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.

Investors will be able to see their capital instruments in real time, CEO John Neal said during Insurance Insider’s virtual (Re)Connect event.

The newly created role will focus on broker relationships in the E&S markets.

Lloyd's is conscious of the need to balance attracting ILS capital with controlling catastrophe exposures, the Corporation's CFO Burkhard Keese told this publication.

The underwriting room is operating at 45% capacity, with the working week split by line of business.

Helios provides capacity to syndicates such as Tokio Marine Kiln 510, Beazley Furlonge 623 and Hiscox 33.

Proposed plans could open up new routes to Lloyd's for investors, but will there be space for them?

New rules also aim to prevent an overreliance on reinsurance and to encourage cedants to use multiple risk partners.

Lloyd’s plans to launch the protected cell company later this year.

Syndicate 2358 may target lines such as cyber or terrorism.

As many parts of the world start to emerge from lockdown, potential Covid-19 BI claims are yet to be tested.

It is understood the new syndicate would write following lines via quota shares or consortia.

Lloyd's expects property losses will make up 29 percent of the corporation's $3bn-$4bn share of claims, with overall industry losses at $107bn.

John Neal said losses would be significant, but not unmanageable.

Bar claims its Lloyd’s policy covers BI losses from state-ordered shutdown.

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.

The platform will be able to facilitate a wide range of structured investment opportunities, which could include standardised documentation that managing agents can adapt.

The detailed document lays out plans for reform to capital provision, claims and services administration and distributing risk.

Lloyd’s CEO John Neal has pledged to take action on the results of a culture survey completed by over 6,000 market participants.

Investment returns lifted the overall result but Typhoon Jebi claims hit the reinsurance segment.

The Corporation has committed to getting SIABs up and running in 90 days.

ILS proposals must add value, Lloyd’s CEO John Neal said as he discussed which ILS priorities are quick wins and which are on the back-burner.

Trading Risk looks at the dominant themes that the ILS market will be discussing at the 63rd Monte Carlo Reinsurance Rendez-Vous in September.

Lloyd’s CEO John Neal said that cutting back the number of “lead” underwriters in the market would be key to paring overall operating costs.

Some four to six carriers are working on rated collateralised vehicles, following in the footsteps of Lumen Re and Humboldt Re, according to Aon managing director of ILS management Steve Britton.

The City Council looks to add to its traditional protection.

ILS participants have speculated that the syndicate in a box may be one avenue they can use to access Lloyd’s.

The new framework will be put in place in 2020 to help manage the market’s risk appetite and performance.

Opening up opportunities for different forms of capital is a key part of the Lloyd’s vision for a future of increased efficiency and lower costs.

The prospectus released this month made a play to appeal to investors seeking passive investment strategies and to allow Lloyd’s syndicates to attract more follow-form capacity.

Is ILS a sufficient part of Lloyd’s vision for a future of increased efficiency and profitability? There were certainly overtures to alternative capital in the Lloyd’s prospectus launch this week.

A digital approach to defining investor appetite and return expectations is one way Lloyd’s could benefit the ILS market in the future, John Neal said at the market’s prospectus launch today.

The Corporation needs to make it easier for capital in all its forms to come to the marketplace, Lloyd’s said in its prospectus launched today.

Both primary and reinsurance segments incurred losses for the ILS syndicates operating at Lloyd’s in 2018.

Is this both the best and worst of times for the ILS market?

Part of the solution to lowering costs at Lloyd’s could be more employment of ILS, said Michael Wade, non-executive chairman at TigerRisk.

The Lloyd’s CFO said the corporation wants to nurture ILS capital within its framework.

Syndicate 2357 had escaped a reinsurance loss in 2017 but the segment fell to an $84.2mn loss in 2018.

The Securis SPA faced the highest deterioration in underwriting losses as Nephila and Arcus both improved their combined ratios.

The marketplace’s pre-tax loss halved to £1bn as the combined ratio improved to 104.5 percent.

The London Corporation could offer accredited investors the chance to participate in specific risks.

What does it say about the insurance market that for every new fund or facility that is launched as a passive or index tracker-style initiative, it seems that another existing one is unwound?

Lloyd's was at “a pivotal moment” in its history, said CEO John Neal.

The fund manager invested in ordinary shares of the fund, exposed to losses from 2017.

The exit comes ahead of Lloyd’s closure of SPA 6129.

Property treaty underwriter Nicholas James will be joining the Credit Suisse-backed syndicate in April next year.

The Lloyd’s business planning process is drawing to a close after a difficult year for London syndicates.

The former XL Catlin chief operating officer is taking on an advisory role at the start-up which is developing a trading platform for (re)insurance risk.

The 2019 business plan for ILS-backed Arcus Syndicate 1856 includes an increase in capacity for property insurance.

More than a dozen Lloyd’s syndicates have pulled back from property direct and facultative (D&F) business either in full or by significantly cutting portfolios, sister publication The Insurance Insider has reported.

Continuing cat losses and dislocation at Lloyd’s should support reinsurance renewal rates, the reinsurer suggested.

The buyer expects to pay about £102mn ($134.7mn) in cash for Beaufort Underwriting Agency and its Syndicate 318.

But the reinsurer will likely retain its independence, experts say.

A change of ownership is envisaged comfortably before year-end, it is understood.

RenaissanceRe kept its stake in the $1bn reinsurance programme stable at $262.5mn while Swiss Re increased its line by $10mn this year to $185mn.

More than two-thirds of Lloyd’s managing agents saw the potential to make use of the UK’s ILS framework in the coming year.

Darren Bailey has been hired by the legacy insurer in a business development role for the firm’s M&A team.

The ratings agency says insurers may need to pursue loss-reduction strategies, with 2018 possibly on track to produce more claims than 2017.

Lancashire’s asset management platform took a second consecutive quarter of losses, but its fee income was up after raising additional capital.

Former CEO Rick Welsh has left the company as it prepares for a rebrand.

The Corporation of Lloyd’s crackdown on poorly performing syndicates in the wake of 2017’s market-wide £2bn ($2.7bn) pre-tax loss could open avenues for ILS players.

News of Beale's departure comes a year after former Marsh Europe CEO Bruce Carnegie-Brown became chairman of the 330-year-old market.

ILS investors are reluctant to move away from natural catastrophe risk, Lloyd’s outgoing CFO John Parry said today.

The executive has been at Lloyd’s for 17 years, having joined the Corporation in 2001.

Lloyd's of London today announced a £2bn ($2.8bn) pre-tax loss for 2017 and major claims of £4.5bn following last year's catastrophe events.