Lloyd's

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.