Lloyd's

The syndicate is expected to write ~$300mn of business in 2026.

While rates have “definitely come down,” they were coming off a high base, Rachel Turk said.

Ryan Alternative Capital Re was launched in partnership with Axis Capital.

The capital supported sidecar-style syndicates and reinsurance start-ups.

Syndicate 1440 was approved to assume business incepting January 2026.

The ILS manager revised down slightly its forecast for the syndicate’s 2023 YOA.

The headcount at the start-up now stands at around 40.

Recent transactions on the platform include cat bonds from Flood Re and Brit.

MAP’s Christopher Smelt said impact on nationwide programmes will cause risk aversion.

Both syndicates also reported a deterioration in their combined ratios.

This came as the market’s underwriting profit dipped 10% for 2024.

The executive spent a brief period at Wakam in a capital and reinsurance role.

The deal is being issued through Lloyd’s London Bridge 2 PCC.

The vehicle has $2.55bn in capital committed by institutional investors.

The move means Lloyd’s will have a new chairman and a new CEO in the same year.

The carrier has used Lloyd’s London Bridge 2 structure for the launch.

The top quartile, which includes Nephila 2357, were set to shrink overall.

Lloyd’s has taken around 6% of aggregate US hurricane losses in recent years, and disclosed estimated net losses from Helene and Milton of $1.8bn to $3.4bn.

Other capacity supporting the syndicate is mostly individual Names, sources have said.

It is targeting $25mn GWP this year and $50mn GWP in 2025.

Better performance data and clarity around entry are key, report says.

This follows an upgrade from S&P Global at the end of last year.

Evercore is leading the capital raise process and Aon is assisting with the Lloyd’s application process.

Reinsurers “weren’t getting paid” before 2023’s hardening, the Lloyd’s executive argued.

Latin America and the Caribbean accounted for 4.6% of GWP for Lloyd's in 2023.

The syndicate has appointed former Munich Re active underwriter Stuart Newcombe.

The syndicate snatched the number one spot from Chaucer’s Syndicate 1176.

The platform distributed ~$50mn to investors for 2023.

ILS platform London Bridge II has had a good year as volumes reached $750mn, the CFO said.

The pension fund was one of the first investors to use London Bridge.

Envelop SPA 1925 was launched at the start of the year with Chris Baddeley as active underwriter, based in London.

Roughly $750mn of securities across 13 cells are available to institutional investors via London Bridge vehicles.

With plans to support three different types of Lloyd’s syndicates, the vehicle intends to trade under the new name London Innovation Underwriters by 15 November.

Lloyd’s CFO Burkhard Keese, speaking at Guy Carpenter’s Baden-Baden Symposium, said there are $500mn-$1bn of London Bridge deals in the pipeline.

The US could be exposed to economic losses of $1.1tn in the event of a cyberattack, the highest of any country.

The company said Ki is the first algorithmic underwriter to offer capacity from multiple syndicates.

The Corporation’s chairman said that Names and other third-party capital are essential to maintaining the market’s unique nature.

SCS accounted for nearly two-thirds of global first-half catastrophe losses.

The new SPA will write cyber reinsurance initially and could progress to writing insurance.

Financials Acquisitions Corp is looking to extend its merger deadline and raise “substantial” extra funds.

Howden Tiger worked on the structure of the deal with the unnamed syndicate.

Nephila Syndicate CEO Adam Beatty said that the firm hopes to grow its new specialty syndicate to $500mn of premium within the next few years.

At Trading Risk’s annual ILS conference, Lloyd’s CFO Burkhard Keese explained how the Corporation is working with the market to attract investors to participate in risk transfer across the Lloyd’s market.

Lloyd’s has launched a fund on its new investment platform to enable the market to invest globally in assets themed around climate adaptation, mitigation and social inclusion.

The syndicate had the second-lowest combined ratio for 2022.

The £50mn syndicate made most of its profits in aviation.

Reserve releases connected to 2017 events helped the segment deliver a 95.6% combined ratio.

The sub-syndicate will complement Hiscox’s existing portfolio, offering additional capacity to qualifying clients.

A canvass of Lloyd’s market executives generated an expected combined ratio of 92%-93% for 2022.

The deal provides collateralised backing for Riverstone’s mammoth £1.2bn reinsurance-to-close deal struck for MS Amlin and other transactions.

Will Roscoe, who has managed the Smart Tracker since 2019, has been named active underwriter.

Announcements and interviews at the UN conference have shed light on the tools emerging to help carriers decarbonise their underwriting portfolios.

The market share for the storm of 3%-5% is below syndicates’ historical average for US wind events.

The Gulf Coast state is keen to distance itself from Florida’s insurance woes but is resistant to some underlying changes.

New flexibility will enable top-performing syndicates to raise cat exposures under the Lloyd’s LCM 5 framework, without a penal increase in the required capital.

The Lloyds-centric reinsurer has become a signatory member of the Standards Board for Alternative Investments.

The loss portfolio transfer reinsures around $116mn of the group’s share of Syndicate 33 reserves from between 1993 and 2018.

Business will be written directly into Syndicate 5623 from 1 January 2023.

The move would enable the Lloyd’s ILS platform to access investors with lower risk-return appetites after launching with quota share options only.

Lloyd’s said it did not expect the majority of syndicates to be impacted by the change

Ahead of a market message on 2023 business plans, Lloyd’s has set out early expectations on inflation, ESG and management of cat volatility.

Lloyds and London "a little bit missing" in enabling creative dialogue'

Lloyd’s CFO and COO Burkhard Keese told delegates at the London ILS 2022 Conference that the platform’s scope will widen beyond quota share structures.

The follow-only vehicle initially launched in January with a more limited set of permissions.

The firm’s Syndicate 2357 had halved losses to $41.5mn during the year.

The broker said there was still a “big unknown” around the potential global economic impact of the conflict.

The syndicate won new backers after Credit Suisse ILS significantly scaled down support.

The ILS manager’s Lloyd’s business delivered a $55.5mn profit, on an 86.5% combined ratio.

Having set up its London Bridge ILS platform, Lloyd’s believes it can leverage its reinsurance-to-close (RITC) mechanism to develop an ILS market for casualty, CFO Burkhard Keese said on a results call yesterday.

The corporation’s major losses tallied £3bn, half the level of 2020, with Hurricane Ida driving half these claims.

Acrisure Re brokered the deal.

The Corporation signalled a focus on controlling volatility.

The former head of GC Securities will be tasked with easing investment in Lloyd’s underwriting.

The supply-chain InsurTech is also broadening the scope of its Lloyd’s syndicate.

The firm said its preference for single class exposures had constrained growth in specialty lines as brokers sought to push different classes together in combined programmes.

The change in plan comes as Lloyd’s restricts cyber growth.

The transaction provides reinsurance capital from four pension funds and marks the second use of the Lloyd’s ILS transformer vehicle.

Ariel Re previously sought $150mn worth of cover from the aggregate retro deal.

The Lloyd’s chief of markets also highlighted inflationary risks as a trend of which to be aware for syndicates.

Business plans submitted for 2022 have set the market on track to generate a sub-95% combined ratio next year.

The Redicova product is led by Beazley with initial reinsurance from Axa XL, Hiscox and RenaissanceRe – all members of the Disaster Risk Facility at Lloyd’s

The cross-industry Insurance Task Force (ITF) working with Lloyd’s has launched a Disaster Resilience Framework for Climate-Vulnerable Countries, as part of its activities for the Prince of Wales’ Sustainable Markets Initiative (SMI).

The new London Bridge framework is less useful to the bulk of specialist ILS asset managers than it is end investors.

The Corporation’s CEO also warned that the increasing use of captives was “dangerous” for clients.

Stamp capacity for the “beta” syndicate is set to climb by 42% to £204mn.

The carrier will continue to write the business from Bermuda and the US.

The Corporation has given in-principle approval for the syndicate, which will have initial stamp capacity of £130mn.

Technology-enabled platforms could create a cost-effective, dynamic following market, panellists said.

Lloyd’s chief of markets Patrick Tiernan ruled out completely cutting out sources of energy relied on by certain communities.

The Zurich-based ILS manager expects to be underwriting some specialty business from 2022.

From ESG to social inflation, systemic risk to cat risk, we highlight some of the top discussions from this year’s four-day virtual conference.

Natural catastrophe losses were up year-on-year, but without fresh Covid losses the London market returned to profit.

Experts fear for survivors, who now face an intense heatwave and up to a month without electricity.

Edwards will begin his new role in October and comes as TigerRisk looks to expand its P&C team.

Lloyd’s report details how the Corporation will support carriers and their clients across the main themes of greener energy, industry and transport.

The Canadian pension fund and the ILS fund provide Funds at Lloyd’s capital alongside traditional reinsurers.

Executives including AIG CEO Peter Zaffino, Aon CEO Greg Case and Munich Re CEO Joachim Wenning have joined the task force, chaired by Lloyd’s.

Reinsurers from Bermuda, the Cayman Islands and Japan have also provided capital to the syndicate for its 1 July launch.

JP Morgan took 75% of the £650mn reinsurance deal, which reduced credit risk and showed that the insurance market has regained the trust of the financial services industry, Lloyd’s CFO said.

Constellation Re, a Guernsey-based cell backed by the investment bank, joins eight reinsurers in providing the cover.

The covered agreement provisions will ease the flow of US business into London.

he consortium and follow-only SIAB a targeted for a 1 January 2022 launch.

The Reinsurance Specialty Equity Index will serve as an equity proxy to compare against the aggregate results of the Lloyd’s market as a whole.

The world’s largest specialty insurance market must minimise its use of jargon and make processes easier for capital investors to understand, panellists at Trading Risk’s ILS Week said.

The former Aviva executive joins the Corporation with the new position.

Lloyd’s hopes to give institutional investors greater access to non-catastrophe risk.

Lloyd’s has completed its initial consultation with brokers and underwriters about the future of the room following the end of lockdown.

Underwriting profits in future must be able to counteract reduced investment income due to ultra-low interest rates, the CFO said.

Property reinsurance losses were up by 70% year on year, but property insurance business reported a steeper loss.

Covid-19 losses accounted for 60% of the major claims, with the rest attributable to catastrophe events.

Covid-19 claims are expected to reach £6.2bn on a gross basis as major claims added 23 points to the 2020 combined ratio.

The product leverages real-time GeoNet data to automatically pay customers within five days following a strong earthquake.

Trapped capital subdued the firm's overall fund return to a 1.6% gain, as primary insurance gains outweighed reinsurance losses.

The new capacity for the sidecar first launched in 2019 will be invested solely in EBRD bonds.

The start-up's reinsurance division will target cat and retro business as well as a selection of specialty lines.

The Lloyd’s CEO said it was not for business to set the tone on climate, as the Corporation laid out its first ESG report.

The deal will help the Aquiline-owned syndicate diversify away from motor insurance.

Could a back-to-basics approach see ILS firms shun Lloyd's advantages for lower-cost alternatives?

The Corporation has focused on its plans to create a digital marketplace in Blueprint Two, its latest strategy document.

Lloyd’s CEO points to the likelihood of a drawn-out dispute in comments on an Airmic panel.