Lloyd’s to Launch Online-only Syndicate
Lloyd’s of London, the insurance market founded three centuries ago, will write its first business electronically next year. On September 30 Lloyd’s of London Chief Executive Officer John Neal announced six proposals to overhaul the insurance market, including the launch of its first online-only syndicate.
Lloyd’s announced that Munich Re will launch what the insurance market calls a “Syndicate-in-a-Box” through its Lloyd’s vehicle, Munich Re Syndicate Ltd. The Munich Re Innovation Syndicate will begin underwriting on January 1, 2020, with no physical presence in Lloyd’s and will focus on insurance for emerging risks and extreme weather events. Neal said Lloyd’s overhaul plans aim to recapture its mantle as an industry innovator and significantly reduce the cost of doing business at Lloyd’s.