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 [...]
City Moves: Who’s switching jobs in the Square Mile? August 23, 2022 City A.M.’s Millie Turner provides a roundup of the most important hires and job moves across the City, every morning. Email citymoves@cityam.com to be featured. Knight Frank Property consultancy Knight Frank has appointed a new head of lettings in its King’s Cross office. Joining from the firm’s Canary Wharf office where he was a most recently an associate in the lettings team, [...]
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. [...]
Today: Hosepipe ban takes effect as another heatwave is knocking on Britain’s door August 5, 2022 Parched parts of England are facing a hosepipe ban amid very dry conditions and ahead of another predicted heatwave. Southern Water announced the move from Friday for customers in Hampshire and on the Isle of Wight, while the measure will follow in exactly a week for South East Water customers in Kent and Sussex. Months [...]
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. [...]
Explainer-in-brief: Breaking the Odessa deadlock August 2, 2022 Yesterday the first container ship filled with grain left Ukraine after months of impasse. It was a huge breakthrough, enabled by a deal brokered by Turkey and the United Nations. The cargo ship was loaded with 26,000 tonnes of corn. It left Odessa, a Black Sea port that’s been blocked since the beginning of the [...]
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 [...]