Lloyd's

The ILS manager’s Lloyd’s business delivered a $55.5mn profit, on an 86.5% combined ratio.

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.

The corporation’s major losses tallied £3bn, half the level of 2020, with Hurricane Ida driving half these claims.

Acrisure Re brokered the deal.

The Corporation signalled a focus on controlling volatility.

The former head of GC Securities will be tasked with easing investment in Lloyd’s underwriting.

The supply-chain InsurTech is also broadening the scope of its Lloyd’s syndicate.

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.

The change in plan comes as Lloyd’s restricts cyber growth.

The transaction provides reinsurance capital from four pension funds and marks the second use of the Lloyd’s ILS transformer vehicle.

Ariel Re previously sought $150mn worth of cover from the aggregate retro deal.

The Lloyd’s chief of markets also highlighted inflationary risks as a trend of which to be aware for syndicates.