Lloyd’s of London news

Highlighting achievements from 2024 when $1.92 billion of capital was deployed through the Lloyd’s insurance-linked securities (ILS) structure, Deputy CFO Alexandra Cliff said today that the pipeline for the London Bridge platform remains healthy.

Nephila Capital’s specialty lines focused Syndicate 2358 at Lloyd’s continued to expand its operations in 2024, underwriting an impressive 84% more in gross premiums over the year, although its results were hit by losses due to the Baltimore Francis Scott Key Bridge collapse.

In reporting its full-year results for 2024 this morning, the Lloyd’s insurance and reinsurance market delivered positive returns across both underwriting and investments, while despite a more than doubling of the major claims ratio during the year, still saw the underlying combined ratio come down.

The Lloyd’s insurance and reinsurance market has announced a $2.3 billion net loss estimate for the Los Angeles wildfires, as the market reports another solid year of underwriting profit and premium growth.

At the January 2025 reinsurance renewals, AIG improved the terms of its aggregate catastrophe reinsurance protection, lowering the deductible in North America, CEO Peter Zaffino has said, while he also explained that the recent third-party capitalised syndicate launch is expected to drive fee income for the company.

Lloyd’s of London CFO Burkhard Keese is to depart the market to focus on investment roles in the German insurance sector, but he is set to remain a strategic advisor with a focus on developing the risk transfer vehicle London Bridge 2.

Argenta Private Capital Limited (APCL) and Helios Underwriting PLC have launched a 2025 round of Starter Homes investment vehicles, that offer a capital efficient way for investors to access the returns of the Lloyd’s insurance and reinsurance market.

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.