Lloyd’s of London does not have to pay the U.S. government’s Federal Deposit Insurance Corp. $3 million in judgment interest because the FDIC waited too long —18 months after a final judgment — to try to collect it. The action …
Lloyd’s insurers face COVID-19 related claims from approximately 14 categories of insurance, said Chief Executive Officer John Neal during a media call to discuss the market’s 2019 results. Neal said it is too early for the market to assess the …
The Lloyd’s Market Association (LMA) has launched the Claims Development Pathway, an interactive training and development tool that will provide support to claims professionals in the Lloyd’s market, at every stage of their careers. Modernizing claims handling at Lloyd’s is …
The Lloyd’s market has paid claims worth $1.7 billion so far in response to hurricanes Harvey, Irma and Maria. Earlier this year Lloyd’s estimated a total commitment of $4.8 billion for the three storms. “With total net financial resources of …
Insurance claims from earthquakes in Japan and New Zealand, floods in Australia and tornadoes in the United States drove Lloyd’s of London to its biggest-ever first half loss, the insurance market said Wednesday. Lloyd’s, which has no connection with Lloyds …
Claims transaction times at Lloyd’s have been cut by 40 percent from 25 to 15 days, during the pilot phase of the Claims Transformation Programme (CTP). Since January 2010, the pilot phase has processed more than 7,500 marine hull, property …
A Macedonian court has convicted an insurance representative and the skipper of a boat that sank, killing 15 Bulgarian tourists, of negligence and sentenced them to 12 months each in jail. The court in Ohrid, in southwestern Macedonia, said Tuesday …
Slowly, but surely the electronic revolution is gaining ground at Lloyd’s and throughout the London market generally. Ark Syndicate Management Limited at Lloyd’s became the latest to make the jump with the announcement that it has “gone live” with its …
Lloyd’s of London, the world’s largest insurance market, has appointed property and retail executive John Nelson as its new chairman. Lloyd’s said Monday that Nelson will take over from current chairman Peter Levene in October. Levene is retiring after nine …
The Lloyd’s of London insurance market is confident it can deal easily with claims from Japan’s earthquake even though natural disasters almost halved its profit last year. Lloyd’s said its businesses had enough capital to withstand a Japanese quake generating …