underwriting, has promised six key changes in its new strategic direction, one of which is allowing flexible capital access to a diverse set of risks written in the market.

The Lloyd’s of London insurance and reinsurance market is set to be a focus in the coming days, with a new strategy and reform agenda set to be revealed in the awaited “Prospectus” that’s due to be published next week.

The subject of reforming the Lloyd’s insurance and reinsurance market, including ideas on modernisation, capital, costs and more, is being treated with more urgency than ever before, as its underwriting remains “structurally unprofitable” analysts say.

Arcus Syndicate 1856 at Lloyd’s, which is backed by third-party funds under the management of the Credit Suisse insurance and reinsurance linked investment strategies team, grew its gross premiums written by an impressive 58% in 2018.

The Lloyd’s insurance and reinsurance market can “nurture” alternative sources of capital, CFO John Parry just explained in a press briefing, as the world’s oldest risk market looks to take a more open-minded approach to helping investors access its underwriters returns.