The aftermath of ‘firm action’ in Lloyd’s market
February 8, 2019 by Greg MeckbachEight Lloyds syndicates have closed and some clients insured by the London market are seeing premiums increase four-fold, the head of a major Bermuda insurer suggests. “After some firm action by Lloyd’s in (2018), we saw the closure of eight…
Why the cyber market has become so crowded
January 31, 2019 by Greg MeckbachClients shopping for cyber insurance today can choose from among far more carriers than they could a few years ago, because it’s such a profitable line of business. However, one reason cyber is more profitable than other lines of coverage…
Lloyd’s disputes claim over diamond-studded statue
January 8, 2019 THE CANADIAN PRESSVANCOUVER – A major insurance company is fighting back after a British Columbia court required it to make good on a policy covering a gold, diamond-encrusted eagle statue allegedly stolen in Metro Vancouver more than two years ago. The B.C.…
Disputed claim from $1.2-billion ponzi scheme goes to trial in Ontario
December 3, 2018 by Greg MeckbachA $300 million professional liability insurance claim from a bank could be the subject of a court trial in Ontario. The Supreme Court of Canada announced last week it will not hear an appeal of Toronto-Dominion Bank, N.A. v. Lloyd’s…
Top court could hear disputed claim arising from $550-million ponzi scheme loss
November 5, 2018 by Greg MeckbachA major bank’s disputed $300-million professional liability insurance claim – arising from a Ponzi scheme in Florida – could reach the Supreme Court of Canada. Toronto-Dominion Bank bought an insurance policy from a syndicate of insurers, including Lloyd’s Underwriters in…
What’s next for Fairfax in the Lloyd’s market
November 2, 2018 by Greg MeckbachToronto-based Fairfax Financial Holdings Ltd. plans to buy the remainder of Lloyd’s insurer Brit PLC within the next couple of years, Fairfax president Paul Rivett said Friday. Toronto-based Northbridge Insurance and Stamford, Conn.-based OdysseyRe are among the insurance subsidiaries owned…
Insurer CEO explains why Lloyd’s model must adapt
October 29, 2018 by Greg MeckbachIf the Lloyd’s insurance business model is going to survive, it needs to adapt to today’s digitized world, suggests the chief executive officer of a large global insurer. “The Lloyd’s marketplace is important to the industry but it has longer…
How SSL Endeavour is streamlining access to the Lloyd’s market
October 3, 2018 by David GambrillSSL Endeavour in Canada is streamlining access to the Lloyd’s market by rolling out its Advantage claims management platform, allowing Canadian coverholders and TPAs to input claims data directly into London’s central systems. Streamlining the claims process is a priority…
Hub subsidiary Totten buys MGA in Atlantic Canada
October 3, 2018 by Greg MeckbachAnderson McTague & Associates Ltd., a New Brunswick-based coverholder in the Lloyd’s market, has been acquired by Toronto-based Totten Insurance Group Inc., a subsidiary of Hub International Ltd. Totten Insurance is a managing general agency founded in 2002 by H.…