Lloyd’s of London news

A new venture seeks to create an efficient investment access point to the returns of the best-performing Lloyd’s of London syndicates, with start-up Solasta Innovation putting together an experienced team and planning to leverage the London Bridge 2 PCC insurance-linked securities (ILS) structure to channel investor funds to underwriters.

Having first secured an innovative cover with capital markets backing for its Central Fund back in 2021, the Lloyd’s market has renewed this in 2024 and this time the protection will run for a five-year term, while a chunk is again collateralised by a major investment bank.

Broking giant Aon has announced the hire of Ed Thomas as its new Head of Lloyd’s Capital, with the new addition bringing experience gained in the development of the London Bridge insurance-linked securities structures specific to the Lloyd’s marketplace.

NormanMax Insurance Holdings, the US based parametric insurance and reinsurance group launched by former Universal founder and CEO Bradley Meier, has begun offering a parametric retrocession product that is underwritten via its recently launched Lloyd’s syndicate.

In a move signalling acceptance of alternative sources of risk and reinsurance capital in the market, the Lloyd’s Market Association (LMA) has named to its Board Adam Beatty, Chief Executive Officer of Nephila Syndicate, the Lloyd’s operation of ILS manager Nephila Capital.

Lockton Re, the reinsurance arm of the independent broking group, is striking out with a target to become an arranger and facilitator of capital access to the Lloyd’s marketplace, with the hire of well-known executive James Mackay as its first Head of Lloyd’s Capital.

Ambac Financial Group, Inc., an NYSE listed insurance holding company, has entered into a definitive agreement to acquire a 60% controlling stake in Beat Capital Partners Limited, the London-based long duration re/insurance investor, underwriter and MGA incubation platform.

NormanMax Insurance Holdings, the US based parametric insurance and reinsurance group launched by former Universal founder and CEO and parametric MGA New Paradigm co-founder, Bradley Meier, has now been approved for and launched its dedicated parametric syndicate 3939 at Lloyd’s.

Broking giant Aon has announced the hiring of Will Allen, formerly of investment bank KBW and one of the co-founders of London Innovation Underwriters, to its Reinsurance Capital Advisory team where part of his role will involve raising capital to support Funds at Lloyd’s (FAL) and London Bridge ILS structures.

Fidelis Syndicate 3123 at Lloyd’s is being launched with the support of third-party private capital sourced via Hampden Agencies and the initiative marks the first entry into the Lloyd’s market for MGU the Fidelis Partnership and CEO Richard Brindle’s return to the Lloyd’s market after 26 years.