Lloyd's
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The former Aviva executive joins the Corporation with the new position.
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Lloyd’s hopes to give institutional investors greater access to non-catastrophe risk.
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Lloyd’s has completed its initial consultation with brokers and underwriters about the future of the room following the end of lockdown.
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Underwriting profits in future must be able to counteract reduced investment income due to ultra-low interest rates, the CFO said.
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Property reinsurance losses were up by 70% year on year, but property insurance business reported a steeper loss.
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Covid-19 losses accounted for 60% of the major claims, with the rest attributable to catastrophe events.
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Covid-19 claims are expected to reach £6.2bn on a gross basis as major claims added 23 points to the 2020 combined ratio.
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The product leverages real-time GeoNet data to automatically pay customers within five days following a strong earthquake.
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Trapped capital subdued the firm's overall fund return to a 1.6% gain, as primary insurance gains outweighed reinsurance losses.
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The new capacity for the sidecar first launched in 2019 will be invested solely in EBRD bonds.
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The start-up's reinsurance division will target cat and retro business as well as a selection of specialty lines.
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The Lloyd’s CEO said it was not for business to set the tone on climate, as the Corporation laid out its first ESG report.
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