Managing general underwriter Carbon Underwriting has received in-principle approval from Lloyd’s to launch a syndicate-in-a-box, Syndicate 4747. Carbon will start writing business, effective July 1, 2020, with stamp capacity of £15 million (US$18.4 million) in year one, estimated to rise …
British insurers are on the hook for more than 1.2 billion pounds ($1.5 billion) in claims from businesses and individuals hit by the coronavirus pandemic, according to the industry’s trade body. Initial estimates put payments for business interruption at 900 …
Insurance and reinsurance broker Aon has received accreditation from Lloyd’s for its reinsurer trading portal, ABConnect Placements. Following the recent deployment of Aon’s binding function, the Lloyd’s Franchise Board provided “conditional recognition” of Aon’s ABConnect Placements platform so valid contracts …
Lloyd’s of London is collating details of insurers’ business interruption coverage for the Prudential Regulation Authority and is in discussions about a government backstop to cover future pandemics, it said in a letter seen by Reuters. It asked its members …
Sompo International Holdings Ltd., a Bermuda-based specialty provider of property and casualty insurance and reinsurance, announced that as part of the ongoing transformation of Sompo International, the insurer will be consolidating its London presence into one company market platform and …
Most insurance policies bought by smaller UK companies do not cover disruption caused by the coronavirus pandemic, but those that do should make interim pay-outs quickly, a watchdog said on Wednesday, as insurers come under fire for being slow to …
Lloyd’s has selected 12 insurtech startups to participate in its innovation accelerator, Lloyd’s Lab. The 12 teams were chosen out of more than 190 applications, received from across the world, for the fourth cohort of the Lloyd’s Lab, which starts …
A class action lawsuit has been filed against Canada’s top indemnity insurers for breach of contract in their refusal to pay business interruption claims from the COVID-19 crisis. “Indemnity insurers are wrongfully refusing to honor their contracts,” said E.F. Anthony …
Fitch Ratings has placed Lloyd’s of London’s ‘AA-‘ Insurer Financial Strength (IFS) ratings on rating watch negative, on the uncertainty and increased risk to Lloyd’s earnings and underwriting performance due to claims from the COVID-19 pandemic. The negative rating watch …
Thousands of London’s underwriters took their stamps and fountain pens home last week, which they use to sign insurance contracts, but they won’t need them. Working at home due to the coronavirus lockdown, they have abandoned the normal tools of …
