Insurance Jottings
Lloyd’s opens Brussels office
Lloyd’s has opened its insurance subsidiary in Brussels which is set to allow the market to continue operating and serving its clients in the EU after Brexit.
Lloyd’s Brussels is Lloyd’s first Europe-wide operation and will bring Lloyd’s expertise closer to its customers and partners in Europe, according to a corporate statement.
“Lloyd’s is ready for Brexit with Lloyd’s Brussels now officially open for business,” said Lloyd’s chairman Bruce Carnegie-Brown. “Our decision to set up an insurance company in Brussels has provided certainty to our partners and customers throughout Europe, reassuring them that they can continue to benefit from Lloyd’s specialist expertise and financial security post-Brexit.
“We are already working with our partners on 2019 policies, and Lloyd’s Brussels is now placing and processing European risks.
“Now that Lloyd’s Brussels is operational, we are looking forward to the new opportunities which we will have to grow our business with European customers through a locally staffed, locally regulated and locally capitalised insurer.
“By using electronic placement and digital data capture, Lloyd’s Brussels offers its partners in Europe the very best that Lloyd’s has to offer in an easily accessible and cost-effective way.”
Lloyd’s Brussels is a subsidiary of Lloyd’s with 19 European branches, working with over 400 coverholders and 40 Lloyd’s brokers spread across Europe. It was set up to ensure that customers and partners in the European Economic Area (EEA) continue to have access to Lloyd’s services and expertise, while also facilitating continued growth and further digital transformation, the corporation said.
The company is established and operational with 50 staff based in the Belgian capital as well as 45 other staff across the continent.
Lloyd’s Brussels writes all non-life risks, as well as facultative and non-proportional excess of loss treaty reinsurance, and since the beginning of November has started accepting and processing EEA risks with inception from the 1st January 2019.
Lloyd’s Brussels is authorised and regulated by the National Bank of Belgium
Standard Club partners with China’s Ping An to underwrite P&I risks
The Standard Club Asia, managed by Charles Taylor Mutual Management (Asia), has collaborated with Chinese insurer Ping An to underwrite protection and indemnity risks in China.
Under the agreement, Standard Asia and Ping An Property & Casualty Insurance (Ping An P&C), a subsidiary of the Ping An Insurance Company of China, will jointly offer P&I cover to China’s rapidly-growing ship-owning sector, with a focus on owners undertaking ocean-going voyages.
Ping An P&C said the partnership will allow the company to expand its existing P&I business to cover the growing number of Chinese shipowners with ocean-going shipping operations.
For Standard Asia, the agreement represents a part of its growth strategy in China.
Barbican syndicate 1955 exits property, marine cargo/hull, PI insurance
Barbican Syndicate 1955 has received the Lloyd’s approval for its 2019 business plan which includes a withdrawal from property insurance, marine cargo and hull insurance, and professional indemnity (PI) insurance.
Syndicate 1955 remains committed to its other business lines and has increased capacity for specialty lines, marine reinsurance and energy.
Syndicate 1955 will focus on core markets and will increase its focus on the specialty lines sector, which will make up nearly half of its overall stamp capacity for 2019.
There will be an increase in capacity across a number of specialty lines, including cyber, international and US casualty treaty and healthcare.
Markel creates standalone marine/energy divisions as profit rises
Specialist insurer Markel International has created two new standalone divisions for marine and energy, and appointed Chris Fenn and Julian Samuel as managing directors of the businesses.
Markel claims to have seen impressive growth of its marine and energy division under the leadership of executive director Paul Jenks, with GWP (gross written premium) of around US$400 million.
Markel’s London wholesale businesses will now be formed of three divisions, marine, energy and specialist and financial lines, the latter led by James Hastings.