Land developers face an increased risk of public contract award cancellations, following a court judgement last year that struck down a contract between a developer and West Berkshire council.
European firms passporting into the UK need to notify the Financial Conduct Authority that they wish to enter the temporary permissions regime by 30 October in order to ensure they are able to continue operating in the event of no-deal Brexit, the…
Gross premiums written in London by the company market increased 6.7% in 2018, reaching £19.56bn, according to the International Underwriting Association.
Seventeen Group, which includes brokers James Hallam and MGA Touchstone Underwriting, saw its pre-tax profits dip by 36% to £812,716 in 2018.
European insurers paid out €1069bn (£953bn) in claims and benefits to insureds in 2018, according to figures gathered by Insurance Europe.
The London Market Target Operating Model is to be wound down and its work to be continued as part of the Future at Lloyd’s market modernisation drive.
Markel International has promoted three of its claims leadership team, with a view to giving parts of the business more specialised management.
Lloyd’s CEO John Neal has underscored the importance of individuals speaking out about instances of bullying and harassment at a panel discussion on the first day of the Dive In festival.
Lloyd’s is beginning to see the green shoots of improved underwriting thanks to stringent business planning measures, executives have said following the market’s interim results.
Lloyd’s recorded pre-tax profits of £2.3bn in the first six months of 2019, with strong investment returns offsetting a year-on-year deterioration in underwriting profitability.
Julian Enoizi, CEO of UK government-backed terrorism reinsurer Pool RE, has predicted that the insurance-linked securities market will diversify away from US property-catastrophe risks, into other “difficult to insure perils” such as terrorism.
The industry can expect to be hit with on average $92bn (£74.5bn) in insured losses from catastrophes annually going forward, according to catastrophe modeling firm Air Worldwide.
Lloyd’s of London chairman Bruce Carnegie-Brown has said that the results of the specialty insurance market’s culture survey are “sobering” and that it won’t hesitate to make an example of perpetrators in order to stamp out bad behaviour.