Daily Insurance Industry News
 
 
Daily Insurance Industry News
Sunday 17th of December 2017
September 26, 2012

Lloyd’s reports strong biannual profits

by Richard Kilner

Story link: Lloyd’s reports strong biannual profits

Lloyd’s has reported that during the first six months of 2012 it made a profit of £1.53bn. This is the highest interim profit that Lloyd’s has achieved for five years, and is a swift return to the black after it incurred a £697m interim loss during the first half of 2011. Total net claims fell […]



December 8, 2011

Brit launches new yacht underwriting service

by Richard Kilner

Story link: Brit launches new yacht underwriting service

Brit Insurance has announced the establishment of a new specialist service with the intention of becoming a major underwriter at Lloyd’s in the profitable mega yacht insurance sector. Yachts exceeding 300ft in length can also exceed US$500m in value (including ancillary assets). John Higham, who recently joined Brit, leads the new underwriting team alongside Mike […]



December 5, 2011

Torus and Starr announce agreement

by Richard Kilner

Story link: Torus and Starr announce agreement

Global specialty insurer Torus has announced it has entered an agreement with Starr Underwriting Agents Limited whereby Torus Syndicate 2243 acquires the renewal rights to CV Starr Syndicate 1919’s Continental European Marine, Casualty, Financial Lines and General Property business. The agreement takes effect from 1 January 2012, and Starr Managing Agents Limited manages both Torus […]



September 14, 2011

TigerRisk opens new London office

by Richard Kilner

Story link: TigerRisk opens new London office

Reinsurance broking and risk/capital management firm TigerRisk Partners has announced the establishment of a UK subsidiary, headquartered in London. TigerRisk Partners UK has received the necessary approvals from the FSA and the Corporation of Lloyd’s to trade insurance and reinsurance in the United Kingdom and the Lloyd’s markets. Chief Executive Officer Rod Fox described the […]



August 15, 2011

Lloyd’s delegates impressed by Turkish potential

by Richard Kilner

Story link: Lloyd’s delegates impressed by Turkish potential

Istanbul, which aspires to become a regional and international insurance financial hub, recently received a delegation from Lloyd’s led by Chairman Lord Levene. More than 40 brokers and managing agents accompanied the delegation, the largest of its kind to visit the gateway city between Europe and Asia. The prospect of Istanbul developing into a financial […]



July 21, 2011

Insurers ready for commercial space race

by Richard Kilner

Story link: Insurers ready for commercial space race

After 135 missions, the NASA space shuttle programme has come to the end of its life, but commercial firms are already champing at the bit to enter the space race. Underwriters at Lloyd’s are also looking at providing such firms with the unusual insurance they will need for appropriate coverage in space. In the interim […]



June 24, 2011

Israel presents insurance opportunities

by Richard Kilner

Story link: Israel presents insurance opportunities

Lord Levene, the chairman of Lloyd’s, has praised Israel as an attractive prospect for insurers. Lord Levene’s comments, made during a visit to Tel Aviv, are borne out by the figures which show steady, consistent growth from an industry worth $3.3bn in 2005 to $4.1bn in 2009. The insurance sector in Israel is led by […]



Naturesave wins Queen’s Award

by Richard Kilner

Story link: Naturesave wins Queen’s Award

Ethical and green insurer Naturesave Insurance has won the Queen’s Award for Enterprise for Sustainable Development. Naturesave, the first insurer ever to win the award, is based in Totnes and Managing Director Matthew Criddle said that the firm was thrilled to be recognised. Criddle added that it did pay to be genuinely green, and said […]



April 18, 2011

Lloyd’s names Nelson as new chairman

by Richard Kilner

Story link: Lloyd’s names Nelson as new chairman

Lord Levene of Portsoken is to be succeeded by John Nelson as the chairman of Lloyd’s insurance market. The appointment was confirmed by the Council of Lloyd’s today, and Nelson will take up his new position in October of this year. He spent a decade and a half with Kleinwort Benson, working in the UK […]



March 10, 2011

Experts worried by ECJ gender ruling

by Richard Kilner

Story link: Experts worried by ECJ gender ruling

The ban on gender as a factor in underwriting is not necessary and will only lead to higher costs, according to experts. The comments come after the decision of the European Court of Justice (ECJ) to forbid gender as a reason for differing insurance premiums and benefits, to the consternation of the insurance industry. The […]



January 13, 2011

Insurers welcome civil litigation reforms

by Richard Kilner

Story link: Insurers welcome civil litigation reforms

The Coalition Government’s plans to simplify litigation have been warmly welcomed by the Lloyd’s market. Following to the rise of ‘no win no fee’ firms, a substantial proportion of claims are due to legal costs, but the Coalition is now proposing reform of both legal aid and civil litigation. The increased costs over the last […]



December 17, 2010

Lloyd’s appoints head of claims

by Richard Kilner

Story link: Lloyd’s appoints head of claims

Lloyd’s has announced the appointment of David Lang, former chairman of the market’s Claims Service Review Board, to the position of head of claims. Lang was previously a director within the insurance sector for Ernst & Young, and earlier in his career occupied a range of executive roles with QBE. Whilst at QBE he was […]



October 4, 2010

Government urged not to over-regulate insurance

by Richard Kilner

Story link: Government urged not to over-regulate insurance

As the country braces itself for the tax hikes and spending cuts of the Coalition’s austerity drive and the economy emerges from recession, the competitiveness of the City of London has become a matter of discussion. Tim Leggett, a partner in the financial services practice at Ernst & Young, has called for Solvency II to […]



October 1, 2010

Lord Levene calls for growth, not regulation

by Richard Kilner

Story link: Lord Levene calls for growth, not regulation

Speaking at Lloyd’s City Dinner, Lord Levene called for common sense to prevail and argued against imposing overly harsh regulation on the insurance sector. Lord Levene complained of a failure of common sense for making the insurance sector fight against strict regulation, despite being a healthy industry that was not hit particularly hard by, nor […]



September 28, 2010

Lloyd’s reports £628m interim profits

by Richard Kilner

Story link: Lloyd’s reports £628m interim profits

Lloyd’s of London has reported interim profits of £628m for the first six months of the year. The market has stated that the biannual result is a reflection of challenging investment conditions and significant claims. Central assets hit the record high of £2,232m, and an investment return of £597m was yielded by the conservative investment […]



June 4, 2010

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 […]



June 1, 2010

Active hurricane season forecast

by Richard Kilner

Story link: Active hurricane season forecast

The 2010 hurricane season could prove the equal of 2005, which saw 28 named storms, according to top forecasters. Lloyds have stated that in 2005 major hurricanes Katrina, Rita and Wilma left insurers and reinsurers reeling from a financial hit exceeding $60bn. The National Oceanic and Atmospheric Administration (NOAA) is forecasting a 70% chance that […]



March 25, 2010

Lloyd’s reports record £3.9bn pre-tax profits

by Richard Kilner

Story link: Lloyd’s reports record £3.9bn pre-tax profits

Lloyd’s of London has reported its financial performance results for 2009, a year which saw it make pre-tax profits of £3.9bn. This marks a more than doubling of the £1.9bn made in 2008, and is a best ever pre-tax profit margin for the firm, exceeding the £3.8bn made in 2007. Central assets increased marginally, up […]



February 24, 2010

Lloyd’s named top insurance Superbrand

by Richard Kilner

Story link: Lloyd’s named top insurance Superbrand

The reputation of Lloyd’s has been further enhanced with the news that it has been named the top Business Superbrand in the insurance sector. The firm also achieved a record high in the 2010 Business Superbrands survey, with a ranking of 40th overall. The highest ever ranking and top spot in the insurance sector are […]



February 4, 2010

Hardy Underwriting Bermuda appoints trio of directors

by Richard Kilner

Story link: Hardy Underwriting Bermuda appoints trio of directors

Specialist Lloyd’s based insurance and reinsurance business Hardy Underwriting Bermuda Ltd has announced it is appointing three new directors to its board, two of whom will be non-executive. Fiona Luck and Anthony Taylor will take their seats as non-executive directors. Luck was most recently chief of staff and special adviser to the chief executive officer […]