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The new 15-strong committee is to provide underwriting guidance to the wider market.
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All four quartiles of the Lloyd’s market once again grew GWP in aggregate during 2022, Insurance Insider’s analysis shows.
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Scor, RenaissanceRe and other smart tracker syndicates are supporting the consortium.
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Deputy underwriter Alec Taylor continues the late Meacock’s criticism of the cost of doing business in the Lloyd’s market.
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The syndicate said that claims were “marginally worse” than expected in 2022, but manageable.
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A higher proportion of syndicates reported year-on-year combined ratio deteriorations than in 2021, analysis shows.
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The Lloyd’s business reported a 95% CoR for 2022, a deterioration of two points on the 2021 result.
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The Next Gen platform has opened to placements for the entire market after four weeks of limited access, as firms completed training on the new solution.
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The carrier has reserved a gross figure of £138.3mn for stranded Russian aircraft, but the eventual size of claim remains uncertain.
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Syndicate 1084 reported an overall profit of $16.6mn compared to $129mn in 2021, as net incurred losses increased by just over $227mn.
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The new product is being developed to meet client demand for the coverage as the Lloyd’s market prepares to exclude cyber war as a peril from 31 March.
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Brokers must begin producing MRC v3 compliant contracts by 30 September.