Brexit And The Re/Insurance Industry
This article examines some potential issues for UK re/insurers following the referendum vote for the UK to end its membership in the EU.
Read MoreTopic: Lloyd's
ELANY Hires Former New York Regulator as Financial Director
The Excess Line Association of New York (ELANY) has hired James Davis as financial director. Davis is responsible for the financial review and analysis of all eligible listed excess line insurers to verify their financial strength.
Read MoreGeorge Unleashes the Giant Peach
The global stock of insurance linked securities at the end of 2014 was approaching $25.2 billion. Yesterday George Osborne unleashed the giant peach for the United Kingdom in a seemingly measured statement but one full of promises.
Read MoreThe Best is Yet to Come: Lloyd’s Turkey
Underwriters at Lloyd’s of London (“Lloyd’s”) have engaged in discussions with the Turkish government to discuss Lloyd’s entry into Turkey.
Read MoreUK: Transfer of Interests in Lloyd’s Corporate Members
In a market bulletin published on 14 February 2012, Lloyd’s announced a new Code of Practice and Guidance note in relation to the transfer of interests in Lloyd’s corporate members. Greater consideration is now being given to acquiring interests in corporate members as a means of acquiring underwriting capacity outside of the capacity auctions.
Read MoreFlorida Agrees to Reduce Collateral Requirements for Lloyd’s
On October 6, 2011, the Florida Office of Insurance Regulation (“FOIR”) announced that the FOIR entered into reduced collateral agreements with Lloyd’s of London to 20% pursuant to Section 690-144.007 of the Florida Administrative Code (the “Rule”).
Read MoreUK: Lloyd’s Publishes its Revised Claims Management Principles and Minimum Standards
In a market bulletin released on 31 March 2011, Lloyd’s set out its revised Claims Management Principles and Minimum Standards (click here for a copy of the bulletin). The revision is part of Lloyd’s Claims Transformation Project in order to “facilitate and increase the competitive advantage from the efficient handling of claims on their merits“.
Read MoreUK: Lloyd’s Market Charges for 2011
On 20 December 2010 Lloyd’s issued a Market Bulletin setting out its 2011 charges, contributions, subscriptions and payment dates.
Read MoreUK: Lloyd’s Announces New Strategy for 2011
On 6 December 2010, Lloyd’s published its strategy for 2011 with a strong emphasis on intensifying its regulatory function.
Read MoreLloyd’s Market Drafts Exclusion to Ensure Compliance With Iran Sanctions
As previously reported in this blog, President Obama signed into law the Comprehensive Iran Sanctions, Accountability and Divestment Act of 2010 (the “Iran Sanctions Act”) in July, following the less stringent sanctions passed earlier by the U.N. For a more detailed discussion of the Iran Sanctions Act, see here. Canada, the European Union and Australia soon followed with similar sanctions aimed at Iran’s financial and energy sectors.
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