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On 25 June 2009, the High Court approved the statutory transfer of the 1992 and prior non-life business of members and former members of Lloyd’s to Equitas Insurance Limited by way of Part VII transfer under the Financial Services and Markets Act 2000 (FSMA). 

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Read More UK: Equitas Part VII Transfer Approved by High Court

The Lloyd’s 360 Risk Insight group recently released a report entitled “Global recession: The magnifying glass for political instability.”  In the report, Lloyd’s warns that the ongoing global recession is likely to cause greater social and political instability around the globe.  As to Latin America, the report identifies the greatest threats to social and political stability as expropriation and piracy. 

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Read More Lloyd’s Issues Warning About Threat of Social and Political Instability Due to Global Recession, Identifies Expropriation and Piracy as Key Issues in Latin America

A recent Lloyd’s Market Bulletin ref: Y4280 (14 May 2009) gives details of three individuals who, when changing employment to a competitor, committed various breaches of their obligations to their previous employer. Alistair Mark Mellis and Ksenya Mazalova were involved in the appropriation of documents from their previous employer for use in their new employment. Mr Mellis, who had not yet moved to his new employer, also provided underwriting assistance to Ms Mazalova. 

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Read More UK: Regulation: Notice of Censure Published by Lloyd’s Enforcement Board in Relation to Ark Syndicate Management (ASM) Employees

Lloyd’s has finalised the rules and guidance for the 2009 capacity transfer season. Capacity transfers enable members to surrender or acquire the right to underwrite a specific amount of premium on Lloyd’s syndicates. The rules and guidance contains the Auction Rules, the Bilateral Arrangements Rules, the Conversion Rules, the Capacity Offer Rules and the explanatory guide to the Capacity Auctions and Bilateral Arrangements. No substantive amendments have been made to the 2008 rules and guidance. …
Read More UK: Lloyd’s Announces Capacity Market Rules for 2009

Lloyd’s has announced the appointment of Tom Bolt as its new Underwriting Performance Director, replacing Rolf Tolle who steps down as Franchise Performance Director at the end of the year. Although the title changes, we understand the role is largely the same. 

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Read More UK: Lloyd’s Announces Appointment of New Underwriting Performance Director

In a market bulletin published on 5 March 2009, Lloyd’s announced new arrangements for the reporting, funding and settlement of LATF liabilities (excluding long term business). The bulletin states that these changes will take effect at the end of Q1 2009.

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Read More UK: Changes Announced to Lloyd’s American Trust Fund (LATF)

We have reported previously on the progress of the Lloyd’s Legislative Reform Order (LRO) through the UK Parliament and on the consultation by Lloyd’s in relation to the proposed amendments to the Lloyd’s Byelaws (you can see our most recent post by clicking here). 

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Read More UK: Lloyd’s Legislative Reform Order: Amendments to Lloyd’s Byelaws