Lloyd’s boss: City has ‘big few months ahead’ to ensure Square Mile vitality September 8, 2022 Lloyd’s of London chief John Neal reckons the City has a “big few months ahead” to ensure the Square Mile retains its pre-pandemic vitality. Speaking to City A.M. this morning after a positive set of half-year results for the insurance marketplace, Neal said that though he recognises that “flexibility is critical” he also said there [...]
Lloyd’s of London to give staff £2,500 helping hand ahead of winter September 8, 2022 Lloyd’s of London is to give staff earning less than £75,000 per year a £2,500 one-off payment later this month to help with surging inflation. Chief Executive John Neal told City A.M. this morning that it was set to be a “pretty rotten winter” and “as employers we’ve got an obligation to think, to care [...]
Lloyd’s of London says state-backed cyberattack policy is ‘responsible’ September 5, 2022 Lloyd’s of London has defended plans to stop providing insurance coverage for state-backed cyberattacks. In an interview with the Financial Times, Lloyd’s chief of markets Patrick Tiernan said the insurance marketplace is “being responsible” by taking a cautious approach. In a note last month, Lloyd’s explained that the potential for state-backed cyberattacks to spread could [...]
Soaring inflation risks creating UK property ‘insurance gap’ August 25, 2022 SOARING inflation in the construction sector threatens to create a major “insurance gap” amongst UK policyholders, London headquartered insurer Chaucer has warned. Sharp increases in the costs of building materials could leave homes and businesses underinsured, as policies fail to cover the cost of repairing and rebuilding damaged properties, research carried out by the Lloyd’s of [...]
Ukraine: Insurers provide first policy for grain shipment out of war-torn country August 23, 2022 Lloyd’s of London broker Ascot and insurer Marsh have written their first insurance policy for a ship carrying Ukrainian grain out of the country’s Black Sea ports following the signing of Russia and Ukraine’s safe passage deal last month. The shipping insurance policy is set to reinforce the UN brokered deal to reopen Ukraine’s seaports [...]
Lloyd’s of London tells insurers to halt covering state-backed cyberattacks August 18, 2022 Lloyd’s of London has said its insurers will be required to stop covering state-backed cyberattacks in their standard cyber insurance policies. The centuries-old insurance marketplace told its underwriters to make exclusions for cyberattacks launched by governments and state actors, over concerns such attacks could expose the market to unmanageable losses. “If not managed properly [a [...]
Insurers grapple with transition to a greener world August 10, 2022 Last week, a coalition of thirteen of the UK’s major insurers vowed to cut their supply chain emissions as part of the Sustainable Markets Initiative’s (SMI’s) sustainable supply chain pledge. In signing the SMI pledge, the 13 insurers and brokers – including Axa, Phoenix, Lloyd’s, and Direct Line – vowed to work with their suppliers [...]
Informa sells centuries old Lloyd’s List to private equity firm Montagu August 5, 2022 London private equity firm Montagu has struck a deal with publishing giant Informa to buy up shipping newsletter Lloyd’s List, one of the world’s oldest continuously running news journals. Montagu Private Equity, which manages €10bn (£8.4bn) worth of assets, has agreed to buy the centuries-old maritime news service from Informa, in a deal worth £385m. [...]
Lloyd’s of London aims to attract billions in capital via launch of new investment vehicle August 4, 2022 Lloyd’s of London has set out plans for the launch of a new investment vehicle, with a view to drawing in billions from institutional investors. The London insurance market today announced plans to set up a second protected cell company (PCC) following the successful launch of its London Bridge Risk PCC vehicle last year. [...]
Claims globalisation has ‘had its heyday’ are premature, Lloyd’s chief executive says August 2, 2022 Claims the dual shocks of Covid and the war in Ukraine have halted the “all conquering forces of globalisation” are “premature,” Lloyd’s of London chief executive John Neal told City A.M. In an op-ed in this newspaper, the insurance chief said that while we will “rightly see a degree of retreat and retrenchment” in [...]