Lloyd’s profits surge as Tiernan charts course for ‘efficiency’ era Insurance Lloyd’s of London has reported a pre-tax profit of £10.6bn, over a 10 per cent increase from the previous year, as its chief executive launches its new five-year strategy. Its gross written premiums climb to £57.9bn, up over 4 per cent. This was driven by volume growth as new syndicates joined the market; however, for [...]
Modernisation and missteps: Lloyd’s of London struggles for a new era Insurance Lloyd’s of London, one of the world’s largest (re)insurance markets, has faced its fair share of battles in recent years, and one of the biggest fights has been against itself and its old-fashioned ways. Back in 2018, the incoming chief executive, John Neal, had an ambitious mandate: to restore stability and modernise Lloyd’s following a period [...]
Vessel insurance in focus after US strikes on Venezuela insurance The waters surrounding Venezuela see significant maritime traffic. However, following US air strikes on the country on Friday, an insurance body has advised shipowners to consult with underwriters before sailing. Venezuela is home to the largest proven oil reserves on earth, resulting in busy trade via its waters. Puerto Cabello is the country’s busiest port, [...]
