Lloyd’s Market News

May 27, 2020

Lloyd's new portal for accessing Funds at Lloyd's information

Lloyd's has announced that it will be launching a new portal that will enable Members, agents and investment advisers to access Funds to Lloyd's information.…

May 27, 2020

Table of updated 2018 Account and 2019 Account estimates

Lloyd's released to the LSE this morning, syndicates' 2018 Account estimates updated as at 31 March as well as a complete set of 2019 Account estimates for the first time.…

May 27, 2020

Lloyd's approved to notify existing EEA policyholders of transfer to Lloyd's Brussels

Lloyd’s announced on 2 July 2018 that it was working on transferring all European Economic Area business to Lloyd’s Brussels before the end of 2020 via an insurance business transfer under Part VII of the Financial Services and Markets Act 2000, an arrangement that we covered in our Newsletter at the time, explaining that this was necessary to ensure continuity with the administration of existing policies after a no deal Brexit.…

May 20, 2020

Expectations for Florida reinsurance renewals rise

Expectations for significant rate increases in the fast approaching June reinsurance renewals for Florida insurance companies abound as a result of interplaying factors, namely that the considerable uncertainty as to the global industry’s exposure to COVID losses is leading to "trapped" capital in the alternative ILS reinsurance market which in turn is likely to lead to reduced retrocessional capacity.…

May 18, 2020

Beazley completes new capital raising

Beazley announced yesterday to the LSE (click here for the full announcement) that it intended to raise some £247 million (approximately $300 million) through an extra placement of shares. Today 19 May, Beazley confirmed the successful raising of the extra capital through the take up of shares at 315p, a discount of just under 5% compared to yesterday's closing price.…

May 15, 2020

US Treasury opposed to forcing of BI claims payments and other positive legislative developments

Some encouraging legislative and legal news:…

May 14, 2020

Lloyd's provides initial COVID-19 estimates

Lloyd's has announced to the LSE this morning its estimated aggregate losses from COVID-19. The announcement which is available here in full states that the market will pay out in the range of £2.5bn (US$3.0bn) to £3.5bn (US$4.3bn).…

Apr 29, 2020

Hiscox's announcement upon possible capital raising options

In response to press speculation, Hiscox has announced today that it has “sufficient capital” to meet its Covid-19 exposures, however, it is “evaluating” a possible raise of extra capital. "The COVID-19 pandemic has resulted in unprecedented global economic uncertainty. The Hiscox Board believes the Group has sufficient capital to meet expected liabilities arising as a result of exposures to the pandemic."…

Apr 24, 2020

John Neal and Evan Greenberg comment on COVID-19 impacts

There is undoubtedly significant uncertainty concerning the impact of COVID-19 as this is the proverbial “black swan” event which we are still in the middle of - both personally from the point of view of the lockdown and financially from the point of view the global (re)insurance industry. The actual financial and societal consequences will unfold over the forthcoming year, and as a result, it is difficult - if not impossible - to accurately predict what the ultimate result will be to Lloyd’s and the syndicates we support.…

Apr 22, 2020

Stephen Catlin to steer pandemic solution

Stephen Catlin has assembled a group of senior insurance market people to work on the creation of a new entity that would meet UK businesses' demand for pandemic cover going forward.…