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Lloyd's of London CEO John Neal to leave in 2025
  + stars: | 2025-01-08 | by ( ) www.cnbc.com   time to read: +2 min
The interior of Lloyd's of London, the centuries-old insurance market, is pictured in central London on April 27, 2016. Lloyd's of London CEO John Neal will leave in 2025 to join insurance broker Aon , the commercial insurance market said on Wednesday. Neal will become global CEO of Aon's reinsurance business and global chairman of climate solutions, Lloyd's said in a statement. Neal has headed Lloyd's for more than six years, and was previously group CEO of insurer QBE . Patrick Tiernan, currently chief of markets at Lloyd's, could be a possible successor to Neal, two insurance industry sources said.
Persons: Lloyd's, John Neal, Neal, QBE, Bruce Carnegie, Brown, Charles Roxburgh, John, Sheila Cameron, Cameron, Patrick Tiernan, Aon, Andy Marcell, Marcell Organizations: Carnegie, of Lloyd's, Market Association Locations: London, market's City of London, Lloyd's
Read previewThe collapse of Baltimore's Francis Scott Key bridge could lead to the biggest losses in the history of marine insurance, the bosses of Lloyd's of London warned on Thursday. "The tragedy has the capacity to become the largest single marine insurance loss ever," the commercial insurance market's chairman Bruce Carnegie-Brown said in an interview with Reuters. Related stories"I would say it's certainly going to be one of the largest marine losses in history, of that there is little or no doubt," he said. Barclays analysts estimate that the disaster could lead to $3 billion in insurance claims, while Morningstar DBRS put the figure at $4 billion. AdvertisementBoth of those figures would surpass the $1.5 billion losses triggered by the Costa Concordia disaster.
Persons: , Baltimore's Francis Scott Key, Bruce Carnegie, Brown, John Neal, Neal, Dali, Morningstar DBRS Organizations: Service, Reuters, Business, BBC Radio, Maersk, Barclays Locations: London, Costa Concordia, Italy
The interior of the Lloyd's of London building is seen in the City of London financial district in London, Britain, April 16, 2019. REUTERS/Hannah McKay//File Photo Acquire Licensing RightsLONDON, Sept 8 (Reuters) - A London-listed special purpose acquisition company has moved closer to launching a vehicle designed to give investors access to the Lloyd's of London insurance market, according to a statement on Friday. Financial Acquisitions Corp said it had established London Innovation Underwriters Limited (LIU), as part of a plan to deploy funds in the historic insurance market and build a reinsurance book with up to 1 billion pounds ($1.25 billion) of capacity. The SPAC intends to combine with LIU and raise a "significant sum" of equity capital on the London Stock Exchange, the statement said, adding a further statement would be made once the combination was entered into. ($1 = 0.8010 pounds)Reporting by Iain Withers; Editing by Sharon SingletonOur Standards: The Thomson Reuters Trust Principles.
Persons: Hannah McKay, LIU, Iain Withers, Sharon Singleton Organizations: REUTERS, Corp, London Innovation Underwriters, London Stock Exchange, Thomson Locations: London, City, Britain
"This is the single largest policy that can be approved from one insurance company," Evertas chief executive officer J. Gdanski told Reuters. The $420 million coverage applies to crime-related policies involving the theft of private keys - or codes used to authorize transactions or prove ownership - held by a custodian. The previous single policy limit for Evertas was $5 million. Being a coverholder gave Evertas the authority to write crypto insurance on behalf of Arch, one of Lloyd's syndicate members, part of a group of insurance entities that band together to provide coverage for large risks. The London insurer has also authorized Evertas to provide insurance on crypto mining hardware of up to $200 million, also the largest single policy coverage, Gdanski said.
Persons: Evertas, J, Gdanski, Gertrude Chavez, Dreyfuss, Alden Bentley, Mark Potter Organizations: YORK, Insurance, Reuters, Evertas, Arch Capital, TRM Labs, Thomson Locations: London, Gdanski
Lloyd's of London swings to 2022 pre-tax loss
  + stars: | 2023-03-23 | by ( ) www.reuters.com   time to read: 1 min
FRANKFURT, March 23 (Reuters) - Lloyd's of London (SOLYD.UL) swung to a pre-tax loss in 2022 and took writedowns on its fixed-income investments, it said on Thursday. The pre-tax loss was 800 million pounds ($982.56 million), compared with a profit of 2.3 billion pounds a year earlier. Rising interest rates have hit investments at many financial firms, and it posted a net investment loss of 3.1 billion pounds, compared with a 900 million pound profit in 2021. However, Lloyd's underwriting profit jumped 53% to 2.6 billion pounds. John Neal, CEO of Lloyd's, forecast 2023 premiums of 56 billion pounds, up from 46.7 billion in 2022, according to a statement.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe'll have to live with inflation for a sustained period of time: Lloyd's of London CEOJohn Neal, chief executive officer of Lloyd's of London, discusses the outlook for the insurance industry in the face of climate change and economic pressures.
Lloyd's of London CEO on RTO: 'We need to get Monday back'
  + stars: | 2023-03-09 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLloyd's of London CEO on RTO: 'We need to get Monday back'CNBC's Andrew Ross Sorkin reports on comments from the CEO of Lloyd's of London.
The city's rental market is in crisis, and renters are facing the consequences. After living in their two-bedroom apartment for almost a year, their landlord asked them to pay 27% more rent. "We were shocked at how high the rent increase was," he told CNBC's Make It. "None of the areas that we've found potential properties for would really suit our living situation," Lloyd said. Some of Lloyd's neighbors have heard back from their landlord through the property manager and new, lower rent increases have been suggested, but most are still worriedly waiting.
Google Cloud's Office of the CTO is a group of former tech execs with engineering experience. Nestled inside Google's burgeoning cloud business is a small group of engineering pros who work on some of the tech giant's most ambitious projects. Finance is another sector target for Google Cloud, which is benefitting from the cloud revolution taking over Wall Street. While the group sits within the cloud business, OCTO can leverage all of Google's resources from research and development to engineering, Rowe said. Through OCTO, Google Cloud is able to keep a pulse on what its customers are thinking about and what they care about.
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