Lloyd’s of London News

Insurance Market Lloyd’s of London Returns to Profit, Braces For Coronavirus

Lloyd’s of London reported its first annual pretax profit in three years on Thursday, thanks to tighter underwriting and robust investment returns, and signaled it was well prepared to cope with the cost of the coronavirus pandemic. The 330-year-old insurance …

Virus Fight Insurers Thought They’d Dodged Is Looming Anyway

For years, property-casualty insurers have sought to protect their business from the ripple effects of a pandemic. The spread of the coronavirus is showing it may not be easy. At issue are business-interruption policies, which tend to pay out only …

Lloyd’s Must Defend Merchant From Privacy Law Suit

Lloyd’s of London must defend a merchant against a lawsuit that accused it of violating a California privacy law by selling information about its customers, a federal appellate court ruled, reversing a lower court. The 9th Circuit Court of Appeals …

Lloyd’s of London Seeks Estimates For Coronavirus-Related Losses

Lloyd’s of London has asked its member firms to provide estimates of their potential current and final losses from coronavirus, a spokesman said on Tuesday, to help the insurance market understand its possible overall losses from the impact of the …

Lloyd’s May Proceed With Defect Claim Against Manufacturer for Oil Rig Blowout

A federal appellate court revived products liability claims filed by an offshore oil rig operator and its insurer against the manufacturer of a blowout prevention device that failed to prevent a catastrophic blowout that caused $70 million in damages. The …

Technology’s Promise and Drawbacks Among Top Claims Stories for 2019

Technology — both its promise and its alleged abuse — was a key component of the most important news stories for claims professionals in 2019. Several insurers introduced new technical innovations to their claims processes during the year. At the …

Sources Say Saudi Aramco Pursues War Cover After Attacks

Saudi Aramco is looking to buy insurance against war and terror attacks after a damaging drone and missile attack on some of its oil facilities in September, two sources told Reuters. Aramco, the world’s largest oil company, has been looking …

Athletes Claim Lloyd’s Delays Policies, Changes Terms to Deny Claims

A player for the Jacksonville Jaguars football team is the latest of several athletes to sue Lloyd’s of London syndicates for allegedly making changes to disability insurance policies after premiums were paid and then denying coverage based on the amended …

Texas Court Erases $13M From Jury Award for Offshore Oil Well Claim

A Texas appellate court shaved $13.6 million off of a jury’s award against Lloyds’ of London syndicates to the owner of a Gulf of Mexico oil well and platform that was destroyed by Hurricane Rita in 2005. The 1st District …

Sexual-Harassment Whistle-Blower Sues Lloyd’s of London Insurer

A senior lawyer who blew the whistle on alleged sexual harassment and bullying at a top Lloyd’s of London insurance company is suing his employer for what he called a campaign of , , racial discrimination and victimization. Ifeanyi Okoh …