Keyword
Lloyd's
How Lloyd’s is addressing MGA pain points
June 13, 2023 by Jason ContantLloyd’s is looking to address a major pain point for MGAs — duplication of compliance requests from syndicates. The insurance marketplace is looking to kickstart and facilitate conversations with syndicates on compliance and due diligence, Jane Harley, head of delegated…
How Lloyd’s broke the bottleneck for Canadian MGAs
October 21, 2022 by Jason ContantEditor’s Note: This article has been revised to clarify the rules around continuous binding authorities emanating from Lloyd’s. Managing general agents (MGAs) with a binding authority contract from Lloyd’s — and where the capacity under the contract is provided…
How ESG affects the entire insurance supply chain
October 20, 2022 by Jason ContantImplementing environmental, social and governance (ESG) strategies will create a ripple effect impacting the entire insurance supply chain and billions of dollars in investments, said George Longo, president and CEO of MGA Excess Underwriting. “The ripple effect is going to…
Are Lloyd’s remedial actions paying off?
August 25, 2022 by Alyssa DiSabatinoLloyd’s ‘remedial’ actions are working — after turning its first underwriting profit last year since 2016, Lloyd’s market is expected to have a robust underwriting performance in 2022 through 2024 as rates harden across many lines, predicted credit-rating agency S&P…
Innovation coming from the Lloyd’s market
November 2, 2021 by Jason ContantThe Lloyd’s market has seen some “remarkable technologies” emerging recently, Marc Lipman, president of Lloyd’s Canada, said during the virtual IBAO Convention late last month. “A couple of Canadian-based companies have travelled to London to work through the Lloyd’s lab…
Combined ratio drops 18.2 points in the Lloyd’s market
September 14, 2021 by Greg MeckbachThe Lloyd’s market has returned to profitability. The Corporation of Lloyd’s has reported a 2.1-point improvement in its attritional loss ratio, from 52.6% in during the first six months of 2020 to 50.5% in the first half of this year.…
How Lloyd’s says your client could suffer reputational harm
August 25, 2021 by Greg MeckbachUp to a quarter of the value of some of your commercial clients’ firms could be their own brand and reputation. This reputational value could degrade quickly if your client is perceived to have behaved badly, a Future of Insurance…
How Lloyd’s insurers will react to capacity reductions in Canada
August 16, 2021 by Greg Meckbach“Constant churn” helps restore some capacity withdrawn by syndicates, though not always at the same terms and conditions, Lloyd’s Canada’s new president suggests. “When capacity is scarce in one or more syndicates, other syndicates likely view this as an opportunity,”…
How Lloyd’s Canada says the industry can better prepare for the next time a pandemic causes business interruption
August 9, 2021 by Greg MeckbachLloyd’s is talking to Canadian government authorities about how business interruption risk, arising from a pandemic, can be transferred in the future. “In Canada, Lloyd’s has talked to the federal finance department and different provincial government regulators,” Lloyd’s Canada president…
The real advantage of straight-through processing in the Lloyd’s market
May 31, 2021 by Greg MeckbachManaging general agents who can place small business coverage digitally through the Lloyd’s market are at a competitive advantage over MGAs using traditional paper-based processes, an insurtech CEO suggests. “We are one of the very few MGAs that has straight…
Where MGAs could find new capital as Lloyd’s limits capacity
May 8, 2021 by Greg MeckbachWith some commercial coverages becoming harder to place in the hard market, reinsurers are looking to distribute through managing general agents, Virtual Symposium B.C. attendees heard Thursday. “I had two meetings today with two separate reinsurers who are very interested…
Pandemic will cost the global P&C industry more than $250 billion: Lloyd’s
April 7, 2021 by Greg MeckbachThe pandemic will cost the global insurance industry at least US$200 billion, Lloyd’s predicts. “We estimate that the global insurance industry will pay around US$203 billion in claims and due to a reduction in asset values as a result of…