Lloyd’s of London News

Reinsurers Look at Dumping Coal From Bulk-Buy Policies in Green Gambit

LONDON — Major reinsurers have already pulled back from providing bespoke cover for coal projects as part of efforts to meet global climate change commitments, but now comes the hard part – finding ways to exclude coal from bulk-buy contracts, …

Lloyd’s of London Sees ‘Large Loss’ Due to Suez Canal Blockage

LONDON — The blockage of the Suez Canal for nearly a week will result in a “large loss” for Lloyd’s of London, its chairman said on Wednesday, as the insurance market recorded a 900 million pound ($1.2 billion) pretax loss …

Lloyd’s of London Could Ditch Pinstripes After Pandemic

LONDON, March 25 — When the pandemic is over, the brokers of Lloyd’s of London could haggle with underwriters from home in their underpants, and ditch their pinstripes at the office. A trade body representing brokers took a swipe at …

Insurer Wins Case Filed by New Orleans Restaurant that Filed Early COVID Claim

A New Orleans judge denied a motion for declaratory judgment that insurance coverage is owed to a restaurant for business income that was lost when it was required to close its dining room because of the COVID-19 pandemic. The lawsuit …

N.J. Supreme Ct. Affirms That Insurers Liable for $300M in Superstorm Sandy Damages

The New Jersey Supreme Court on Wednesday ended an effort by Lloyd’s of London syndicates and other insurers to escape coverage for an additional $300 million in Superstorm Sandy damages suffered by the New Jersey Transit District. The high court …

Lloyd’s of London Steps Back From Coal in First Climate Change Policy

LONDON — Lloyd’s of London is scaling back its exposure to coal and oil sands, the commercial insurance market said in its first sustainability report on Wednesday, in a reversal of its traditional hands-off approach to climate change strategy. Lloyd’s …

Fla. and Okla. Courts Uphold Right to Assign Benefits

Appellate courts in Florida and Oklahoma this week upheld the right of policyholders to assign their right to collect benefits from an insurance claim to contractors, reversing trial court rulings in favor of insurers. The Oklahoma Supreme Court on Wednesday …

Lloyd’s, Parsyl to Insure Emerging Market COVID-19 Vaccine Rollout

LONDON, Dec 15 — Lloyd’s of London and insurtech firm Parsyl have launched a program to insure the distribution of COVID-19 vaccines in emerging markets as drugmakers race to address the biggest global logistical challenge since the Second World War. …

Insurers Jostle to Give Dealmakers Cover for When Things Go Wrong

LONDON, Dec 11 — A record rebound in merger activity this year and a rise in litigation has brought with it an upsurge in insurance policies that give companies and private equity firms cover for when a deal goes wrong, …

When $2 Trillion Falls Short, Next 2020 May Be Uninsurable

There aren’t many contexts where $2 trillion seems like a paltry sum. Then a pandemic comes along. The economic fallout from Covid-19 has left insurers issuing existential warnings and businesses discovering they weren’t covered. It’s resulted in courts packed with …