Lloyd’s/London
London market diversity under the microscope as consolidation continues unabated
The London market is in danger of becoming too consolidated as a result of the current M&A wave, commentators have warned, with market diversity dependent on small start-up businesses emerging in the coming years.
Canopius and Sompo to launch merged reinsurance unit via Lloyd's and Zurich platforms
Canopius Group has formed an integrated business unit to manage the reinsurance business previously written by Canopius and Sompo Japan Nipponkoa Insurance.
Lloyd's insurer Torus renamed Starstone
Insurer Torus has changed its name to Starstone alongside changing its logo and branding.
Highbridge takes majority stake in Price Forbes
Towergate investor Highbridge Principal Strategies is to take a majority stake in Lloyd's broker Price Forbes.
Barbican to manage Credit Suisse-backed syndicate
Barbican Managing Agency has received in principle approval from the Lloyd's Franchise Board to manage Syndicate 1856.
Asta launches Everest-backed corporate syndicate
Asta Managing Agency has been granted in-principle approval to establish a corporate syndicate backed by Everest Re with £102m gross written premiums for 2016.
Lloyd's H1 profit drops 28% in ‘intensely' competitive environment
Lloyd's has announced a decreased first half profit of £1.19bn (H1 2014: £1.65bn) alongside a deteriorated combined operating ratio of 89.5% (H1 2014: 87.4%).
Biba presents City Minister Harriet Baldwin with alternative FSCS plan
Corporate brokers have joined colleagues in the personal lines space in voicing concerns that the rise in insurance premium tax will result in more premium leaving the market.
Blog: Do we need a Royal Society for the Protection of British Insurers?
Speaking to someone yesterday they wondered aloud why more noise had not been made about the fact that an increasing number of traditional British insurance brands were potentially on the chopping block.
Mitsui Sumitomo in talks to buy Amlin
Japan's Mitsui Sumitomo is in talks to buy Lloyd's (re)insurer Amlin according to Nikkei.
Ex-Howden boss Tim Coles joins Nexus as CEO as MGA targets more M&A
Nexus Underwriting Management has unveiled former Howden Broking Group boss Tim Coles as its new CEO.
Lloyd's finds £3trn of GDP at risk from disasters around the world
A Lloyd's index has found a total of $4.6trn (£3trn) of projected gross domestic product is at risk from manmade and natural disasters in cities around the world.
Hindson joins Argo as chief risk officer
Alex Hindson has been appointed chief risk officer at Argo.
Female Millennials: How to attract young women
A recent PWC report showed female millennials had reservations about working in the insurance industry. Post investigates what the sector can do to include this group in its future workforce
Former Zurich CEO Riddell returns to Pool Re as non-exec
Pool Re has recruited former Zurich Global Corporate boss Geoffrey Riddell as a non-executive director.
Profits up 28% at Charles Taylor as group plots acquisitions
Professional services firm Charles Taylor has reported a 28.1% increase in pre-tax profits to £5.3m (H1 2014: £4.1m) alongside a 21.7% rise in revenue to £69.1m (H1 2014: £56.8m) for the first six months of 2015.
Lloyd's drones report highlights safety, security and surveillance concerns
Insurers are likely to demand greater risk mitigation measures from drone operators amid concerns around safety, security and surveillance, according to a Lloyd’s report.
Delegated Authorities: From me to you
A recent FCA report poured scorn on the industry over its handling of delegated authority. The regulator’s expectations require change from both brokers and insurers, but how is it going to work?
Hundreds of London market wordings threatened by Insurance Act
Hundreds of model policy wordings used by the London market may require amendment in light of the new Insurance Act, according to the Lloyd's Market Association.
Tysers reaps benefits of broker restructure with uplift in profits
Tysers has seen the benefits of restructuring its broker divisions with a strong round of results, which included a 21.6% hike in pre-tax profits.
Markel reports 90% H1 combined ratio
Markel International has reported a comprehensive loss to shareholders of $132.9m (£85.1m) in the second quarter of 2015 compared to a loss of $250.6m in Q2 2014.
Post Q&A: The use of data and analytics in the London and Lloyd's market
The London market is one that is characterised by significant competition, but low margins.
Towergate shifts London market division to broking arm
Towergate London Market has moved from the consolidator's underwriting arm to the Towergate Insurance Brokers division alongside the formation of a new London region.
Novae's renewal rates fell 3.3% on average in first half
Specialist (re)insurer Novae saw average renewal rates reduce 3.3% in the first half of the year.