Lloyd's’ Post

🏆After a decade the #MEIRawards still remain the trophy to aspire for | Middle East Insurance Review ♦️Having completed a decade, MIIA still remains the trophy to aspire for. These awards have recognised the most outstanding of companies, individuals and initiatives to propel the industry to new, fresh heights. Whilst regulatory tightening in the various markets, has focused on improving governance and transparency, and strengthen solvency standards, we as an industry still have many worries around recent #geopolitical and economic developments, not to mention dusting off the remnants of a crippling #pandemic. Nominate and learn more today 👉 https://lnkd.in/gNv5wuJ3

Chief of Markets at Lloyd's, Patrick Tiernan, highlights the integral relationship between the two re/insurance hubs during the Bermuda Risk Summit. Explore how joint initiatives aim to strengthen ties and drive innovation in the industry. https://hubs.la/Q02q76zk0 #Lloyds #Bermuda #Reinsurance #Collaboration #InsuranceIndustry

FSRA’s Huston Loke and Swati Agrawal Nevatia, CPA, MBA recently joined the Canadian Association of Independent Life Brokerage Agencies (CAILBA) at their milestone 25th Anniversary and Compliance Conference in Toronto. The discussion focused on the progress FSRA has made to protect consumers during its first five years, along with other upcoming initiatives including an intelligence questionnaire, the Total Cost Reporting Rule, IAIS, and supervisory remediation. #FinancialServices #MarketConduct #LifeInsurance

Our services are there to help streamline companies’ processes, and we recently helped a managing agent save over £1,000,000 by cleaning up mismanaged bordereaux data. Our client had recognised that they were ceding too much premium to their reinsurers. So, we identified 15 key accounts for inspection and worked systematically through the policy administration systems, bordereaux validation system, and affected bordereaux to discover the root causes of these discrepancies.  Once discovered, we immediately tasked revalidation and amendment to ensure all data was being captured accurately. The work performed in this two week period allowed the client to perform accurate credit control checks and reclaim mistakenly ceded reinsurance premiums. Find out more about this case study - and how we can help your business too: https://lnkd.in/eTJhG6mc #Insurance #DelegatedAuthority #Insurtech #MGA #Coverholder

Speaker Showcase Bermuda Captives: Setting the Standard in Jurisdictional Excellence Hear from industry experts Grainne Richmond FCA, Heidi Lawson, CPCU, AIM, Shivani Seth and captive owners Andrew Weisman and Matthew Aulds on how Bermuda has positioned itself as a global leader in jurisdictional excellence, attracting high quality businesses and maintaining its enhanced global status in an ever evolving world looking for regulatory transparency, a robust legal framework, international collaboration and innovation. #captiveinsurance #captives #insurance #innovation #regulatoryexcellence

🔉 ASR News: Lloyd’s 'In-Principle' Approval for 2024 Syndicate Launch   We are thrilled to announce that ASR secured 'in-principle' approval from Lloyd's Council for ASR Syndicate 2454, launching in 2024, with Apollo Syndicate Management.   🌐 ASR Syndicate 2454 plans to commence underwriting across Africa in March 2024, focusing on existing lines of business, and new ones to follow.   🗣️ Our CEO, Mikir Shah, commented “We are thrilled to be launching a syndicate at Lloyd’s…In three years, we have already become one of the established (re)insurers across Africa, and we are looking forward to bringing some of this business to Lloyd’s. Utilising the globally recognised Lloyd’s name will enable us to improve insurance penetration across Africa, which in part will be possible by expanding ASR’s on the ground footprint in Africa to territories where Lloyd’s has existing licenses.”   🌍We are delighted to have received the approval in principal, as it serves as an important milestone in our growth journey, and look forward to working with Apollo and Lloyd's as we bring this new, African focused capacity to the London market. Read the full release here: https://lnkd.in/ejadqNNc #ASR #LloydsMarket #SyndicateLaunch #SpecialtyRisk #ApolloSyndicateManagement #AfricaBusiness #InsuranceInnovation

The tenth edition of the annual Underwriting Agencies Council (UAC) Underwriters Guide was released today. A handy one to save for all brokers, the guide is a comprehensive directory of all UAC members (including us!). Make sure you flick over to page 14 to read Solution's thoughts on balancing technology with human relationships. #opinionpiece #UACmember #nextlevelunderwriting

Our services are there to help streamline companies’ processes, and we recently helped a managing agent save over £1,000,000 by cleaning up mismanaged bordereaux data. Our client had recognised that they were ceding too much premium to their reinsurers. So, we identified 15 key accounts for inspection and worked systematically through the policy administration systems, bordereaux validation system, and affected bordereaux to discover the root causes of these discrepancies.  Once discovered, we immediately tasked revalidation and amendment to ensure all data was being captured accurately. The work performed in this two week period allowed the client to perform accurate credit control checks and reclaim mistakenly ceded reinsurance premiums. Find out more about this case study - and how we can help your business too: https://lnkd.in/e35Ykkad #Insurance #DelegatedAuthority #Insurtech #MGA #Coverholder

USA Risk Group's "Meet the Team" series. Meet Steven Lill, CA(SA), ACI, Assistant Vice President at USA Risk Group. Click on the link below to learn more about Steven and his role at USA Risk Group. #team #insurance #captiveinsurance #captive #reinsurance

📣 An important development from the National Association of Insurance Commissioners (#NAIC) could result in #regulatory challenges to ratings assigned by rating agencies to securities held in #insurance companies’ portfolios. The NAIC's Financial Condition Committee recently voted to adopt new procedures by which the NAIC's Investment Analysis Office (IAO) can override such ratings in order to deny a security "filing exempt" status when the IAO concludes that the rating agency rating is an overly optimistic view of the security’s #investment risk. If you are an insurer or other capital market participant, take note of our recent alert outlining these procedures: https://brnw.ch/21wMju8