Lloyd’s of London news

The Lloyd’s insurance and reinsurance market has reported that its London Bridge risk transformation and insurance-linked securities (ILS) platform has now seen $1.92 billion of capital deployed through its cells, with $2.55 billion of capital committed.

Polo Insurance Managers (PIM), an independent, licensed insurance manager within the PoloWorks group, has launched Clockwork Re, a newly established Category 4 Commercial General Reinsurer backed by third-party capital and with a collateralised business remit, based in Guernsey. 

Chief Executive Officer (CEO) John Neal is to depart from the Lloyd’s market to join broking giant Aon as its new Global CEO of Reinsurance and Global Chairman of Climate Solutions.

AIG has announced the launch of Syndicate 2478 at Lloyd’s, which is set to be a multi-year participant on its outwards reinsurance program and is supported by third-party capital from funds under Blackstone management, channelled through the London Bridge 2 PCC structure.

Aon has announced a renewal and an expansion of its long-standing Client Treaty facility for the London and Lloyd’s market, which will now offer 28.5% of co-insurance capacity for qualifying placements.

The Lloyd’s insurance and reinsurance market is expecting losses from hurricanes Helene and Milton to fall within a $1.8 billion to $3.4 billion range, but speaking today Patrick Tiernan, Chief of Markets, said he expects it will trend towards the lower end.

New global reinsurance start-up Oak Reinsurance (OAK Re) has been approved to begin underwriting in the Lloyd’s market through its Syndicate 2843 from 1/1 2025 and is launching with private equity backing from Bain Capital and private capital support from Hampden Agencies.

Lloyd’s has announced the launch of a new disaster resilience vehicle working with the United Nations Capital Development Fund (UNCDF), with the global reinsurance market expected to be tapped to support the delivery of a parametric disaster insurance product for Small Island Developing States (SIDS) in the Pacific.

While it is deemed that “the advantages of Lloyd’s as an investment destination remain strong,” a new report from broker Aon and the Lloyd’s Market Association (LMA) concludes that a lighter touch and less complex access point for investors could serve to boost the attractiveness of Lloyd’s for alternative allocators.

Investor sentiment for accessing the specialist Lloyd’s insurance and reinsurance marketplace is very strong as scepticism around the market following some turbulent years has eased on the back of impressive results, according to executives at Argenta Private Capital Limited (APCL).