Lloyd's

The Corporation has agreed an asset de-risking plan for the central fund to ensure its stability.

Cat losses were £1.1bn lower year on year at £1.8bn.

Lloyd's outgoing performance management director Jon Hancock will take up the role in spring.

The Corporation is also working to help a global ILS manager access non-catastrophe risk via the Corporation.

The Corporation is prioritising work on its claims systems, a complex risk platform and its delegated authority framework.

Dominic Christian takes over from former MS Amlin CEO Simon Beale.

The longevity swap is the second-largest transaction ever completed in the UK after the £16bn BT Pension Scheme deal in 2014.

The departure will be perceived as a loss to Lloyd’s as it enters a critical period of execution for its transformation work in 2020.

Nephila’s Syndicate 2357 can write up to £420mn in 2020, with Arcus receiving an £89mn stamp.

The discussions are very much at the early stage with any developments likely to be in “phase two or three”, according to Lloyd’s regional director for the APAC region.

Lloyd's syndicates are hugely reliant on reinsurance and retrocession to manage their catastrophe exposures – so the Corporation's plans to help make it easier for players to source ILS capacity couldn't come soon enough.

The transaction makes Canopius a top-five insurer in the Lloyd’s marketplace.