Lloyd's

The syndicate is expected to write ~$300mn of business in 2026.

While rates have “definitely come down,” they were coming off a high base, Rachel Turk said.

Ryan Alternative Capital Re was launched in partnership with Axis Capital.

The capital supported sidecar-style syndicates and reinsurance start-ups.

Syndicate 1440 was approved to assume business incepting January 2026.

The ILS manager revised down slightly its forecast for the syndicate’s 2023 YOA.

The headcount at the start-up now stands at around 40.

Recent transactions on the platform include cat bonds from Flood Re and Brit.

MAP’s Christopher Smelt said impact on nationwide programmes will cause risk aversion.

Both syndicates also reported a deterioration in their combined ratios.

This came as the market’s underwriting profit dipped 10% for 2024.

The executive spent a brief period at Wakam in a capital and reinsurance role.

The deal is being issued through Lloyd’s London Bridge 2 PCC.

The vehicle has $2.55bn in capital committed by institutional investors.

The move means Lloyd’s will have a new chairman and a new CEO in the same year.

The carrier has used Lloyd’s London Bridge 2 structure for the launch.

The top quartile, which includes Nephila 2357, were set to shrink overall.

Lloyd’s has taken around 6% of aggregate US hurricane losses in recent years, and disclosed estimated net losses from Helene and Milton of $1.8bn to $3.4bn.

Other capacity supporting the syndicate is mostly individual Names, sources have said.

It is targeting $25mn GWP this year and $50mn GWP in 2025.

Better performance data and clarity around entry are key, report says.

This follows an upgrade from S&P Global at the end of last year.

Evercore is leading the capital raise process and Aon is assisting with the Lloyd’s application process.

Reinsurers “weren’t getting paid” before 2023’s hardening, the Lloyd’s executive argued.

Latin America and the Caribbean accounted for 4.6% of GWP for Lloyd's in 2023.

The syndicate has appointed former Munich Re active underwriter Stuart Newcombe.

The syndicate snatched the number one spot from Chaucer’s Syndicate 1176.

The platform distributed ~$50mn to investors for 2023.

ILS platform London Bridge II has had a good year as volumes reached $750mn, the CFO said.

The pension fund was one of the first investors to use London Bridge.

Envelop SPA 1925 was launched at the start of the year with Chris Baddeley as active underwriter, based in London.

Roughly $750mn of securities across 13 cells are available to institutional investors via London Bridge vehicles.

With plans to support three different types of Lloyd’s syndicates, the vehicle intends to trade under the new name London Innovation Underwriters by 15 November.

Lloyd’s CFO Burkhard Keese, speaking at Guy Carpenter’s Baden-Baden Symposium, said there are $500mn-$1bn of London Bridge deals in the pipeline.

The US could be exposed to economic losses of $1.1tn in the event of a cyberattack, the highest of any country.

The company said Ki is the first algorithmic underwriter to offer capacity from multiple syndicates.

The Corporation’s chairman said that Names and other third-party capital are essential to maintaining the market’s unique nature.

SCS accounted for nearly two-thirds of global first-half catastrophe losses.

The new SPA will write cyber reinsurance initially and could progress to writing insurance.

Financials Acquisitions Corp is looking to extend its merger deadline and raise “substantial” extra funds.

Howden Tiger worked on the structure of the deal with the unnamed syndicate.

Nephila Syndicate CEO Adam Beatty said that the firm hopes to grow its new specialty syndicate to $500mn of premium within the next few years.

At Trading Risk’s annual ILS conference, Lloyd’s CFO Burkhard Keese explained how the Corporation is working with the market to attract investors to participate in risk transfer across the Lloyd’s market.

Lloyd’s has launched a fund on its new investment platform to enable the market to invest globally in assets themed around climate adaptation, mitigation and social inclusion.

The syndicate had the second-lowest combined ratio for 2022.

The £50mn syndicate made most of its profits in aviation.

Reserve releases connected to 2017 events helped the segment deliver a 95.6% combined ratio.

The sub-syndicate will complement Hiscox’s existing portfolio, offering additional capacity to qualifying clients.

A canvass of Lloyd’s market executives generated an expected combined ratio of 92%-93% for 2022.

The deal provides collateralised backing for Riverstone’s mammoth £1.2bn reinsurance-to-close deal struck for MS Amlin and other transactions.

Will Roscoe, who has managed the Smart Tracker since 2019, has been named active underwriter.

Announcements and interviews at the UN conference have shed light on the tools emerging to help carriers decarbonise their underwriting portfolios.

The market share for the storm of 3%-5% is below syndicates’ historical average for US wind events.

The Gulf Coast state is keen to distance itself from Florida’s insurance woes but is resistant to some underlying changes.

New flexibility will enable top-performing syndicates to raise cat exposures under the Lloyd’s LCM 5 framework, without a penal increase in the required capital.

The Lloyds-centric reinsurer has become a signatory member of the Standards Board for Alternative Investments.

The loss portfolio transfer reinsures around $116mn of the group’s share of Syndicate 33 reserves from between 1993 and 2018.

Business will be written directly into Syndicate 5623 from 1 January 2023.

The move would enable the Lloyd’s ILS platform to access investors with lower risk-return appetites after launching with quota share options only.

Lloyd’s said it did not expect the majority of syndicates to be impacted by the change