Lloyd's of London News – Page 50
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NewsSurprise Brexit gains help boost ERS first-half profit
Lloyd’s motor insurer reports £7.3m profit
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NewsLancashire profit drops 36% as earned premiums fall
Specialist London-based insurer Lancashire Holdings made a profit before tax of $56.6m (£43.1m) in the first half of 2016, down 36% on the $88.6m profit it made in the same period last year. The main cause of the profit reduction was a 16% drop in net ...
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NewsBP Marsh hires bank to advise on sale of Besso stake
The board of Besso and its shareholders have hired investment bank and financial advisory firm Canaccord Genuity to carry out a strategic review for the Lloyd’s broker. Venture capitalist BP Marsh which is led by Brian Marsh (pictured), has a 44.97% stake in the broker announced ...
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NewsBrexit: Hiscox mulls setting up EU-based insurance company
Hiscox has said it is considering setting up a new EU-based insurance company as trading arrangements become clearer following the UK decision to leave the EU. Following the release of the half year results this morning the Lloyd’s insurer said it was preparing for a range ...
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NewsHiscox UK and Europe profits up 42.4%, appetite for larger risks grows
Lloyd’s insurer Hiscox’s UK and Europe division made a profit before tax of £65.2m in the first half of 2016, up 42.4% on the £45.8m in the same period last year. The division’s combine ratio improved by 6.9 percentage points to 79.9% (2015: 86.8%). Gross premium ...
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NewsTowergate makes hire from RKH to accelerate London Market growth
Towergate has confirmed the appointment of Neil Pearce as managing director of its London Market division. Pearce will join Towergate on 5 September and report directly to group chief executive David Ross. News reports in May had suggested Pearce was heading to Towergate. The broker says that Pearce’s appointment signals ...
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NewsMarsh hires Carlisle and Newcastle branch manager from Aon
Marsh has hired Chris Milnes to head up its Carlisle and Newcastle offices. Milnes joins Marsh from Aon in Dubai where he led the corporate sales team and was responsible for the new business development across the Middle East. In his new role, Milnes will be ...
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NewsMarsh and Chaucer do first deal on new London market platform
Marsh and Chaucer have bound the first risk on PPL, the London market’s newly launched electronic placement system, yesterday morning. Marsh was the broker for the standalone terrorism risk bound on the platform, and Chaucer the underwriter. PPL went live yesterday for standalone terrorism risks – ...
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NewsHyperion’s DUAL looks to XL Catlin for new UK chief executive
Hyperion-owned underwriting agency DUAL has hired former XL Catlin executive Richard Clapham as UK chief executive and regional chief executive of DUAL Europe. Clapham will take up his new job on 5 September and report to DUAL International chief executive Talbir Bains. He will be based ...
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NewsAIG rolls out second work experience scheme to attract inner city youths
AIG is rolling out its second work experience programme for inner city students today. The insurer wants to attract more young people to the insurance industry by giving them first-hand exposure of what it is like to work in risk and insurance. Thirty students from four ...
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NewsLondon market electronic placing platform goes live
PPL, an electronic placement platform for the whole London market, has started trading today. Brokers and underwriters are now exchanging information on standalone terrorism risks, the first class of business to go live on PPL. Electronic placement of risks has long been an aim of the ...
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NewsMunich Re outgoing boss eyes return after cooling off period
Munich Re’s outgoing chief executive, Nikolaus von Bomhard could return to the German reinsurance group as chairman in 2019 once his cooling-off period is over. Von Bomhard said: “I have pretty much 11 months to go and I’m at full speed and I’m not retrenching anywhere ...
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NewsMarsh appoints new global placement vice chair
Global insurance broker and risk adviser Marsh, a subsidiary of Marsh & McLennan Companies (MMC), has appointed Jeremy Cooke as vice chairman of global placement. Cooke will focus on critical growth areas including complex market negotiations on facilities, quota shares and key accounts. He was previously ...
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NewsBrexit: Lloyd’s says no need for extra capital after Pound slump
Lloyd’s of London has ruled out asking insurers to pledge extra capital after the pound fell to a 31-year low following the vote for UK to leave the EU. Each of the underwriters in Lloyd’s have to deposit money in a communal pot called Funds at ...
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NewsReinsurance discounts for UK insurers as global rates fall
UK insurers have seen a 10% cut in their catastrophe excess of loss rates in the June/July 2016 renewal season as reinsurance rates are softening worldwide, according to reinsurance broker Willis Re. Excess-of-loss reinsurance pays out when the insurer’s losses reach a certain point. Reinsurance rates ...
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NewsInsurance is 'playing catch-up' to other industries: LMG chief exec
London Market Group (LMG) chief executive Ben Reid has said the insurance industry is “playing catch-up” to other industries and needed to embrace modernisation. Reid said the LMG’s agenda is to “build and maintain London’s position and reputation as the global centre of insurance excellence”. Reid ...
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News'True independence after MBO will drive growth': Compass MD Lincoln
Compass managing director John Lincoln said that becoming independent would drive growth for the network as it targets £1bn in gross written premiums over the next three to five years. Speaking with Insurance Times following the management buyout (MBO) of Compass from Arthur J Gallagher, Lincoln ...
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NewsLloyd’s pushes for passporting as Brexit threatens £800m GWP
Lloyd’s estimates that £800m of its gross written premium (GWP) could be affected if access to the single market is lost because of Brexit. This accounts for 4% of its £26.6bn total GWP. The insurance market made the estimate in a document outlining its plans to deal with the UK’s ...
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NewsWillis’s Gaffney says risk is the future of insurance
Willis Towers Watson chief technology officer Simon Gaffney has said that there are huge opportunities in the risk market for new people entering the insurance industry. Speaking at the London InsurTech Conference on 29 June, Gaffney said that technology is transforming clients and creating new businesses ...
