Civil unrest drives demand for political violence cover
by Gill Montia
Story link: Civil unrest drives demand for political violence cover
Demand for political risk insurance has been rising, according to Lloyd’s, as civil unrest and political violence continue to threaten businesses around the world. Unrest is being fuelled by a number of factors, including discontent over corruption and a lack of economic opportunities, as well as rising fuel and food prices, and a scarcity of [...]
Lloyd’s highlights natural disaster premium gap
by Gill Montia
Story link: Lloyd’s highlights natural disaster premium gap
Research undertaken for Lloyd’s has revealed a $168 billion annual shortfall between levels of insurance and actual economic losses caused by natural disasters across the world. Seventeen of the 42 countries analysed are significantly at risk and Lloyd’s is urging governments, insurers and businesses to do more to close the gap. The study, undertaken by [...]
Lloyd’s call to action on cyber crime
by Gill Montia
Story link: Lloyd’s call to action on cyber crime
“European companies must act now to protect themselves against the growing threat of cyber crime.” The warning comes from Lloyd’s, which claims that most firms don’t understand the cyber risks they are facing. Whether it’s a leaked email, stolen laptop or network-crippling virus, Lloyd’s reckons that cyber threats are currently at an unprecedented scale, leaving [...]
Lloyd’s appoints international markets director
by Gill Montia
Story link: Lloyd’s appoints international markets director
Lloyd’s has hired Vincent Vandendael as director, international markets. Mr Vandendael will take up his position by the end of this year and will be responsible for the development and management of all Lloyd’s global operations outside North America. He joins from Zurich, where he was most recently chief executive officer of the insurer’s global [...]
Consumer alert regarding FCV Broker
by Gill Montia
Story link: Consumer alert regarding FCV Broker
Lloyd’s has issued a consumer alert regarding a firm styling itself as FCV Broker which on its website www.fcvbroker.com offers various “wealth management services” which include financial and retirement planning. The firm states that it is authorised and regulated by the Financial Services Authority (FSA) with registration number 571262, however the FSA has confirmed that [...]
Germany must “open up” to global insurance market
by Gill Montia
Story link: Germany must “open up” to global insurance market
The eurozone crisis and the export-led boom in German industry are making Germany’s insurance buyers look to markets outside their own borders, according to Jan Blumenthal, Lloyd’s general representative for the country. Mr Blumenthal believes the euro’s difficulties have highlighted issues with insurer solvency and the long-term sustainability of the German insurance market because “it [...]
Fitch positive on Lloyd’s emerging markets’ expansion
by Gill Montia
Story link: Fitch positive on Lloyd’s emerging markets’ expansion
The Lloyd’s insurance market’s planned expansion into emerging markets is a net positive, even though writing insurance outside established markets carries additional risks, Fitch Ratings reports. According to the credit rating firm, Lloyd’s already writes 25% of its business outside Europe and North America and premium growth in emerging economies is outpacing that of developed [...]
Northcourt bolsters global nuclear insurance capacity
by Gill Montia
Story link: Northcourt bolsters global nuclear insurance capacity
A new coverholder has launched at Lloyd’s, dedicated to providing the first new capacity to the global nuclear insurance market in thirty years. Northcourt says it is responding to a shortage of capacity in the nuclear market, and the fact that the territory-based structure of existing programmes has made life difficult for today’s global industry. [...]
Lloyd’s “well positioned” despite £697m loss
by Gill Montia
Story link: Lloyd’s “well positioned” despite £697m loss
Lloyd’s says it remains well positioned to handle the difficulties facing the insurance industry, despite posting a loss of £697 million for the six months to the end of June. Squaring up to what could be the second most expensive year on record for insurers, Lloyd’s chief executive, Richard Ward, says the first-half 2011 loss [...]
Lloyd’s embarks on Turkey mission
by Gill Montia
Story link: Lloyd’s embarks on Turkey mission
Lloyd’s is organising a fact-finding mission to Turkey in July, to explore the market’s potential from a direct insurance perspective. The country is experiencing rapid economic development and over 40 underwriters and brokers are signed up for a visit to the “exceptional emerging market”. According to Lloyd’s head of southern and eastern Europe and Africa, [...]
Lloyd’s reports £2.2bn profit for 2010
by Gill Montia
Story link: Lloyd’s reports £2.2bn profit for 2010
Lloyd’s has announced pre-tax profit of £2.2 billion for 2010 “despite a challenging year of significant claims”. The result compares with 2009′s record-breaking £3.9 billion. However, the London insurance market reported a combined ratio of 93.3%, which compares favourably with competitors. Commenting on the market, Lloyd’s chairman, Lord Levene, said that the catastrophes of both [...]
Beazley extends global environmental practice
by Gill Montia
Story link: Beazley extends global environmental practice
Beazley is establishing an environmental risks underwriting capability at Lloyd’s, which will be headed by Nicholas Pearson, a senior member of the specialist insurer’s global environmental risks team. Mr Pearson has over a decade of experience in the sector, as both a consultant and an underwriter, and in his new role will focus on fixed-site [...]
Lloyd’s opens Toronto office and highlights the digital threat
by Gill Montia
Story link: Lloyd’s opens Toronto office and highlights the digital threat
Lloyd’s has opened a new office in Toronto, having been a leading provider of commercial insurance in the Canadian market for many years. The expansion aims to build relationships and support Lloyd’s underwriters in Canada’s largest commercial centre. Also this week, Lloyd’s has warned that it is important to know the enemy to understand the [...]
Hurricane research secures Lloyd’s prize
by Gill Montia
Story link: Hurricane research secures Lloyd’s prize
Lloyd’s has named Doug Smith as overall winner of its first Science of Risk prize. Mr Smith, who works for the Met Office, led research that demonstrated for the first time the capability of climate models to predict the frequency of North Atlantic hurricanes, beyond the seasonal timescale. The judging panel was impressed by both [...]
Chaucer partners ScandIns in Scandinavian energy market
by Gill Montia
Story link: Chaucer partners ScandIns in Scandinavian energy market
Chaucer Syndicate 1084 has formed an energy partnership with ScandIns (Scandinavian Insurance Management Company), which was established in Norway in 2009 and has been operating as an energy underwriting representative for Chaucer Syndicate 1084, since January. The company has now received approval in the UK to act as official underwriting agent for Lloyd’s, underwriting energy [...]
Chubb Europe cleared for new Lloyd’s Syndicate
by Gill Montia
Story link: Chubb Europe cleared for new Lloyd’s Syndicate
Chubb Insurance Company of Europe has received approval from the Lloyd’s Franchise Board to establish a new Syndicate that will honour the group’s foundation date. Chubb 1882 will commence underwriting from 14th June for business incepting from 1st July 2010 and with a capacity of £41.5 million for the remainder of the year. It will [...]
Crawford & Company Lloyd’s strategy to be led by Foster
by Richard Kilner
Story link: Crawford & Company Lloyd’s strategy to be led by Foster
Crawford & Company (NYSE: CRDA; CRDB) has announced the appointment of Bob Foster to lead the firm’s strategy for its relationship with Lloyd’s of London. Until recently Foster had been group claims director with Brit Insurance, a post he occupied for six years. He initially spent a decade as a chartered surveyor prior to joining [...]
Lloyds to shed 200 insurance staff
by David Masters
Story link: Lloyds to shed 200 insurance staff
Lloyds Banking Group has announced plans to axe 200 jobs from its insurance unit. The announcement increases this year’s lay-offs at the firm to 7,500. The latest job cuts are due to a merger of the Lloyds TSB and HBOS general insurance divisions, including sales, marketing, actuarial, and underwriting operations. “We are bringing together these [...]
Lloyd’s appoints North America president
by Richard Kilner
Story link: Lloyd’s appoints North America president
Specialist insurance market Lloyd’s has announced that it has appointed Hank Watkins as president of North America. He will assume the role on 31 August and be based in New York. In his new position the market’s operations in Canada and the US will fall under Watkins’ umbrella, including offices in locations such as New [...]
Marketform introduces five new business classes
by Gill Montia
Story link: Marketform introduces five new business classes
Marketform Group, which describes itself a leading provider for non-US medical malpractice and other specialty lines, is underwriting five new classes of business. American Financial Group, owner of Great American Insurance, became the insurer’s majority shareholder in December of 2007 and the group’s chairman, Holly Bellingham, describes the expansion as “a natural progression following the [...]
