Lloyd's
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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.
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The corporation’s major losses tallied £3bn, half the level of 2020, with Hurricane Ida driving half these claims.
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Acrisure Re brokered the deal.
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The Corporation signalled a focus on controlling volatility.
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The former head of GC Securities will be tasked with easing investment in Lloyd’s underwriting.
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The supply-chain InsurTech is also broadening the scope of its Lloyd’s syndicate.
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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.
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The change in plan comes as Lloyd’s restricts cyber growth.
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The transaction provides reinsurance capital from four pension funds and marks the second use of the Lloyd’s ILS transformer vehicle.
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Ariel Re previously sought $150mn worth of cover from the aggregate retro deal.
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The Lloyd’s chief of markets also highlighted inflationary risks as a trend of which to be aware for syndicates.
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Business plans submitted for 2022 have set the market on track to generate a sub-95% combined ratio next year.
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