Lloyd’s of London news

London market insurance and reinsurance players need to be able to attract and efficiently deploy third-party capital, if they are to take advantage of the growth opportunities available to them, rating agency AM Best has said.

In an interview with the Financial Times today, Lloyd’s of London CEO John Neal forecasts significant growth for the global insurance and reinsurance market, with the perception of risk set to drive a potential doubling in spend in a decade.

The Lloyd’s insurance and reinsurance market has delivered underwriting profitability for 2022, with its preliminary results signalling strong growth and a 91.9% combined ratio for the year.

Hiscox has announced the launch of a new environmental, social and goverance (ESG) focused underwriting syndicate at Lloyd’s, for which it will look to partner with third-party capital partners in time.

The Lloyd’s insurance and reinsurance market could report its lowest combined ratio since 2014, according to a forecast from Insurance Capital Markets Research.

Global reinsurance company Ariel Re continues to seek new and efficient ways to enhance its capital-base, with the latest example a $270 million raise to support 2023 expansion, $170 million of which is channelled via Lloyd’s London Bridge 2 PCC insurance-linked securities (ILS) structure.

For those able to navigate the complexity inherent in the Lloyd’s insurance and reinsurance market, the conditions for investing there are looking increasingly favourable, according to Dirk Lohmann, Chairman, and Peter Brown, ILS Originator and Structurer, Schroders Capital ILS.

From January 1st 2023, specialty insurance and reinsurance underwriter Beazley’s Smart Tracker special purpose arrangement (SPA) syndicate 5623 will now become a full market-facing syndicate at Lloyd’s.

The Lloyd’s insurance and reinsurance marketplace is ready to support its participants response to the opportunity presented by rising rates in property and catastrophe business and the market may support updated business plans that seek to capitalise on this, Chief of Markets Patrick Tiernan suggested today.

London headquartered insurance and reinsurance marketplace Lloyd’s has hired Adrian Gfeller, the former Managing Director of ILS fund backed syndicate Arcus 1856, as a Senior Manager in its Portfolio Analytics function.