Lloyd’s of London News

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 …

Lloyd’s of London Sees Global Pandemic Insurance Losses Above Previous Estimate

Global insurance losses from the COVID-19 pandemic will be higher this year than the $107 billion Lloyd’s of London had previously estimated, its Chairman Bruce Carnegie-Brown said on Wednesday. Carnegie-Brown told the Reuters Events Future of Insurance USA conference that …

Lloyd’s of London Ditches Plan to Create its Own Electronic Exchanges

LONDON — Lloyd’s of London has dropped ambitious plans to set up its own electronic exchanges and will work with other existing platforms to speed up the underwriting process and cut costs, the commercial insurance market said on Thursday. Lloyd’s …

Claims People: Lloyd’s, Provencher and Paul Davis

Lloyd’s Appoints U.S. Claims Head Lloyd’s of London has appointed Carey Bond as U.S. head of claims, a newly created role. Bond will collaborate with London brokers and underwriters on the design and delivery of claim solutions for policyholders in …