Lloyd’s issues recruitment scam alert
by Gill Montia
Story link: Lloyd’s issues recruitment scam alert
Lloyd’s of London has issued a warning over a recruitment scam which offers “fictitious” employment opportunities with Lloyd’s and asks victims to send their personal details and / or monies. A statement from Lloyd’s makes clear that: Lloyd’s will never ask for a fee to process any recruitment applications. Presently, Lloyd’s offers no relocation package. [...]
Lloyd’s alerts businesses to space weather threats
by Gill Montia
Story link: Lloyd’s alerts businesses to space weather threats
Lloyd’s of London is warning of potential problems with aircraft communication and navigational systems; malfunctioning satellites and GPS systems; and the potential shutdown of power grids, over the next few years, on account of an “increasingly turbulent” space weather forecast. Space weather is a term used to describe various disturbances that occur in near-Earth space, [...]
Lloyd’s financial strength rating affirmed
by Gill Montia
Story link: Lloyd’s financial strength rating affirmed
A.M. Best Co has affirmed the financial strength rating of A (Excellent) and issuer credit ratings of “a+” for Lloyd’s of London and Lloyd’s Reinsurance Company (China) Limited. The credit rating agency also expects the London market to maintain its strong capitalisation “despite anticipated deterioration in performance during the current more challenging phase in the [...]
Plum puts growth plans into effect
by Gill Montia
Story link: Plum puts growth plans into effect
Plum Underwriting has announced a number of changes, as it pursues growth plans spanning the next two years. The non-standard household specialist, which was formed in 2002, has relocated its main contact point for open market brokers from Haywards Heath to its London headquarters. The move will help streamline operations and provide better access to [...]
Capita secures Lloyd’s approval to manage live syndicates
by Gill Montia
Story link: Capita secures Lloyd’s approval to manage live syndicates
Capita Managing Agency (CMA), part of Capita Group, has received approval from Lloyd’s to manage live syndicates. In addition, the firm has been approved to manage a new syndicate that will commence underwriting on June 30th 2010, targeting key territories such as countries in Latin America and the Asia Pacific region. Syndicate 2232 will be [...]
Lloyd’s profit surges almost 40%
by Gill Montia
Story link: Lloyd’s profit surges almost 40%
Lloyd’s of London has reported a jump of almost 40% in half-year profit, despite “turbulent financial markets and challenging insurance conditions”. Robust underwriting results and a modest rebound in investment returns fuelled the surge, allowing the market to post pre-tax earning of £1.32 billion for the first six months of 2009, up from £949 million [...]
Lloyd’s insurers shun hedge funds
by David Masters
Story link: Lloyd’s insurers shun hedge funds
Lloyd’s of London insurers have thumbed their noses at hedge funds and private equity investments, Bloomberg reports. Catlin Group, Brit Insurance, Chaucer and Beazley have withdrawn or issued redemption requests on as much as £434 million of investments after returns fell by more than half. “The premise we and the rest of the world looked [...]
Omega posts drop in profits
by David Masters
Story link: Omega posts drop in profits
Omega Insurance Holdings this week posted a 5.5% drop in first half profits. The Bermuda-based insurer reported net income down to $20.6 million from $21.8 million in the year ago period. The fall in profit came despite a rise in gross premiums written, up 1% from $185.9 million to $187.5 million, and an 1.2 percentage [...]
Sportscover Australia scoops industry award
by David Masters
Story link: Sportscover Australia scoops industry award
Sportscover Australia has scooped the accolade of Underwriting Agency of the Year at this year’s Australia and New Zealand Insurance Industry Award. The specialist sports and leisure underwriting agency was named at the 2009 awards ceremony last week in Sydney, Australia. “Being named as a winner is no ordinary feat,” said Joan Fitzpatrick, awards spokesperson, [...]
Lloyd’s opens Dublin office
by David Masters
Story link: Lloyd’s opens Dublin office
Lloyd’s of London this week opened a Dublin office and expressed its “optimism” for the future of the Irish economy. “The opening of our first permanent office in Dublin marks the beginning of a new and exciting chapter for Lloyd’s in Ireland,” said Lloyd’s chairman Lord Peter Levene. “Despite the undoubted pressures on the Irish [...]
Lloyd’s assesses synthetic biology risks
by Gill Montia
Story link: Lloyd’s assesses synthetic biology risks
A new report from the emerging risk team at Lloyd’s is urging governments, insurers and other interested parties to work together to support the development of synthetic biology. This branch of science can be said to “engineer life”, allowing the formation of organisms with genetic code not found in the natural world. In simple terms, [...]
Piracy off Somalia to “get worse”, warns Lloyd’s
by David Masters
Story link: Piracy off Somalia to “get worse”, warns Lloyd’s
Pirate attacks off the coast of Somalia on the rise and could cause a significant increase in the price of shipped goods, according to a new report commissioned by Lloyd’s of London. “(The) piracy risk is likely to get worse before it gets better,” the report said, echoing “serious concerns” over piracy voiced last month [...]
Lloyd’s confirms Jackson exposure
by David Masters
Story link: Lloyd’s confirms Jackson exposure
Lloyd’s of London has confirmed that concert promoters insured Michael Jackson comeback tour with the market, but said losses resulting from Jackson’s death “are not likely to be significant”. Early estimates put Lloyd’s potential exposure from events cancellation insurance at $400 million. However, Lloyd’s said AEG Live, organisers of Jackson’s concert tour, were likely to [...]
SBJ appoints two ex Aon employees
by David Masters
Story link: SBJ appoints two ex Aon employees
Two former Aon/Benfield employees this week joined SBJ Global Risks Limited. Steve Ford and Simon Laycock will form a new binding authority team at the Lloyd’s and international insurance broker. Both Ford and Laycock have over 20 years experience in the London insurance market, with a focus on business from North America and International Non [...]
Brit in merger talks with Chaucer
by David Masters
Story link: Brit in merger talks with Chaucer
UK-based Brit Insurance Holdings confirmed Friday that is in merger talks with Lloyd’s of London insurer Chaucer. Brit said any offer would be on an all-share basis. Chaucer responded with a cautious statement warning that there is “no certainty” an offer will be made. “A further announcement will be made when a conclusion to these [...]
Lloyd’s managing agent acquired by Renaissance Re
by David Masters
Story link: Lloyd’s managing agent acquired by Renaissance Re
RenaissanceRe Holdings has taken a controlling stake in Spectrum Partners and its subsidiary, Spectrum Syndicate Management, a Lloyd’s of London managing agent. Under the terms of the deal, RenaissanceRe has the option to purchase all outstanding shares of Spectrum Partners. Financial details of the merger were not disclosed. In April 2009, RenaissanceRe received approval from [...]
Lloyd’s secures Portuguese establishment licence
by Gill Montia
Story link: Lloyd’s secures Portuguese establishment licence
Lloyd’s of London has been granted an establishment licence in Portugal in a move that will allow Lloyd’s underwriters to appoint coverholders to write establishment business in the region. A branch has already been set up in the country, with Juan Arsuaga appointed as Lloyd’s General Representative, in addition to his post as managing director [...]
Canopius posts record profits for 2008
by David Masters
Story link: Canopius posts record profits for 2008
Lloyd’s underwriter Canopius has reported its results for full year 2008, with increased returns on investments and record profits. The company – one of the biggest privately-owned Lloyd’s underwriting businesses – said the result reflects a solid performance. Investment returns increased £30 million on year, an especially impressive feat considering the general state of financial [...]
Lloyd’s reports stable Q1
by David Masters
Story link: Lloyd’s reports stable Q1
Lloyd’s of London said today that its projections for 2009 remain unchanged despite reporting that its first quarter investments were hit by volatile financial markets. “There have been no events that have resulted in any material changes to our expectations for the full year,” Lloyd’s said in a statement. Despite investments being knocked by the [...]
Lloyd’s of London predicts rising premiums
by David Masters
Story link: Lloyd’s of London predicts rising premiums
Insurance premiums are set to rise this year, Lloyd’s of London said this week. The increases are being driven by higher rates for windstorms, and coverage of airlines and bank executives, as well as declining returns on investments. Richard Ward, Lloyd’s chief executive officer, said: “We’re seeing sort of single-digit price movements at the moment, [...]
