Lloyd's Group Says Solvency II Drives Rising Use of Actuaries
With the approach of Solvency II in the European Union, the Lloyd's market is making greater use of actuarial skills, according to the Lloyd's Market Association, which represents Lloyd's managing agents. During the past three years, the LMA said in its 2010 market survey, Lloyd's managing agents have increased the size of their actuarial operations by 49%.
30 Aug 2010 Insurancenewsnet.com
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Lloyd's doubles actuarial resource as Solvency II looms
This article explains how managing agents at Lloyd’s have seen significant growth (49%) in actuarial resources over the last three years as the demands on managing agents from Solvency II develop, according to a new survey by the Lloyd's Market Association.
23 Aug 2010 Post Online
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Buyer's Market
This article includes comments from LMA Chairman, Barnabas Hurst-Bannister. "Lloyd’s businesses may be below book value and look ripe for the picking, but private equity companies are finding it tough to raise money, while insurers have the cash but are cagey. Even intra-market deals are doubtful..."
12 Aug 2010 Ben Dyson Insurance Times
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Somali crackdown threatens City role on ransoms
The UN's plans for sanctions on two suspected pirates would hit law firms, insurers and private security companies in London that arrange ransoms to free kidnapped ships and crews. They would also raise “a question mark” over the fate of all those being held by pirates, according to the LMA's senior technical executive, Neil Roberts.
09 Aug 2010 FT.com
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Policy exclusion drafted for sanctions
The LMA has developed an exclusion clause to help underwriters ensure they do not breach trade or economic sanctions imposed on countries or organisations around the world. The LMA came up with provisional wording in July and, after receiving U.S. legal advice, recently revised that wording.
08 Aug 2010 Sarah Veysey Business Insurance
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Live business a reality for all Exchange participants by end of September
London’s electronic endorsements pilot is on target to meet its September 1 deadline for commencing live business processing, with all participating firms expected to be fully live on the Exchange by the end of that month. LMA’s Rob Gillies explains how issues have been identified and overcome ahead of the launch.
06 Aug 2010 Greg Dobie Insurance Day
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Lloyd's ship underwriters create sanctions clause
London's marine insurance market has created a clause ensuring underwriters do not breach sanctions due in part to western measures against Iran. "Underwriters have taken steps to ensure they do not contravene the sanctions. One of the ways of doing that is to write carefully the allowed business using an appropriate exclusion or limitation clause," LMA’s Neil Roberts told Reuters.
03 Aug 2010 Jonathan Saul Reuters
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Lloyd's is ready for technology
Insurance Times reports that Lloyd’s is pushing ahead with a range of modernisation projects. These include the Electronic Claims File (ECF) initiative, which aims for paperless claims handling in the market and, more recently, Lloyd’s Exchange, under which underwriters, brokers and IT suppliers can share information using ACORD messaging standards. The LMA’s new chairman, Barnabas Hurst-Bannister, explains why he believes the market is more ready than ever to embrace new technology.
02 Aug 2010 Ben Dyson Insurance Times
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Insurers concerned over double regulatory burden
Post Magazine reports the lack of detail concerning the regulation of the Lloyd's market could mean insurers there have more influence than others over the eventual shape of their replacement regime for the Financial Services Authority. However, commentators have voiced concerns over the overlap and ultimate cost burden highlighted in the government's consultation published this week.
David Gittings, LMA chief executive said: "Both the Corporation of Lloyd's and managing agents are currently regulated by the FSA. The LMA will be working with the Corporation of Lloyd's and FSA to ensure the new arrangements minimise the potential for duplication for managing agents as between the corporation, the PRA and the CPMA, each of which will have a role to play in the future regulatory structure. We shall also want to ensure that costs are minimised."
28 Jul 2010 Amy Ellis POST online
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Insurers react angrily to DIW piracy report
Marine insurers have reacted angrily to suggestions the market has a vested interest in piracy continuing. Neil Roberts, senior technical executive at the LMA and secretary of its marine committee, said: "I don’t think anybody welcomes piracy [and] to say insurers make profit with little loss is very inflammatory." Roberts’ views were shared by David Croom-Johnson, chief underwriting officer at Aegis and deputy chairman of the LMA’s marine committee, who called the report "bizarre".
28 Jul 2010 Chistopher Munro Insurance Day
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60 seconds with Barnabas Hurst-Bannister
Lloyds.com
27 Jul 2010 Lloyds.com Lloyds.com
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New LMA Chairman to focus on Solvency II, broker ties and soft market
AM Best
20 Jul 2010 Insurancenewsnet
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Lloyd's Market Association's Barnabas Hurst-Bannister on Chairman Role
Audio podcast interview with new LMA Chairman, Barnabas Hurst-Bannister.
AM
Best
16 Jul 2010 Bob O'Connor AM Best
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New Xchanging e-accounts to take premium splits from London brokers
David Gittings
Insurance Insider
16 Jul 2010 Insider reporter Link
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Broker Positivity Rising
David Gittings
Insurance
Day
09 Jul 2010 Richard Banks Link
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Brokers in London Market Survey 'More Positive' about Lloyd's
David Gittings
Insurance Journal
09 Jul 2010 IJ reporter Link
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Brokers more positive on Lloyd's than two years ago
David Gittings
Post Magazine
08 Jul 2010 Jonathan Swift Link
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Lloyd's ship underwriters to tackle Iran sanctions
Thomson Reuters
02 Jul 2010 Jonathan Saul Reuters
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Technology - Underwriting: Shifting focus
Rob Gillies
Post Magazine
01 Jul 2010 Ed Murray
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Post Europe - Insurance Block Exemption Regulation
Kees van der Klugt
Post Europe
30 Jun 2010 Stephanie Denton
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