In the event that the UK leaves the EU with no transition or implementation period before Lloyd’s transfers the European Economic Area (EEA) business to its Brussels subsidiary, Lloyd’s underwriters will continue to honour their contractual commitments including the payment of valid claims, according to a corporate statement.
Hurricane Michael made landfall as a Category 4 hurricane along the Florida Panhandle coast yesterday (Oct. 10) and is expected to have caused damage from wind and storm surge in the range of $2 billion to $4.5 billion, according to CoreLogic estimates.
Specialist insurer Hiscox has appointed Liz Breeze as the new chief financial officer (CFO) of its reinsurance and alternative capital business Hiscox Re & ILS, based in Bermuda.
Reinsurers are likely to bear the brunt of the losses caused by hurricane Michael, KBW's Meyer Shields suggested in a research note.
Specialist independent Lloyd’s broker and delegated authority specialist SSL Endeavour Group, which have recently merged under private investment firm JC Flowers, is expanding its property team with new hires from Aon and Bell & Clements.
Brokerslink has expanded its global broker network with the addition of eight new independent brokers from Africa, extending its presence to 21 countries across the continent.
CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) has made its first payout to Barbados on its excess rainfall policy in the 2018/19 policy year.
Bermuda-based Maiden Holdings as agreed to sell its US facultative business including its team of specialists to Japan-based Sompo Group.
Andrew Brooks, CEO of Ascot Underwriting, has been appointed the next chairman of the Lloyd’s Market Association (LMA) with effect from Jan.1, 2019.
The profitability of London Market insurers is set to remain under pressure in 2018, according to Fitch Ratings.