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"I want it to be almost embarrassing for Lloyd’s not to give us light-touch [status] because our results are so good,” CEO Brad Irick told this publication.
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A hardening market, competition from start-ups and macro conditions have combined to drive up staff costs.
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The move has emerged after Axa XL and Hamilton took decisions to move reinsurance books out of Lloyd’s.
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Plus the latest on Floridian reinsurance reform and all the week’s top news.
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The Lloyd’s Market Association said underwriters will now be physically present on Tuesdays, Wednesdays and Thursdays, either in the Lloyd’s Underwriting Room or their offices.
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Positive results from E&S writers, good news on submission flows and creeping discussion of wage inflation are among the trends reflected in early Q4 commentary.
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The carrier has been targeted by activists whose claims it branded “inaccurate and misleading”.
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The appointment comes in the wake of a major private equity deal for CFC, and the launch of a Lloyd’s syndicate.
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EC3 has declined, struggling with a diminished ability to lead, Lloyd’s regulation, declining client relevance and the rise of Bermuda.
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Two legal academics, giving evidence to the House of Lords inquiry into London market regulation, highlighted the need for a climate-focused duty for regulators.
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The business will deliver legacy portfolio transactions for other Lloyd’s syndicates and be managed by Capita.
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Multiple government and regulator reviews have launched at a time when the cost of compliance is already piling pressure on brokers.