Lloyd’s/London
Lloyd’s steps up worst-case scenario planning for cyber and geopolitical risks
Lloyd’s is conducting exercises with the aim of better understanding how a major cyber event or adverse geopolitical developments might give rise to losses for the market.
Hiscox’s UK & London Markets’ GWP drops for 2022 but sectors stay profitable
Hiscox’s UK and London Markets businesses both dropped gross written premium in real terms but continued profitability, as the insurer announced the launch of an ESG sub-syndicate.
Hiscox chairman Childs to retire
Hiscox chairman Robert Childs will retire and step down from the insurer’s board later this year, ending a 37-year career at the insurer.
Russian airlines approach Aercap over ‘potential insurance settlements’
Russian airlines have reached out to aircraft leasing giant Aercap over “potential insurance settlements” after over 100 planes were stranded in the country when conflict broke out in Ukraine last year.
Lloyd’s working to address ‘awful’ infrastructure within the London Market
Rich Boyd, head of digital claims at Lloyd’s, has said the marketplace is working on a way to help insurtechs and start-ups to sell into and connect up to London-based underwriters’ tech systems.
War exclusions curb Beazley’s cyber growth
Updated war exclusions slowed down the growth of Beazley's cyber book last year, according to CEO Adrian Cox.
‘Hardly any insurance players put customers at the heart of the product,’ says Beale
Dame Inga Beale has said radical thinking is needed to change insurance, encouraging insurtechs to continue challenging the current way of operating.
‘Father of the house’ of Lloyd’s Michael Meacock passes away
Michael Meacock, active underwriter for Meacock Syndicate 727, has passed away at the age of 85.
Hazards are still stalking the high seas for marine insurers
Analysis: David Worsfold examines how the Russia and Ukraine war has presented marine insurers with several tricky challenges, including insuring ships in the safe-grain corridor, and keeping abreast of the constantly changing sanctions regimes.
Government seeks insurance support for carbon storage projects
Insurers are being encouraged to come up with solutions for carbon capture and storage projects, with both prospective clients and the UK government leaning on the industry for support.
Ascot president replaces retiring Brooks as group CEO
Retiring Andrew Brooks is succeeded by Ascot's group president Jonathan Zaffino as CEO with immediate effect.
View from the Top: Markel’s Nick Line on what insurers need to get right in 2023
Nick Line, chief underwriting officer at Markel International, outlines why serving customers, recruiting talent and embracing new technology are front of mind this year.
PRA stress tests raise concerns about reliance on reinsurers
The Prudential Regulation Authority intends to assess reinsurance risks that could threaten the financial stability of some general insurers later this year.
European Insurance Technology Awards 2022 winner - automation, data, software: Phinsys
Finance and accounting innovator Phinsys has swept up three awards after impressing the judges with a cloud-based offering that’s bringing an overlooked back-end function into the age of automation. Jennifer Bollen investigates.
Fidelis breaks ranks in Aercap lawsuit as insurers clash over defences
Fidelis has been permitted to join a $3.5bn lawsuit brought by the world’s largest aircraft leasing company Aercap as a third defendant, despite objections from fellow insurer AIG.
PRA warns insurers to brace for further inflation woes
The Prudential Regulation Authority has told insurers to factor inflation into their business planning, kick the tires of their approach to risk management and prove they can withstand cyber-attacks in 2023.
Insurance M&A activity slows in second half of 2022
Insurance merger and acquisition deal activity slowed significantly in 2022, hitting the lowest volume since 2019, according to an S&P Global Market Intelligence analysis.
Climate activists deliver festive gifts to Lloyd’s headquarters
As part of action which saw insurers receive ‘good’ and ‘naughty’ gifts reflecting their response to climate change, climate group Mothers Rise Up has today delivered a Christmas stocking full of fake coal outside Lloyd’s of London HQ.
Insurers slammed for insuring 'climate chaos' with UK coal mine
Lloyd's is remaining tight-lipped about who will insure the first UK coal mine approved in decades as campaigners accuse insurers contemplating offering cover for the project of causing "climate chaos."
Lloyd's syndicates may need to revise plans as they grapple with unprecedented circumstances, says Tiernan
Many Lloyd’s syndicates may need to resubmit their business plans for 2023 in the New Year as they grapple with a set of market circumstances that are “without recent precedent”, Lloyd’s chief of markets Patrick Tiernan has said.
Review of the Year 2022: Insurers
Senior figures from the insurance market look back on 2022 and reflect on what 2023 might bring.
Blog: Lloyd's choir tunes up for its gala Christmas concert
Lloyd's Choir is celebrating its centenary over the course of its 2022 to 2023 season. The celebrations will include a gala concert at the Merchant Tailors' Hall, London on 8 December, which will take place 100 years almost to the day after the very…
Zego and QBE expand partnership; Needham takes GWP to £9m; Axa XL appoints head of cyber and Lloyd's
For the record: Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
Offshore wind scale-up presents challenges for underwriters
The accelerating scale-up of global offshore wind projects presents challenges for insurers seeking to stay abreast of supply chains and new technologies, underwriters have said.