Nine Lloyd's managing agents are being sued by US casino magnate Steve Wynn, after he accidentally poked a hole in a multi-million dollar Picasso painting.
Insurers led by XL are facing legal action over the settlement of the $54m insurance claim.
Wynn, who purchased the painting Le Reve for $48.4m in 1997, claims its value significantly depreciated after he "unintentionally placed a tear" in the 1932 painting with his elbow while showing it to friends.
He had agreed to sell the masterpiece for $139m to hedge fund titan Steven Cohen on the day of the accident in September last year.
As a result, Wynn contends in court papers that the painting's value has plummeted to $85m and is now seeking to speed up the claim and recover the difference.
The 2025 Insurance Times Awards took place on the evening of Wednesday 3rd December in the iconic Great Room of London’s Grosvenor House.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Many congratulations to all the worthy winners and as always, huge thanks to our sponsors for their support and our judges for their expertise.
